Among investors, the search for undiscovered market opportunities -- "blue-water investments" -- is a constant preoccupation. The Vogels demonstrated its applicability in the art world with their determination to find the most cutting-edge artists. Originally, that was a function of their finances: In the 1960s, when the pair started collecting, minimalist art was only beginning to emerge and was largely ignored by the collecting public. "They focused on what they could afford," says Paulson.
When minimalist art caught the public eye and went up in value, the Vogels progressed to new artists and innovations, which enabled them to stay ahead of the curve -- and maximize the impact of their modest funds. It also didn't hurt that the art they chose to collect, tough art, as Herb Vogel called it, took a long time to catch on.