For these Hollywood superstars, art collecting is serious business.
Even after selling two of his most prized works, entertainment industry mogul David Geffen has amassed an art collection worth an estimated $2.3 billion, nearly a third of his total net worth of $7 billion, according to a new report from Wealth-X.
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And that’s after Geffen’s notable sales of Jackson Pollock’s “Number 5” and Willem de Kooning’s “Woman III” totaling $277 million in 2006.
But Geffen is not the only one interested in the art market. According to the report, the combined value of works owned by Hollywood’s top 10 collectors is $3.9 billion, or 16% of their collective net worth.
No doubt the skyrocketing value of art has contributed to these numbers. Talk of an art bubble has persisted as global art sales hit a record high of $53.7 billion last year, according to TEFAF’s annual art market report.
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But owning art is not just a matter of investment. There is presumably the enjoyment of the artwork itself as well as the prestige it brings.
“Star Wars” creator George Lucas’ extensive collection includes works by Norman Rockwell and Alberto Vargas, among others. He will share parts of his collection with the public as soon as his $300 million museum opens in Chicago, possibly by 2018.
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Wealth-X estimates Lucas’ collection is worth $600 million, which puts him second only to Geffen on the list.
The full top 10 ranking is below.