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10. Samuel Irving Newhouse Jr., known as "S.I.", heads Condé Nast, the magazine division of American publishing giant Advance Publications, owns a 9.9% ratio of art worth US$700 million out of his estimated US$7.1 billion fortune.
10. Samuel Irving Newhouse Jr., known as "S.I.", heads Condé Nast, the magazine division of American publishing giant Advance Publications, owns a 9.9% ratio of art worth US$700 million out of his estimated US$7.1 billion fortune.
World's top 10 billionaire art collectors

Art appreciation has grown over the years evident with more people buying art works.

Major auction houses such as Christie's and Sotheby's have seen record prices when it comes to selling artwork.

A Wealth-X report said of the world's 2,170 billionaires, the average amount for owning an art collection is worth US$31 million, or 0.5 per cent of their net worth.

However, the big players, who make up the top ten billionaire art buyers, have an average 18 per cent of their net worth invested in art.

"Many wealthy collectors initially start buying art to decorate their houses and fill wall space. They continue to collect and soon run out of walls and a passion has been born," explained Hannah Blakemore, a Hong Kong-based art adviser to Wealth-X, a global ultra high net worth (UHNW) prospecting, intelligence and wealth due diligence firm headquartered in Singapore.

"Often big collectors will then publicly display their collections and create private museums to showcase their acquired works. Their wealthy friends will come to them for advice on what art to buy, and how to buy it, and soon they are buying works for their friends and helping them get access to significant pieces, and before they know it they are submerged in the art world."

See who made Wealth-X's top 10 billionaire art collectors here.

Photos: Internet, Bloomberg, AFP, Wikimedia

10. Samuel Irving Newhouse Jr., known as "S.I.", heads Condé Nast, the magazine division of American publishing giant Advance Publications, owns a 9.9% ratio of art worth US$700 million out of his estimated US$7.1 billion fortune. Apparently, at one time, Newhouse owned the Jackson Pollock drip painting entitled "No. 5, 1948". It was reportedly sold by David Geffen for US$140 million in 2006. 9. Leon Black, founder of American private equity firm Apollo Global Management, owns a 22.1% ratio of art worth US$750 million out of his estimated US$3.4 billion fortune.
A renowned art collector, Black spent a record US$120 million, buying Edvard Munch's 8. Doris Fisher, cofounder of American high street label Gap, owns a 34.8% ratio of art worth US$800 million out of his estimated US$2.3 billion fortune. With more than 1,100 works by 185 artists, the collection focuses on 1960s contemporary art and includes a number of works from Andy Warhol, Roy Lichtenstein, Chuck Close and Gerhard Richter.
7. Norman Braman, former owner of Philadelphia Eagles, an American football team, and owner of car dealerships, owns a 56.3% ratio of art worth US$900 million out of his estimated US$1.6 billion fortune. He owns many important and coveted paintings including Jasper John's 6. British-Iranian property tycoon Nasser David Khalili has the highest ratio of art in this list of 93% worth US$930 million out of his estimated US$1 billion fortune. He specialises in Islamic, Japanese and Swedish art and ceramics.
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