What drives the next generation of art collectors? In this series, we explore how NextGen collectors are reshaping the landscape of collecting through instinct, access, relationships, and lived experience - from their first encounters with art to the values that shape what, how, and why they collect today.
In this article, meet Magnús Jóhann Ragnarsson, whose approach to collecting is shaped by his life as a working artist and musician, and by a curiosity about how art, culture, and the emerging financial forces in the art market continue to unfold.
Image of Magnús Jóhann Ragnarsson with his fiancée, Sandra Gunnarsdóttir
Courtesy of Magnús Jóhann Ragnarsson. Photo by Sunna Gautadóttir
When and how did you start collecting art?
When I graduated from college in 2016, my siblings gave me a beautiful print by my eldest brother, Ingvar Högni Ragnarsson, an artist and photographer who was active on the Reykjavík art scene some years ago.
I had always known of the various painters and visual artists in Iceland, but I was never particularly interested in studying or collecting art. Around 2020, I became increasingly fascinated by the history of Icelandic visual art (which is relatively short) and the contemporary Icelandic art scene. I began visiting more contemporary galleries and became acquainted with several key figures. This started to have a real impact on me and my work as a musician.
I think my first serious art purchase was a small oil painting by Ýmir Grönvold. Since then, we have become good friends; I have acquired several more of his paintings, and we have collaborated on various projects. He has even painted parts of my Hammond organ.
Did you grow up with art and has this influenced your approach to collecting?
There was art at home, but I would not say that my parents actively collected it. My grandparents, through their connection to the Icelandic art legends Magnús Árnason and Barbara Árnason, have a small number of drawings and paintings by them. I did not really take notice of it until my own interest in the field began to develop.
Where do you usually discover new artists or works?
I mostly discover new artists through visiting the galleries around Iceland. But also through the recommendations of other art enthusiasts and friends, and via social media.
It varies greatly between artists how present they are online, so I would not say that online access necessarily plays a major role in my collecting, other than as a means of discovery and a way of appreciating their work. I only go for pieces that I really like and want to have in my collection.
How does art influence your everyday life – and perhaps your working life?
Art is central to my life. It is both my work and my greatest passion. When you live your life as an artist, there is no real disconnect between work and everyday life. In that sense, it is essential for me to surround myself with art that inspires and encourages me to create.
Image of Magnús Jóhann Ragnarsson's home. Work by Loji Höskuldsson
Courtesy of Magnús Jóhann Ragnarsson
Image of Magnús Jóhann Ragnarsson's home. Work by Sturla Magnússon, Doesn’t ring a bell, 2022
Courtesy of Magnús Jóhann Ragnarsson
What influences your decision to purchase work from a particular artist or gallery?
For me, being interested in and collecting art is not vanity, but an important part of being part of a broader artistic community. Following an artist’s journey gives me great joy -seeing the development of their style and their forays into different fields. Building connections with fellow artists and with galleries is important to me.
The galleries offer a sanctuary for like-minded people who are interested in art, where great conversation can take place, wisdom can be sought out, and connections made.
Do you think you are more open to collecting work of different media than more mature generations?
I mostly have two dimensional works: paintings, lithographs and photographs. I just really like collecting paintings. There is something about such an old format that interests me. The craftsmanship and artistry behind mastering paint, brush and canvas. In that way, I guess I am quite conservative.
My most unusual piece is an interactive wall sculpture by Sturla Magnússon, called “Doesn’t Ring a Bell”. That being said, I am also lucky enough to own two statues by Matthías Rúnar, one of our finest sculptors, and a low relief by Pétur Geir Magnússon.
How do you prioritise spending on art compared to other goods or experiences?
I’ve been lucky enough to befriend loads of artists and managed to do all kinds of deals with them where I put my skill set as a musician to use. Perform, record or produce music of some sort in return for artwork. Often resulting in a long lasting friendship or collaborative relationship.
For me, it’s easily justifiable to spend on art if I really want a piece and it’s by an artist I admire and follow. The reasoning is as follows: (1) I’m supporting a fellow artist, (2) I get an amazing piece of art that enriches my life, and (3) it might turn out to be a good investment if the artist’s career grows. Win on all fronts if you ask me? Who needs food anyway?
If you could change or innovate one thing about the artworld - what would it be?
I dislike the tendency of some people to instantly dismiss things as “something they don’t like” instead of giving them a shot. You don’t have to have a degree in art history to have an opinion on a piece of art. It’s fine to just experience it. Think something of it. Feel something, or maybe not. Just be open to having something affect you.
How do you see your generation influencing the art market in the coming years?
There’s no doubt that social media has totally changed the art market. It plays such a big role in how artists are discovered and in the way artists present themselves and their work. Social media also lessens the aura of exclusivity that galleries can exude.
Seeing all kinds of art in the homes of your social network can turn people on to artists they would have otherwise never heard of. It also contributes to the more “everyday-ness” of collecting something beautiful. So, in a way, galleries may not be the gatekeepers they once were, similar to record labels. But they still play a very important part in the broader biosphere of the art world.
Where is your collection headed - do you have an artist you wish to own a work of, or do you have a specific collecting strategy looking ahead?
Right now, I don’t have a lot of space left for further collecting, so it’s slowed down a bit. I would say I’m more focused on specific pieces by artists I’ve followed for a while. There are plenty of amazing artists around that I haven’t had the honour of purchasing from, but time will tell what winds up in my collection.
I’m really into Hörður Ágústsson, specifically his “tape” period, and one day I would love to have an abstract painting by Kristján Davíðsson. Both are part of the 20th-century vanguard of Icelandic abstract and geometric art - hugely influential figures in Iceland. I’m also a fan of my friend Helena Margrét. She is already going places, and I reckon she will go even further. I still regret not buying one of her smaller works from one of her first shows back in 2021. It’s a shame that month I had to choose groceries over art
Image of Magnús Jóhann Ragnarsson's home. Work by Steingrímur Gauti
Courtesy of Magnús Jóhann Ragnarsson
Image of Magnús Jóhann Ragnarsson’s studio. Work by Anna Maggý, originally created as a large abstract backdrop of pen strokes and markings for a photoshoot featuring Magnús Jóhann Ragnarsson and GDRN
Courtesy of Magnús Jóhann Ragnarsson
How do you think your generation perceives owning works of art - does it continue to be seen as something elitist or are attitudes shifting?
I can’t speak for the older generation, but in my circle most people have at least a passing interest in having some nice art in their home. Most people my age follow a couple of upcoming artists on social media and may have a small collection of posters, prints, or even a small painting, etc. But it might just be my bubble.
The economic growth of the art market has also piqued the interest of many of my more financially focused friends. Some of my less artistically inclined friends in the finance/tech world have started to pay more attention to art collecting in the past few years, especially with more hedge funds offering investment opportunities in art. It’s fascinating to follow these trends and see what cultural developments they unfold.
My one rule for collecting is that you should only buy what you personally like and want to have around. Never buy something because someone told you the artist is “hip” or that it might increase in value later on. Stay true to your vision and appetite, and develop your taste by staying curious.
“You don’t need a degree in art history to have an opinion on a piece of art. It’s fine just to experience it, to think something of it, to feel something, or maybe not. Just be open to letting something affect you.”
Musician and art collector
Magnús Jóhann Ragnarsson (b. 1996) is an Icelandic pianist, composer and producer whose work spans jazz, classical and electronic music. Ragnarsson is also the co-founder of State of the Art, a genre-fluid music festival in Reykjavík.
Ragnarsson's collection includes works by Jóhannes Kjarval, Steingrímur Gauti, Ýmir Grönvold, Dieter Roth, Erró, Karólína Lárusdóttir, Pétur Geir Magnússon, Elli Egilsson, Árni Már Þ. Viðarsson, Þórður Hans Baldursson, Anna Maggý, Loji Höskuldsson, Korkimon, Ingvar Högni Ragnarsson, Þrándur Þórarinsson, Sturla Magnússon, Matthías Rúnar Sigurðsson, Viktor Weisshappel, Hugleikur Dagsson, Magnús Tómasson, Halldór Eldjárn, Jói Pjé, Salóme Hollanders, Pétur Gautur.
Photo by Eva Schram
@magnus__johann
