But not everyone thinks art should share space on an investment palette.

Stephanie Guerin, a certified financial planner with The Planned Approach Inc., in Prairie Village, Kansas, encourages investing in assets not tied to the market. But she considers art a personal-consumption item, not an investment.

“There is potential there to make a killing financially, but it’s very, very speculative,” she said.

Still, members say the economics make sense, particularly because it’s a 10-year fund, and the investment is just as much about the experience.

The Collectors Fund organizes local affairs—its main hubs are Kansas City, New York, and Los Angeles—and biannual national events, with itineraries such as Art Basel Miami Beach, plus a private reception on the Forbes Highlander yacht.

Member Reed Hickok, a residential real estate developer in the Kansas City area, and his wife, Anne, joined about two years ago. Their daughters, 11 and 13, have taken a genuine interest, helping choose works for their home.

“It’s been really nice for us as a family,” Hickok said. “Where you’re going to a museum, you might spend an hour or two there. You’re actually living with this world-class art in your home.”

The Collectors Fund

Base: The majority of the 260 or so members are in Kansas City, though pockets of members have formed in New York, Los Angeles, Dallas, St. Louis, and other cities.

Founders: Executive Chairman Sandy Kemper; his wife, Christine; and COO Will Conner.

Details: The Collectors Fund, the management company, oversees the first fund/collection, American Masters Collection I, which will last a total of 10 years and includes about 130 works. The management company runs off an annual fee of 2 percent of capital invested and handles all acquisitions, transfers, and installations of art, care of the art, insurance, and other logistics.

Members: All are accredited investors who put in a minimum of $120,000. The fund is expected to close to new members by the end of the year, with 300 to 400 members and $20 million to $30 million invested.