Jim Halperin the chairman of Heritage Auction Galleries in Dallas Texas together with long time client Scott Tilson paid $20,000 to interview Warren Buffet in 1990 and 1998.

Although the interview focused on collecting coins, Buffet's wisdom and timeless principles for successful collecting easily pertains to any kind of art object.

His advice is summarized in six points below: 

 

To read the COMPLETE INTERVIEW click here:

 

1)  Specialize. Define your circle of competence and collect inside it.

2)  Buy the very best quality coin you can . It's better to buy a great coin at a fair price than a fair coin at a great price.

3)  Buy for the long term...with the idea of holding forever.

4)  Patience is critical. Wait for the perfect pitch, right down the middle of the plate.