Anyone can walk into a gallery and buy a work of art, but now that Sotheby’s has paid an astonishing $85 million ($50 million in cash) for a boutique art advisory firm, people are asking what art advisors actually do. The answers are endless, and the process of building a collection goes far beyond finding a painting that’s in proportion to the couch. While it’s important that art look good in a home, there are many factors that savvy collectors take into account and numerous benefits that art advisors bring to the table.
Expert Advice: Education and idea generation are just two of many benefits that art advisors offer their clients. Most collectors, no matter how seasoned, don’t have unlimited time to walk around galleries and art fairs on their own. An advisor will review a range of images with a client to help them determine what they like, narrow appropriate options, then efficiently recommend works to fit the client’s tastes and budgets. If clients are concerned about a work retaining its value, or if they are buying for investment, advisors also perform due diligence on the artists, their careers, market comparables and any other considerations that are meaningful to the client.
Access: In sourcing works, advisors leverage their relationships with gallery owners, artists and private collectors to whom their clients would not otherwise have access. For example, popular artists have waiting lists at galleries, and new works are offered first to their best clients, which includes advisors. In addition, advisors negotiate deals on behalf of their clients and are generally offered better prices based upon their relationships.
Discipline: A competent advisor knows when to say “no,” helping clients build their collections with goals and guardrails in mind. An advisor might object to a work the collector doesn’t truly love, one that is too expensive, or one by an artist the advisor doesn’t believe in.
Collection Management: Acquiring works is just one aspect of building and maintaining a collection. Once a work is acquired, an advisor can assist with framing, shipping, installation, inventory management, conservation and storage. They can also recommend trusted specialists to help with appraisals, insurance, estate planning, tax guidance and loans using art as collateral.
Facilitating Sales: Advisors can tap into their networks of contacts to sell works for clients either through private transactions or by consigning works to an auction house, negotiating the best terms possible.
Working with an art advisor is a relationship with many facets and benefits. Advisors don’t have a rule book, but they do have an organization – the Association of Professional Art Advisors (APAA) – that sets standards and has a code of ethics. If you’re considering hiring an art advisor, it’s a good idea to confirm that they’re a member.
1/19/16