You learn about yourself when you're collecting art. You learn what you're capable of. After all, we're not speaking about pennies-we're speaking about vast sums of money. I do it on my own back without advice, so I've got the confidence to do it.

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

The Graff Hallucination is a sculptural masterpiece; a celebration of the miracle of coloured diamonds. For many years I have thought about creating a truly remarkable watch that illustrates our all-consuming passion for diamonds. The Hallucination has made my diamond dream a reality.

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.

Unfortunately, some of the young talants are becoming fashionable. And anything that's fashionable can become unfashionable. So one has to watch that. And it's very easy today because there are so many events - art fairs, gallery openings, etcetera. In fact, that's another thing that concerns me, the quantity of gallery openings. In my office in London, I get back after a week, and I have 30 invitations. It's too much.

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'm attracted to the work of younger artists, and it's affordable compared to mature art, so you can take a chance much easier on a younger artist. I can't say that I've found an artist who I think is going to be the next Bacon or Warhol. You shouldn't have to do that really. You go forward, and you find something new.