Recently, the art world has witnessed some unfortunate incidents involving high-profile frauds, leaving collectors wary and questioning their acquisition strategies. As an art advisor, I feel a duty to address these concerns and shed light on how to navigate similar challenges.
I spoke with Vanity Fair writer Mark Seal recently for his article detailing the staggering $86 million fraud perpetrated by Inigo Philbrick, among other notable cases like that of Lisa Schiff. These incidents have affected the art market and left collectors reevaluating how they approach collecting. (Here is the article for those of you who missed it.)
Being a source for the Vanity Fair piece, and the lengthy conversation Mark and I had around fraud in the art world, have made me want to speak out more about issues of transparency, accountability, and integrity in the marketplace—and in my dealings. Art advisors play an essential role in safeguarding your interests. We have the expertise to ask the right questions, conduct thorough research, and identify trustworthy partners within the art ecosystem.
My experiences as a former hedge fund executive and lawyer have instilled in me the inestimable value of due diligence and risk management. I understand that, in addition to its aesthetic value, your art collection represents a substantial financial asset that deserves protection.
I am also proud to be a member of the Association of Professional Art Advisors. This prestigious organization sets standards for art advisors and upholds a strict code of ethics. By adhering to these principles, we ensure that our clients receive nothing less than the highest level of professionalism and integrity.
Some key takeaways from art world frauds are:
– Require price transparency
– Insist on thorough provenance and authenticity verification
– Exercise caution when purchasing fractions of artworks
– Take possession of purchases and confirm their locations often if not in your home
– Have safeguards in place to protect against conflicts of interest
I am rather passionate about this topic and would be happy to discuss any of its intricacies in more detail. And then let’s go look at some art together!
4/18/24