For shrewd investors, knowledge can be as important as capital. That was certainly the case with the Vogels, who were intimately aware of the movements and trends of the art market. As Dorothy Vogel recounted, "We came home from work and ... we went to a gallery opening or we went to a studio. We went out every night."
In the process, they became aware of most of the cutting-edge artists in New York City. "They really embedded themselves in the art world," Paulson says.
That close analysis was a big part of the Vogels' buying strategy. Given their limited funds, the pair had to be extremely savvy. "Their buys had to be significant," Paulson notes. "Every purchase represented an extraordinary investment of time and energy."