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The phrase "private collector" is correct and usable in written English.
You can use it to refer to someone who purchases items as a hobby, such as antique furniture or sports memorabilia. For example: "The rare stamp was sold to a private collector at a local auction."
Exact(60)
Courtesy of a private collector.
If it goes to a private collector, what then?
The painting would go to a private collector, not likely to be seen again.
The bidder, an English woman who is a private collector, asked not to be identified.
"Whether the buyer is an institution or a private collector, it's a defining painting.
The Ukraine pavilion is paid for by a private collector, Poland's via multiple sources.
But a private collector might still pay him several thousand dollars.
This was the house of a private collector, not a big institution".
He has examined Stoker's typescript, which is owned by a "private collector".
(Her descendants owned them until the 1970s, and then a private collector stored them).
The piece was eventually sold to a private collector in Zurich.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com