There is no figure in the history of twentieth-century art more difficult to keep in proper focus than the avid collector—the kind of collector, that is, who specializes in the acquisition of contemporary art. To this strange, hardy breed—more often ridiculed and maligned than admired or understood— we obviously owe much. Without collectors who take an interest in new art and who are willing to lavish significant sums of money on it, the entire life of art in our society would be a very different thing. It would be a much poorer thing, in my opinion, and not only in the strictly financial sense. It is upon such collectors, after all, that artists and their dealers largely depend for their living; and it is to dealers’ exhibitions, let us remember, and to the donations and bequests which collectors make to the museums, that the rest of us owe a large portion of what is important to us in our aesthetic experience. We are all, in a...