Bob and Nancy Magoon have cultivated an eye-popping collection of contemporary art in their Rocky Mountain residence.

In a corner of Bob and Nancy Magoon’s expansive living room in Aspen, Colorado, is a "portrait" of the couple. Composed entirely of phrases and dates stenciled on the wall in gray paint, the piece was conceived by the late Cuban-born artist Felix Gonzalez-Torres after he spent several days with the Magoons in 1993. "He so believed that portraits don’t have to be about your face," says Nancy, a chic 60-something (she won’t reveal her exact age).