The Art of Collecting: MERVEILLE Art Advisory Explained

Our founder, Khrystyna Dzenzerska, divulges her story and philosophy behind translating market complexity into collecting success.

Khrystyna Dzenzerska, art advisor and founder of MERVEILLE Art Advisory

How did you get started in the world of art advising, and what drew you to this profession?

Throughout my adult years I have regularly been complimented on my keen eye for beauty, style and aesthetics, and people would often seek my advice.

Additional bonus was having naturally cultivated great relationships with artists and galleries after years spent living and studying between London and LA, so it was only a matter of time before I had made art advising my profession!

Art has always been my means of escape and self-discovery. It is way more impactful, than merely a pretty picture on the wall. Art allows one to find out who they truly are without saying it out loud. That part of helping people discover themselves and their tastes is very empowering and drawing me closer to the profession with each new client.

What do you think distinguishes a great art collection from a merely good one?

Great collection tells a story, it reflects the personal collecting journey. Whereas a good collection is just a number of pictures. Maybe they were acquired for decorative purposes, or someone said “Buy these artists now, they are hot, and in a couple years you will make your investment threefold” ... whatever the exact reason, it just feels inauthentic and not cohesive.

How do you balance an artist’s long-term market potential with a collector’s personal taste?

It all starts with the collector’s personal taste. Artist’s aesthetic POV must resonate with the collector, and he should believe in this artist’s potential, to begin with.

Of course, I would always be at hand to advise further on the artist’s perceived trajectory and long-term market potential.

How do you navigate the tension between buying art as an investment versus as a passion-driven pursuit?

By not viewing it as a tension. My philosophy, which I share with my clients, is to acquire only the works we love and are happy to live with by the artists we believe have positive outlook and market prospects.

Otherwise, with the current primary market pricing, passion-only driven pursuits could prove to be financially disastrous. Who can afford that in today’s economy?!

What are some common mistakes new collectors make, and how do you guide them past these pitfalls?

The most common mistake is not starting soon enough! A lot of people waste time not knowing where to start, overwhelmed by abundance of various genres, artists and artworks online and beyond. They could also be discouraged by perceived high entry costs of the collecting game. But the reality is, there is plenty of art for every budget and, if one feels unsure of his own judgement, they should involve a professional art advisor to help them navigate the intricacies of the art world.

Another common mistake I come across when I start working with new clients is them overpaying at auctions or on secondary market. If new collectors don’t have any reference points to gauge fair prices but are all too eager to jump in the game, they can sometimes do themselves a disservice and overpay for works. Or forget to evaluate the condition – that is another pitfall I encounter all too often.

There are a lot of nuances, which is why consulting a professional art advisor before making a purchase is vital.

Have you ever advised a client against purchasing a work they were initially drawn to? What was the reasoning?

All the time! I teach my clients to be very discerning and decline the majority of works on offer, because they are just not good enough.

“Is it from the artist’s best series? Is it recognizable as an X’s work? Has it been at auctions too often/in the last year? Is the condition pristine? Is the composition balanced? Does it fit in your collection’s overarching theme?” – that is just a starter pack of questions I ask when deliberating on each potential acquisition for my clients.

Khrystyna Dzenzerska and Andy Warhol, 'Dollar Signs', 1981

How do you vet and discover new artists for your clients? What qualities do you look for in an artist’s work and career trajectory?

I look for an instantly recognizable style and unique POV these artists bring. It should like an aha-moment: you see a work and you instantly know “That’s him!”

To illustrate the point, think about Mark Rothko, Helen Frankenthaler, Joan Mitchell – all are immediately identifiable. Currently, take Julie Mehretu, George Condo, Tracey Emin or James Turrell... It is hard to confuse them with anybody else. Those were blatantly obvious examples, but it could also be down the

tiniest little detail, like signature red nail polish on each of Danielle McKinney’s heroines - you just know the author the moment you glance at the work.

Then comes the institutional support, which fortifies longevity amongst fleeting market tastes. Trends come and go (as was evident with the post-COVID

speculative bubble of ultra-contemporary artists), but museum recognition and representation are crucial to preserve artist’s name and importance. As well as some key private collections that serve as bellwether of contemporary tastes.

What impact do auction houses, art fairs, and blue-chip galleries have on your strategy for building collections?

Auction houses are the only public source of transactional values that elucidate current demand for each artist. We use auction data when evaluating gallery pricing. As well as we often get much better deals buying art at auctions, than on the secondary market.

Art fairs are a great way of turbocharging the speed of seeing a lot of art and meeting galleries from around the world in a matter of hours. Of course, it involves weeks of scouring pdfs for me, but my clients enjoy my guided tours afterwards. Overall, I think art fairs can be a lot of fun, and I usually do numerous

sales at each one.

Blue-chip galleries are an indispensable source of primary material but can be quite frustrating to deal with. The practice of BOGO (buy one, gift one) deals in exchange for access to the hottest artists has been debated extensively to date, but sometimes even to get an opportunity to do such deal can be a challenge. A lot of times the logic of allocations can be favouring select few big collectors over and over, and that is again a situation when only an art advisor with good network of contacts can help a new collector in getting noticed.

Overall, it is crucial to know how to use the aforementioned channels to the client’s advantage, their strengths and weaknesses, as they comprise the art market ecosystem.

What role does provenance play in your decision-making, and how do you authenticate works for clients?

Provenance can make or break the value of the artwork. For example, if the work has belonged to a celebrity or historical figure, the price for it would instantly command a premium. The same can be said about belonging to a prominent single-owner collection, as was evident with Paul G. Allen, Macklowe collections: they were the best-sellers, due to their strong provenance.

Conversely, the work whose provenance has gaps, or it has appeared at auctions too many times/changed hands too often – will be worth less, because those are red flags that decrease the value. Same goes for works that have been ‘bought in’ at auctions (unsold).

Provenance also helps with authentication: when the sequence of ownership is clear, there are fewer questions and gaps to fill. Exhibition history also adds credibility. As well as being very hands-on and having your own UV torch to inspect the work for any restoration, which can be a massive red flag for future value too.

What’s one of the most exciting or challenging acquisitions you’ve facilitated?

This is quite personal. Starting out, I have told myself that I would officially consider myself an accomplished art advisor once I transact on a work by Mark Rothko.

At the time of writing, I am working on such deal. Time to look back and pat myself on the back for joining big boys’ league!

If you could give one piece of advice to a young collector looking to build a meaningful art collection, what would it be?

Look at a lot of art!!! Possessing an informed eye makes a huge difference! Thanks to the proliferation of private museums and numerous international

gallery outposts, great art has become even more accessible worldwide, beyond the traditional art capitals. No excuse not to go out there and explore

what tickles your fancy!