Don't try to buy art as an investment. Buy something you really love because you're going to have to look at it again tomorrow. And an investment can go up or down. Buy something you really adore, you really like, and you want to live with. And if you decide some years later you don't want to live with it anymore, sell it. Get out.

Collecting contemporary art I started with some of the younger artists. Although, having a son who's an artist, I was hesitant-I think he was a little anxious when I bought another young man's work. But it might have encouraged him in the long run.

One of the great things about collecting contemporary art is that you mix with contemporary people.

Art is like an avalanche being poured down your throat. You know it's going to crack, eventually it's going to go out of fashion. I wish there was much less happening. I wish there were fewer art dealers. I wish there were fewer auctions. I wish there were just two auctions a year.

I went to an auction in the late '70s and bought a small Renoir. People said, "Why did you buy a Renoir that size?" I said, "I can put it in the safe with my diamonds." And that was a true story. I bought it to put it in the safe.

I was always a little bit of a collector and a hoarder. And whenever I got involved in anything, whatever it was - even when I was a kid and I collected cigarette cards - I really got into it and had the most. So when it came to paintings, once I got the bug, I always wanted to buy something. But I really knew nothing about art.

I think a lot of people are involved in art because of the fashion of art and the conversation. It gives them a certain sophistication, something to speak about. But art is, if it's conceptual, really about understanding the concept. And if it's beautiful, it's about seeing the beauty. It's gone much further than that now. There's too much commercialism attached to art. If the market cracks one day big-time, you'll frighten so many people away who will never come back. Because they don't really feel for art. People who buy art should want it because they love it, they want to enjoy it.