– We initially did not plan to sell, but then this opportunity arose when I was down wiht Nikolai Tangen this summer. Eventually, we found out that it was a sensible solution, says investor Stein Erik Hagen (68) to Børsen on the phone from Scotland.
On Thursday, it became clear that the billionaire and avid art collector has reduced his private collection by 333 artworks.
– My children live abroad, so one day I had to do something anyway, he continues.
Bought luxury property for huge sum
Had to ask the children
The buyer is none other than the foundation of oil fund chief Nicolai Tangen, who will in turn send the collection on permanent loan to Kunstsilo in Kristiansand.
– When I visited Kristiansand this summer,I saw for myself what a marvelous home Kunstsilo could become for the collection. It is indeed vital for me that the art is made available to the public, and I can’t think of a better place than Kunstsilo in Kristiansand, Hagen said in a statement earlier today.
Stordalen’s villa: – Wants higher security
Hagen is known for having one of scandinavia’s largest art collections. The 68-year-old reveals that he received a specific wishlist sent from the oil fund chief.
– I had to send the list to my children to see if any of them had a preference for the works listed before they were potentially sold. Fortunately, there were no objections, so Nicolai got everything he pointed at.
– Money in the account
Even though the collection is now somewhat slimmer, Hagen assures:
– I still have just over 2000 works. Lots of Danish art. Munch and a lot of Nordic art from the national romantic period. and I am not going to stop collecting art.
Hagen on property purchase: – A bit excessive
Ako and Hagen have thus entered into a purchase agreement worth 240 million kroner.
– The money is already in the account, reveals Hagen.
– What do you plan to use this for?
- No, it will probably go into the big pot then.
– Cannot be owned forever
Art is not the onyl thing hagen has parted with in the last two years. The investor has sold off several properties, a cabin, and multiple planes.
- I have chosen to sell off things I no longer need. One should not keep everything forever, and I am starting to become a grown man, says the 68-year
Hagen has lived in a large house in Voksenkollen near holmenkollen for decades, spanning 1500 square meters. in 2022, he bought a hunting estate in Scotland, where he currently resides, for 250 million kroner.
– I have enough places,and I have distributed some properties between my children and my descendants. now I am sitting on the farm in Scotland and will be here for a while. That’s more than enough for me. When you are in your 40s, you tend to build up a portfolio. When you are older, you start to wind down.
– Not correct
In November, it also became known that Hagen’s company Canica is selling its shares in the gym chain SATS for nearly 300 million kroner. Just over a week ago, Finansavisen reported that Stein Erik Hagen is “stripping orkla”, and that the company is “selling off portfolio companies at express speed”.
– That is not correct, says Hagen.
– Maybe in ten years
Manager Jan Petter sissener suggested that he could see the contours of a group in liquidation, stating to the newspaper that he does not believe Orkla will exist in its current form in two years.
– We are not going to sell any Orkla shares. that is very far-fetched and will not happen in my lifetime, counters the investor.
What factors influence high-net-worth individuals to sell their art collections?
Interview Between Time.news Editor and Art Investment Expert
Editor: Welcome to Time.news! Today, we have the pleasure of speaking with art investment expert, Dr. Laura Jensen. Dr. Jensen, thank you for joining us!
Dr. Jensen: Thank you for having me! I’m excited to discuss the evolving dynamics of the art market, especially the recent news involving billionaire Stein Erik Hagen.
Editor: Indeed, it’s quite an intriguing story. Hagen recently sold 333 artworks from his private collection, and it seems this decision was partly influenced by practical considerations concerning his children living abroad. What are your thoughts on this?
Dr. Jensen: It’s a fascinating reflection of how personal circumstances can shape art investment strategies. For high-net-worth individuals like Hagen,managing an extensive collection can become complex,especially when the next generation isn’t engaged with it.
Editor: Absolutely. He mentioned he hadn’t initially planned to sell but found that it was a sensible solution while discussing it with Nicolai Tangen. Do you think discussions with peers can influence these types of decisions?
Dr. Jensen: Definitely! Networking plays a crucial role in the art world.Conversations with others can shed light on new opportunities and strategies. In Hagen’s case, it seems the friendship with Tangen helped him see the value in reallocating his collection, particularly to a foundation where it can be appreciated publicly.
Editor: That’s a great point. Hagen decided to sell his collection to Tangen’s foundation, which will house the artworks on a permanent loan at Kunstsilo in Kristiansand. What significance does housing art in such institutions have for collectors?
Dr. jensen: Housing art in public institutions like Kunstsilo has multiple benefits. it ensures that the artworks can be experienced by a broader audience, thereby enhancing their value beyond mere financial metrics. Collectors often take pride in their contributions to public culture, fostering a legacy that extends beyond their personal enjoyment.
Editor: It’s heartwarming to think of art being accessible to everyone. Hagen expressed that it was vital for him that the collection is available to the public. Is this sentiment common among collectors of high-value art?
Dr. Jensen: Yes, many collectors share that sentiment. Art can create dialog and inspire communities. More collectors are recognizing the importance of sustaining the cultural ecosystem. By donating or lending pieces to museums or galleries, they are not only preserving the artworks but also contributing to cultural education.
Editor: It truly seems there’s a shift in mindset among collectors. Lastly, if you had to predict, do you think this trend of selling to public institutions will continue?
Dr. Jensen: I believe so. as the art market evolves,more collectors will gravitate towards making philanthropic choices regarding their collections. Institutions provide a platform that can enhance both the value and the appreciation of art, aligning personal interests with public good.
Editor: It’s an exciting time for the art world! Thank you, Dr. Jensen, for your insights into this compelling topic.
Dr. Jensen: Thank you for having me. I’m looking forward to seeing how the art market continues to evolve!