With the rapid and unprecedented global expansion of the art market, new collectors are emerging every day. This new edition of Mary Rozell's definitive handbook is required reading for new and experienced collectors alike, as well as anyone aspiring to a professional career within today's art market. Fully revised since its first publication in 2014 to reflect the many changes which have taken place in the art market, in art law, and in the practice of collecting, it now includes a completely new chapter on private museums. Mary Rozell draws on her long experience as an art collection professional and an art lawyer to illuminate some of the myriad issues that arise when owning an art collection. Covering acquisition, inventory management, the insurance, security, storage and conservation of collections, art financing and investing, and the sharing and deaccessioning of artworks, this meticulously researched but accessible book is an essential guide to the fascinating business of collecting.