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Go to as many galleries as you can bear - and look, look, look. You wouldn't buy a car or designer suit without having narrowed down your choices, looked at what else was on offer, and checked all the available sources. Buying art is a specialist activity and it is important to do research. Look at new art, but don't shy away from the older stuff: while you don't need a degree in art history, knowing a bit won't hurt. It is not enough to declare: "I know what I like." Good collectors know why they know what they like, and the best can put this into words.

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I would not describe the US as a nightmare. What I would say is that when I came on board and kicked the tyres hard on that business it was then very clear that, for whatever reason, the then leadership had not understood the breadth and depth of the issues. I mean there was so much dumb stuff that had been done in that business,” said Haste.

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