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

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.

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.

I wish there were fewer art dealers. I wish there were fewer auctions. I wish there were just two auctions a year. It's just too much. And at the end of the day, if you're a dealer and a professional, fine, that's your business, that's all you do. But as an individual, if you're not a dealer and it's not your business, you need time for these things. You need time to study what's happening. You need time to understand the market. You need time to go to a museum. You need time to see a show. You can't go to one every day. It's becoming a trend.

When there's an opportunity, some people pass it by. I've been lucky enough to recognise opportunities and every day, in my business, there's an opportunity somewhere - to buy, expand, design.

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.

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