Art collecting is like company management; you have to carefully manage your assets

Craig was drawn to collecting almost by chance. As a young man, he admired hip hop culture, with graffiti and street art as a by-product thereof. He became a big fan of Banksy and Invader and began acquiring their works at an early age. “This was at a time when nobody knew of Banksy and images were strictly underground on a couple of websites. Museums didn’t consider street art to be art,” Craig recalls. Eventually, however, institutions recognised that a new movement was taking shape and their interest grew. They found their way to Craig for valuable advice and consulting. Craig continues to maintain close ties with galleries, museums, and institutions to this day, holding a seat on the TATE Gallery’s Acquisitions Committee for North America. He also works closely with Factory International in Manchester.

The key thread that connects Craig’s collection is fun and humour. He likes to say, “Life is short and is for living so why would we put boring things on our walls? Positive artwork helps our journey and enriches our lives.” At the same time, he cautions that collection building must be approached like company management, especially in securing a proper cash flow. Twenty-seven years ago, Craig’s initial investment was GBP 2,000. “I understand that not everyone is at liberty to use that kind of money for their hobbies,” Craig explains, adding: “I would always buy two pieces and the moment they appreciated in value I would sell one of them and use the funds to buy more art.” He repeated this process until reaching the point where he was in the premier league of collectors, owning works by Antony Gormley or Harland Miller. That’s why he says collecting can be for anyone.

Craig points out that it is not only artists, gallerists or institutions that have a stake in increasing the value of a work. “Just like a company, you can help your collection with good marketing, loaning works to shows and being an artist evangelist. Talk about it at exhibitions and conferences, publish works in catalogues and in the press. If you own a work that is growing in importance, lend it to a museum. This way you improve its exhibition history and most importantly increase exposure for the artist.”

So how does one predict which artist will gain success? It’s hard to find a way around such a huge number of artists and galleries, it’s a minefield out there. Craig has a policy of never buying art on the secondary market, and this is mainly to build a personal relationship. “When you talk to artists, ask what their plans and ambitions are. For example, Banksy wanted to rule the world. He was crossing the boundary of what was legal. His work was simple and carried important messages – some political, some humorously human. His stunts have become folk law and an important part of art history, such as shredding of his Girl With Balloon during a live auction.” Recently, Craig has been intrigued by the testimonies of female artists. His collection includes Esther Mahlangu, Julie Curtiss, Loie Hollowell, Sara Flores, and Jessica Rankin. Women artists, once marginalised by gender or race, are now increasingly heard by the world, and their value is duly appreciated by collectors.

Once you have decided on a particular artist, however, how to choose the best work? It is common that within a single artist’s work, the value of each piece varies on the art market. Some are more fundamental to an artist’s development than others. Craig therefore advises to pick works that have an interesting and unique story behind them, or works from important shows. He illustrates this with the example of Damien Hirst from his collection. At one time, the artist was famous for large-scale canvases dotted with perfect coloured spots. Craig showed us a rare spot painting with imperfect dots, which was part of the transition to the more recent Cherry Blossom Series.

In hindsight, if he could have changed anything, Craig would have paid more attention to framing in the early days. “In the beginning, you don’t think about it and you don’t realise it, you just trust local framers. But a poorly framed painting can cost you your investment in the future. Cheap framing is not worth it in any way! If you use ordinary glass instead of museum glass, the work will be burned by the sun’s rays, even if it’s not in direct sunlight. Low-cost adhesives will spoil the work with the wrong pH. Never stack paper on paper. Protect each individual artwork with a frame.” Craig also uses technology for inventory management, he works with Art Clear. “Collecting has now become a full-time job for me,” he laughs, adding: “I think it is addictive. It should come with a government health warning, to be honest. So, never just buy art for investment, you will lose, and you have to live with it on your walls after all!”