diaries
Why Don’t Rich People Buy Good Art Anymore?
April 2026
10 min read
Arts Editor: Victoria Comstock-Kershaw
Victoria Comstock-Kershaw begins with two visits – to Villa Kérylos on the Côte d'Azur and the Poldi Pezzoli in Milan – and the question they produced: where is the twenty-first century equivalent of a rich person organising their entire life around a conviction about beauty? From Federico da Montefeltro's studiolo through the Grand Tour galleries and Victorian country houses, to Alec Monopoly, KAWS figurines and Kim K’s knockoff Donald Judds, she argues that the contemporary ultra-rich are fundamentally incapable of patronage in any meaningful sense.
I was lucky enough to visit Villa Kérylos this weekend. It is one the most deranged or the most admirable thing a rich man has ever done with his money, depending on your tolerance for weird Swiss guys. Théodore Reinach – classicist, millionaire of that particular strain of European intellectual aristocracy wiped out by the war – built himself an archaeologically precise recreation of an ancient Greek house on a rock above Beaulieu-sur-Mer and lived in it, properly. Triclinium, mosaics, thyroréions, XAIPE in the entryway, iris in the garden, you name it. The whole thing is an act of total, unhinged scholarly conviction, and it is one of the most beautiful buildings I have ever been in.
The weekend before, I was at the Poldi Pezzoli in Milan, a nineteenth-century collector's palazzo turned museum of an aristocrat declaring, in the language of objects, this is what I believe beauty is, and I have organised my life around it.
Both visits left me with the same question, an irritant I can't stop picking at and exacerbated by seeing a Mercedes AMG One (loathsomely ugly vehicle, βάναυσος, as Aristotle would put it, whoever bought it should be drawn and quartered) go for a whopping 2.4 million euros at the RA Sotheby’s car auction: why don't rich people do this anymore? Not collect – they still collect, voraciously, no matter what Clare McAndrews says – but commission, build, obsess. Where is the Kérylos of the twenty-first century?
Alec Monopolgy with Tag Heuer chief executive officer Jean-Claude Biver at Art Basel Miami, 2017. Photography courtesy of WWD.
First, a brief(ish) history of why we should care about rich people and their roles as tastemakers beyond the usual Freudianisms about fathers and fecal retention. The studiolo of Federico da Montefeltro at Urbino, finished in 1476, is a small room lined with trompe-l'oeil intarsia woodwork depicting shelves of books, instruments, armour, a lute, an open mazzocchio, dozens of illusory objects associated with talent and taste. The point was to allow Federico to stage a self, the self being staged one organised around humanist learning, military virtue, and divine order. Later, the Wunderkammern of the northern courts would work the same logic at a larger scale; coral next to astrolabes next to narwhal horn next to fossils, a microcosmic manifestation of the natural and scientific universe. The point of these collections was to prove that you, Rich Person (and I say person here, not Man, because wealthy European women collected just as much as their male counterparts), understood the world, that God's creation made sense to you in particular.
The Grand Tour of the eighteenth century refined this into something more explicitly class-producing. The British aristocrat who returned from Italy with his Poussins and antique casts and notebooks full of architectural sketches (and probably some STDs from a Venetian rentboy to boot) was demonstrating a worldly formation by proving that he had stood in front of the correct things and been correctly changed by them, that he has absorbed the Antiquarian tradition through the lens of a modern, educated man. The country house gallery was the permanent record of this transformation – think Holkham Hall, where Thomas Coke spent six years on the Tour and came back with the paintings and sculptures that literally determined the architecture built to contain them, or Charles Townley, whose Westminster townhouse became so dense with Roman marbles that Zoffany painted him sitting inside the collection itself, surrounded by busts and friezes rather than dogs or wives. The collection was the man.
The Victorian period brought further anxieties because the people with money had changed. The industrial families arriving into the landed classes brought something the old gentry didn't have and couldn't replicate: factories. And so the landed gentry, unnerved by the ‘nouveau riche’ suddenly having just as much if not more money than them, responded by collecting the unreplicatable. Taxidermy, which I wrote a terrible dissertation about in my early twenties, is the example that I continue to cling to. A stuffed Bengal tiger in the entrance hall of an estate in Wiltshire is, among other things, a direct argument against mechanised production. A factory cannot make this, only the land can. The Islamic tiles of Elveden Hall, the Japanese ceramics of Nostell Priory, the Mughal arabesques of Sezincote, the Orientalist interiors of Leighton House were all saying, I am connected to the world in a way that predates and exceeds the production line. (It was also, obviously, a colonial argument, the idea that the world's beauty belongs to us because the world belongs to us.)
All of this to say: collection is an ideological self-portrait. Objects are chosen because they mean the right things about the person who chose them. The collector is always, as Bourdieu puts it, consecrating themselves. He argued in Distinction (1979) that the aesthetic preferences of the dominant class (what he calls "legitimate culture") are not actually expressions of some innate, genuine refinement but are arbitrary historical formations that have been reified into universality. They are declared natural, inevitable and correct by the very institutions (universities, museums, criticism, the academy) that the dominant class also controls. High culture is called high because calling it so serves power, something (and I know this will upset a lot of people) Timothy Chalamet was entirely correct to point out.
Diplo using MSCHF’s ATM, which ranks users based on their account balance, at Basel Miami, 2022. Image courtesy of Diplo’s TikTok.
The humanist ideal sitting underneath all of that historical collecting, the uomo universale, the well-formed citizen whose taste reflects his virtue, the Aristotelian kalos kagathos, was always already a class project. René Girard becomes unavoidable here, specifically the theory of mimetic desire. Girard proposes that we desire objects because someone else – a model, a mediator – desires them first, rather than for their intrinsic qualities. Desire is triangulated, unspontaneous; we look at a person we want to be and then we want the things they want, because wanting those things feels like a route toward being them. Capitalism, which by its very nature requires the constant generation of new desires to survive, understands this perfectly: you are not selling a product, you are selling a self, you are not selling SKIMS because the cotton is good (it is not particularly), you are selling proximity to Kim Kardashian's life, Kim Kardashian's body, Kim Kardashian's specific register of aspirational, moneyed femininity, a memetic ritual, I own what she owns, therefore I am, in some fractional sense, closer to being her. The mediator makes the object meaningful.
This is the mechanism that has always driven collecting as status performance. The eighteenth-century British aristocrat probably didn’t like French classicism that much, but he certainly liked the idea of being (seen as) the kind of person who loved French classicism. Taste is mimetic before it is aesthetic and we consecrate the taste of those above us because we want to be consecrated by proximity to them.
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Kim Kardashian gesturing to her fake Donal Judd furniture. 2022. Still courtesy of SKKN.
The answer as to why rich people buy bad art now is because that mediator has changed. The person whose tastes we're triangulating our desires through is no longer a Medici cardinal or a Whig grandee or even a Rockefeller, but men and women who got very rich very fast by the specific mechanisms of twenty-first century capitalism (which is not to say rich people have taste; I hate the Pre-Raphealites). Walk through the collection of any sufficiently prominent member of the twenty-first century ultra-rich (Drake and Logan Paul come to mind) and you will find some combination of the following: a KAWS figure, a work by Alec Monopoly, something involving a superhero, something involving a luxury brand, possibly some NFTs of anime catgirls.
This is the franchise problem at the heart of contemporary ultra-rich collecting. The visual language is almost uniformly drawn from brand equity, including superheroes, luxury goods, cartoon characters. This is the iconography of western consumer capitalism at its most globalised and most recognisable: Monopoly boards, Scrooge McDuck, Chanel logos, Hermes bags, stacks of painted cash. The collector who hangs this stuff above his fireplace is doing exactly what the Victorian industrialist did with his taxidermied Bengal tiger (announcing a relationship with a world larger and more powerful than the domestic) except the world being announced is the market itself. I did it, Dad, they’re saying, I won at Capitalism.
The ostensible “framing” of these collections is critique, but the collectors who pay hundreds of thousands of dollars for these works are not buying critique. Whatever formal tension you can squeeze out of squinting at the sort of art of sale at the London Art Exchange is rendered null by its collector class. The mediator is mimicking its own internal circuitry, which is to say that of global capitalism, rather than an order it didn't create. I am not here to argue that European collecting traditions represent some pinnacle of civilisation or superior cultural formation (they represent a civilisation, a cultural formation, with all the violence and self-serving mythology that entails; the Enlightenment produced both Holkham Hall and the transatlantic slave trade), or indeed to propagate some snobbish, Western insecurity about the nouveau riche (many contemporaries rightly thought the Royal Academy was tacky; people will always object to shifts in taste on the basis of tradition and change). But Antiquity, for all its problems, is not Disney.
This is the terminal logic of the mimetic loop when the mediator is capital itself. If what reifies you is winning at capitalism, then the art that consecrates you must be, above all, an expression of what you can afford and what you own, not what you have understood or what you have been formed by or what values you live in service of.
Screenshot of Drake's video Toosie Slide featuring KAWS artworks, 2020. Courtesy of YouTube.
But Vic, I hear you (reasonably) object, rich people are still buying serious art. In 2024, private art sales at the major auction houses rose 14% year-on-year to $4.4 billion, with Christie's reporting a 41% surge to $1.5 billion and Sotheby's a 17% increase to a record $1.4 billion. November 2025 alone saw a Klimt portrait sell for $236 million, a Rothko for $62 million, and a Van Gogh for nearly $63 million. Serious money is still moving toward serious objects, just look at the Lauder collection, the Pritzker collection, other accumulated connoisseurships of families who have been at this stuff for generations. Doesn't this complicate the argument?
Only partially, I reply, and the complication is in and of itself instructive, because what those sales mostly represent is the secondary market. Christie's disclosed that its three top-grossing works in 2025 were sold privately. This is a closed circuit of consecrated objects moving between people who understand inheritance management. I am not questioning whether the ultra-rich still buy Klimt at auction or grandfather clocks at the Treasure House Fair, because obviously they do. What we must note here, as the Victorians did with their anxious distinction between landed gentry and industrial money, is the difference between inherited cultural formation and performed acquisition (the difference between Veblen's notions of “conspicuous consumption” and “conspicuous leisure” – see the old money and quiet luxury trends of 2022-2). The inside is not the out; and this is by design. The question I am really trying to get at is what performs as taste in public, what is being signalled to a broader population as aspirational.
In 2022, Kim Kardashian posted a tour of her skincare brand's Los Angeles office in which she pointed to two tables she claimed were by Donald Judd. The Judd Foundation subsequently sued, arguing the pieces were knockoffs of his La Mansana Table and Chair 84, apparently made from plywood, a material the Foundation does not authorise. The same year, Gwyneth Paltrow's Architectural Digest home tour went viral when a wire sculpture hanging prominently in her living room was identified as a lookalike of a Ruth Asawa. Queried by ARTnews, a spokesperson for David Zwirner, which represents the artist's estate, was unequivocal that it was fake. Even Trump owns a forged Renoir.
Gweneth Paltrow and her fake Ruth Asawa, 2022. Photography courtesy of Architectural Digest.
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These incidents are cases of apeirokalia, the constitutional inexperience of beauty that Aristotle identified as worse than bad taste because it forecloses the possibility of good taste. Kardashian and Paltrow wanted the name more than the object or the ideas behind it. The mimetic desire is entirely for the signal, the status coordinate, the impression made in the eyes of the Other. What separates Reinach sleeping in his archaeologically correct triclinium, or Kaufmann subordinating his ego to Wright's vision, from the contemporary ultra-rich collector is a single belief: that the work should outlast the patron. This is fundamentally unthinkable to the 21st-century billionaire because they have made their fortune under a system that relies on the constant renewal of want, and therefore must serve the mediator, which is to say the market, which is to say themselves.
Patrick Bateman has the same problem in American Psycho. In Bret Easton Ellis’s 1991 novel, Bateman brags about owning a David Onica, “a six-foot-by-four-foot portrait of a naked woman, mostly done in muted grays and olives, sitting on a chaise longue watching MTV, the backdrop a Martian landscape, a gleaming mauve desert scattered with dead, gutted fish, smashed plates rising like a sunburst above the woman’s yellow head, and the whole thing is framed in black aluminum steel”. He boasts about it constantly, deploying it as a social weapon, getting companions to praise it on his behalf at dinner. It is, by his own account, a masterpiece. It is also, as his former girlfriend Bethany points out moments before he shoots her with a nail gun, hung upside down.
Our culture, I fear, is being dictated by psychopaths with nail guns.

