Leslie Rankow Fine Arts

INTERNATIONAL ART ADVISORY SERVICE

Life in a jewel box with Courtney Kremers, Sotheby’s VP and Contemporary Art Specialist

The History of Now: The Collection of Daniel Teiger
Sotheby’s London

THE COLLECTION OF DAVID TEIGER, A MANAGEMENT CONSULTANT AND FORMER TRUSTEE OF THE MUSEUM OF MODERN ART, WAS SOLD AT SOTHEBY’S STARTING IN LONDON LAST OCTOBER DURING FRIEZE WEEK. THE COMPETITION BETWEEN THE AUCTION HOUSES VYING FOR SUCH A SUPERB, VARIED AND LEGENDARY COLLECTION MUST HAVE BEEN FIERCE BUT SOTHEBY’S MARKETING STRATEGY WON THE DAY. TITLED “THE HISTORY OF NOW”, THE COLLECTION FEATURED EXCEPTIONAL EXAMPLES OF MODERN, FOLK AND CONTEMPORARY ART, FEATURING EXCEPTIONAL EXAMPLES BY SUCH ARTISTS AS JASPER JOHNS, DAVID HOCKNEY, JOHN CURRIN, PETER DOIG AND MARK GROTJAHN IN A SERIES OF TEN TARGETED SALES WORLDWIDE.

Mark Grotjahn
The History of Now- The Collection of David Teiger

DAVID TEIGER CREATED A LIST OF PRINCIPLES TO GUIDE HIM IN HIS COLLECTING. SOTHEBY’S ADVOCATED THE SAME FOCUS AND CONCENTRATION IN ITS MARKETING AND SELLING OF IT: TRAVELING WORKS TO MANY CITIES, THREE IN ASIA ALONE; RESEARCHING, DOCUMENTING AND CATALOGUING EACH LOT; SELECTING THE VENUE THAT WOULD BEST SERVE EACH WORK OF ART, RESULTING IN AN OVERALL TOTAL OF MORE THAN $100 MILLION.

http://www.sothebys.com/en/auctions/2018/history-of-now-collection-david-teiger-l18623.html

Peter Doig
Buffalo Station 1
The History of Now- The Collection of David Teiger sale

THE HARD WORK, DEDICATION AND KNOWLEDGE OF WORKS  OF ART AND OF THE ART MARKET REQUIRED FOR THE SALE OF THE TEIGER COLLECTION IS JUST ONE EXAMPLE OF THE VIRTUALLY DAILY DEMANDS ON SPECIALISTS IN A TOP AUCTION HOUSE. CONSISTENTLY PLEASANT, CHEERFUL AND POLITE TO EACH AND EVERY DEMANDING COLLECTOR AND ADVISOR IS ANOTHER REQUISITE.

TODAY, THE LRFA BLOG IS DELIGHTED TO WELCOME BACK COURTNEY KREMERS, SENIOR VP AND CONTEMPORARY ART SPECIALIST, TO SPEAK FIRST HAND OF HER SOTHEBY EXPERIENCE.

WHEN DID YOU START AT SOTHEBY’S AND WHAT PROMPTED YOUR DECISION TO JOIN AN AUCTION HOUSE?  CUSTOMARILY, MANY PEOPLE START AT AN AUCTION HOUSE AND THEN GO ON TO WORK AS A DEALER OR ADVISOR?

Yes I did it backwards. But I am so thankful I did. I was able to understand the ecosystem that the auction house serves by first being a part of that ecosystem. Sotheby’s approached me about an opportunity to revamp their mid season sales in early 2013; that fall, we introduced the Contemporary Curated sales. It was an exciting new challenge, and when I left Kim to pursue it, she couldn’t have been more supportive.

Vija Celmins
Burning Plane
Good to Go: Property from the Collection of Joni Gordon

WHAT DO YOU LIKE THE MOST ABOUT WORKING IN AN AUCTION HOUSE?

I am surrounded every day by people that love what they do. My colleagues, both in and outside the Contemporary department, are some of the most passionate, inspiring, and hard-working people that I have ever encountered. The energy is contagious. Not to mention the thousands of objects I get to see, handle, basically live with, every year. And not just Contemporary works… Our office is a rotating museum of Old Master paintings, jewels, photographs, Japanese scrolls, the most beautiful mid-century design objects. I spend most of my waking life in a jewel box essentially. It is a privilege to work at Sotheby’s, so I try to earn it every day. 

Ed Ruscha Broken Pencil In Its Own Light: Collection of Ed Cohen and Victoria Shaw

WHAT ARE SOME OF THE MAJOR AUCTIONS OR SINGLE OWNER SALES OR SPECIFIC LOTS THAT STAND OUT AS HIGHLIGHTS DURING YOUR TIME AT SOTHEBY’S?

The Joni Gordon Sale in 2014 – we sold a rare Vija Celmin’s plane painting (now on view in the SFMoMA show) and achieved a record price for the artist. In 2017, the sale of works from the Collection of Ed Cohen and Victoria Shaw which included the most breathtaking works on paper by Anselm Kiefer, Michael Andrews, and Brice Marden… These weren’t the most high value consignments, or the biggest single owner sales in recent years, but the works were rare connoisseurs’ gems.   

Cecily Brown
Bonus
In Its Own Light: The Collection of Ed Cohen and Victoria Shaw

HOW DOES S/2, SOTHEBY’S GALLERY, WORK IN CONJUNCTION WITH THE SALES DEPARTMENT?  HOW DO YOU DECIDE WHAT THE BEST VENUE WHEN ADVISING A CLIENT INTERESTED IN SELLING A WORK THEY OWN?

Simply stated, when advising collectors regarding auction versus private sale, we need to understand what it is that they value most. For some, privacy and control of the sale process is paramount, and so private sale would be our recommendation. For others, the auction platform, which can present a unique opportunity for upside at a particular moment, is more appealing. With that said, every conversation is highly circumstantial and takes into account any number of factors. One that comes up frequently is depth of an artist’s market in relation to works currently consigned for an auction season (e.g. if we have four Calder mobiles already consigned for auction, we are likely not going to recommend adding a fifth).

Alexander Calder
Art Contemporain
Sotheby’s Paris, June 5, 2019

HOW FAR IN ADVANCE DO YOU WORK ON A FORTHCOMING AUCTION?  DO YOU HAVE A FEW LOTS THAT COME IN THAT ANCHOR A SALE AND THEN SEEK OUT WORKS COLLECTORS MIGHT HAVE THAT WOULD COMPLEMENT THE SALE AND BE ENHANCED BY EXISTING LOTS?

Yes – you nailed it. We generally work on sales six months in advance, but naturally the intensity ramps up about two months out. Roughly half of the sale comes in from collectors who reach out to us directly. The other half we seek out proactively. Based on what has come into the sale in the first few months, we seek out artists and periods that we don’t yet have. We start to create ‘wish lists’ that we work from. If we are a month away from deadline and see that we don’t have a great Joan Mitchell or Donald Judd, we will go out and try to find one. Our wish list changes a bit every season depending on what we know collectors are looking for, and also, opportunities we may see to tell a particular story in an auction season. We look at the ingredients on the table, and then figure out how to make a well balanced meal! 

Joan Mitchell
L’Arbre de Phyllis
Lumieres: The Levy Family Collection
Sotheby’s NY May 16, 2019

IN OUR NEXT LRFA BLOG POST, COURTNEY WILL SHARE HER PERSPECTIVE ON SOTHEBY’S PRESENT AND FUTURE.

PLEASE JOIN US!

AND HAVE A HAPPY AND LONG-AWAITED MEMORIAL DAY WEEKEND!

Collecting advice from an expert: Sotheby’s contemporary auction specialist Courtney Kremers

Courtney Kremers
Sotheby’s

AUCTIONS ARE BIG BUSINESS WITH EVER INCREASING INTEREST AND PARTICIPATION FROM ALL CORNERS OF THE WORLD. THANKS TO THE GLOBALIZATION OF THE ART MARKET AND THE DEMOCRATIZATION OF ART BOOSTED BY INSTAGRAM IN PARTICULAR AND SOCIAL MEDIA IN GENERAL, AND BY THE HEADLINE MAKING SUMS THAT ARE BEING REALIZED, EVERYONE FINDS THIS AN INTRIGUING SUBJECT TO FOLLOW WHETHER THEY ARE COLLECTORS OR NOT. THE COMPETITION BETWEEN HOUSES IS FIERCE AND THIS WEEK, IN NEW YORK, PRESENTS MANY OPPORTUNITIES TO PROVE THESE POINTS.

Claude Monet
Meules
Sotheby’s May 2019

ON TUESDAY OF THIS WEEK, SOTHEBY’S TRIUMPHED, OPENING THE NEW YORK AUCTION WEEK, WITH THEIR IMPRESSIONIST AND MODERN SALE. ARTnews DESCRIBES IT AS SUCH:

Powered by a stunning Claude Monet landscape that doubled its estimate and elicited hearty applause in the grand salesroom, Sotheby’s Impressionist and Modern evening sale in New York on Tuesday galloped to a market-affirming $349.9 million tally.

Only five of the 55 lots offered failed to sell, yielding a svelte buy-in rate by lot of 9.1 percent.

The buoyant result surged past pre-sale expectations of $252.6 million to $333.2 million. Those estimates do not include the buyer’s premium. (The hammer tally for the evening, before fees, was $300.5 million.)

The total also shot past last May’s $318.3 million result for the 32 lots that sold. The top lot at that sale was Amedeo Modigliani’s Nu couché (sur le côté gauche), 1917, which fetched $157.2 million, making it the most expensive work ever to sell at Sotheby’s.

Tuesday’s auction ranks as the highest-earning Impression-modern evening sale at Sotheby’s since one in May 2015 that took in $368 million.

http://www.artnews.com/2019/05/15/sothebys-imp-mod-monet-meules-record/

Hans Hofmann

BEFORE WORKS CAN REACH THE DAZZLING HEIGHTS OF THE AUCTION WORLD, THEY MUST FIRST BE ACQUIRED BY PRIVATE COLLECTORS AND THAT TAKES CAREFUL DELIBERATION, INFORMATION AND KNOWLEDGE AS WELL AS THE GOOD FORTUNE OF A GREAT EYE AND/OR A GREAT ADVISOR.

TODAY, THE LRFA BLOG IS DELIGHTED TO HAVE SOTHEBY’S SPECIALIST, SENIOR VP, COURTNEY KREMERS, TO SHARE HER ASTUTE INSIGHTS ON THE ART OF COLLECTING.

COURTNEY, WELCOME BACK! THE LRFA BLOG IS VERY HAPPY TO HAVE YOU HERE.

SOME COLLECTORS, SUCH AS THE MUGRABIS,  FOCUS ON A HANDFUL OF ARTISTS, BUYING NUMEROUS EXAMPLES OF WORK FROM ALL PERIODS OF THE ARTIST’S CAREER, THUS CONTROLLING TO SOME EXTENT THE MARKET FOR THE WORK?

WHAT IN YOUR OPINION ARE THE ADVANTAGES AND THE DISADVANTAGES?

There is a big difference between trying to control an artist’s market, by acquiring a significant number of works, and collecting an artist in depth. The pros/cons of this strategy are no different than having undiversified risk in any other asset class. It is high risk, high reward.

Lucio Fontana

WHEN YOU ARE WORKING WITH A RELATIVELY NEW AND UNSEASONED COLLECTOR, WHAT IS THE BEST ADVICE THAT YOU CAN GIVE THEM?

Collecting involves a careful balance of restraint and gut. At the beginning, the formula should be weighted toward restraint and research, but as you develop a real eye, gut becomes a crucial part of the equation.

HOW DO YOU EDUCATE THE POTENTIAL COLLECTOR IN THE ART OF COLLECTING? WHAT ARE THE PRIMARY CRITERIA AND GUIDELINES DO YOU GIVE THEM?

It isn’t only about buying what you love. For an unseasoned collector, that advice can be a recipe for disaster, or at the very least, for overpaying. The word, “love”, is also confusing to collectors, because what does that mean when it comes to art? Your relationship with an object can grow from something that first would be described as discomfort, because it gets under your skin, stays with you, challenges something you thought you knew. In other words, the reaction to a great object doesn’t always start out as positive experience in a traditional sense, but it can evolve into that. Aside from the gut reaction you feel, which is what makes collecting so emotionally rewarding, you should always ask questions and understand what you are buying, how the work fits into the artist’s overall body of work, what the condition is, which galleries support the artist, which museums have shown the artist, etc. The list of questions is long and you should consider the answers to each one.

Sam Francis

YOU WORKED FOR KIM HIERSTON, WHOM I LIKE AND ADMIRE, IN HER ART ADVISORY FIRM.  WHAT WERE YOUR RESPONSIBILITIES?

Tons of research, among other things. Kim is extremely thorough and disciplined about every artwork she puts forward for a collector’s consideration. It was an information gathering operation first, art advisory second; you can’t advise unless you have all the facts. We spent a lot of time reviewing the artworks on offer through galleries, at art fairs, and in the auctions, and then thinking about how those works might fit into a particular client’s collection, and if so, what the right price was. Once an acquisition was made, we handled all the back end logistics that come with building an art collection – insurance, shipping, framing, conservation. It was a soup to nuts job.

George Condo

WHAT WERE THE MOST IMPORTANT LESSONS YOU LEARNED WHEN WORKING AS AN ADVISOR?  YOU MUST INTERACT WITH A GREAT MANY ADVISORS NOW, AS A SPECIALIST AT SOTHEBY’S. WHAT CHARACTERIZES THE BEST AND THE WORST OF THEM?

There are advisors who do their own research and who spend a considerable amount of time looking at art and understanding the objects, and then there are advisors who just repeat what they hear elsewhere. The parrots are just that, parrots.

NB- THE WORKS ILLUSTRATED IN THIS BLOG (EXCEPT THE MONET) ARE FORTHCOMING LOTS IN THE SOTHEBY’S CONTEMPORARY DAY SALE, ON FRIDAY, MAY 17th.

IN OUR NEXT LRFA BLOG, COURTNEY WILL SPEAK ABOUT LIFE AT SOTHEBY’S IN THIS AGE OF COLLECTING. WE CAN’T WAIT!

Proud to be included in an article on the Data-Driven Art Market, an excellent post on The Clarion List

Art Market Research in
The Clarion List

 

Founded in 2015 by former Christie’s executives Jessica Paindiris and Gaia Banowich, The Clarion List is the leading online resource to provide a comprehensive, vetted directory of top-rated art services worldwide, including art consultants, framers, appraisers, storage and installation companies, auction houses and more.

https://www.clarionlist.com

I am proud to have been included in their latest outstanding article, Data-Driven: How Art Market Research Benefits Collectors and Professionals, posted below and, of course, on their website.

https://blog.clarionlist.com/posts/data-driven-how-art-market-research-benefits-collectors-and-professionals-25309985

Data-Driven: How Art Market Research Benefits Collectors & Professionals

For the last decade, the market has been abuzz with the emergence of fine art as an asset class. Now, perhaps more than at any other point in the history of art collecting, purchase decisions are heavily influenced by an artwork’s value as an investment.

Leslie Rankow, an established art consultant, said, “It’s hard work to be a good collector. It requires a lot of time – reading, learning and traveling.” As a consultant, she tries to direct her clients to works not only that they will enjoy for many years, but also that are likely to also appreciate in value while they are being appreciated! She said, “Anyone can choose a work of art. It’s my job to say ‘no,’ as often as ‘yes’ and make sure that the work has additional reasons for being purchased, i.e. its quality and potential value.”

So how do consultants and other professionals in the art market know where to steer their clients?

These advisors often turn to art market research companies like Art Market Research (AMR) that specialize in data-driven valuations, thereby providing an essential road map.

AMR has been providing this kind of analysis since 1978. Director Sebastian Duthy said, “Before you buy or sell art, antiques or collectibles, it pays to triangulate available price information. Our data is organized in ways to help understand the market from different perspectives. Looking at the middle and top end of the market is a good place to start.”

According to the company’s website, “Transactions on Art, Antiques and Collectibles are recorded from auction houses worldwide and updated to AMR’s database every month. Data analysts with specialist knowledge of art history, then categorizes each individual lot into Painting (unique two-dimensional works), Sculpture, Photographs and Sculpture. For Antiques and Collectibles, we employ experts in each field to value a ‘basket of goods’ and update prices once or twice yearly.” AMR also offers a “revaluation tool” to help users estimate current open market values. Art market professionals can access AMR’s data and tools with a quarterly or annual subscription.

Apart from informing purchase decisions, in what other ways can data from art market research be used?

Duthy said, “Our indexes are relied on by a range of industry players. Art market professionals, US and UK tax authorities use the indexes to calculate fair market value on discretionary goods, while insurance companies use them as benchmarks for calculating premiums. Our indexes are also very popular with students of correlation analysis and journalists looking for data to support breaking stories.”

Robin Kalota is a passionate collector with a background in wealth management and estate planning. When her parents passed and she inherited their collection of art and collectibles, she realized that many families might need help to plan or manage this complex process. She founded Plan Art LLC, which provides collection analysis, procures valuations, identifies transfer options – such as gifting, donating or selling – and evaluates how, when and to whom collections will be transferred. She said that informing clients of the current market value of their holdings is the first step in helping them to make transfer decisions.

Kalota uses a wide range of databases and online tools to research works for her client. She said, “Clearly value means different things to different people. However, I do think that there are universal standards that art collectors look for that bear up over time. Things like the provenance and condition of the art work, rarity of the work, market demand for the artist and genre, and cultural and historical relevance in the art market. Those works that seem to hold their value over different market cycles tend to meet high standards in those categories. There will always be popular artists and genres that fetch high prices in any market cycle and are reflective of changing tastes and trends. Those works are reflective of our popular culture and will always appeal to a portion of the market. Whether they can sustain that value over time and reflect a new and enduring mode of expression is another matter.”

What causes fluctuations in the art market?

When presented with the question, Kalota said, “Art is truly a discretionary purchase. In my opinion, economic trends have the far greater impact on the buying public, i.e. through such factors as income growth and individual debt levels, plus the effect of taxes on personal wealth. Perhaps it is my background in investment management, but I think keeping an eye on interest rates and trends in economic growth are critical to assessing the health of any marketplace.”

Socio-political change also appears to play a role. Duthy said, “While the average value of artworks has grown three-fold in the last ten years, we have also seen increasing market uncertainty. Ten years of growth may have encouraged many new collectors into art but most are focused on familiar name artists. Less attractive works can be left behind as buyers fight for museum quality pieces. With the tide of populism and the threat to global co-operation showing no signs of abating, uncertainty in the art market is likely to be exacerbated this year. Whether heat taken out of the market proves to be good thing for the long term future or not, remains to be seen.”

So what does the future hold for the art market

Kalota spoke of an increasing democratization of collecting. She said, “Along with other market observers, I’ve watched the gap between the high-net-worth buyer and the middle market continue to widen both in terms of the buying public and among the gallerists and dealers that sustain them. The drivers of demand in those markets couldn’t be more diverse. At the same time, we are seeing a broadening in the foundational base of the market through art fairs and the use of social media, which has made the art world far more accessible to the average collector. Given the shift in buying habits that new generations are bringing to the table, I consider that a major positive for the long-term sustainability of the overall art market.”

Duthy was similarly optimistic, but stressed the importance of making informed, data-driven decisions. He said, “Tastes in art change and so art dealers and auction houses have learnt to adapt. These abilities were never more evident when Christie’s capitalized on their presence in the Chinese market during the financial crash of 2008. Values in Chinese art grew 35% in the two years until the end of 2008 and the growth continued again in 2010 and 2011. Saffronart in India was also recording impressive stats and the opening of Salcedo auctions in the Philippines in 2010 and Tehran Auctions in Iran in 2012 proved that serious buyers could now be found all over the world. However, while the globalization of the art market has entered the collective consciousness, what has emerged is not a homogenous entity. Now, more than ever, knowledge supported by quality data is essential before buying and selling art.”

The career path leading to Sotheby’s New York with Courtney Kremers, Senior VP and Senior Contemporary Specialist

Sotheby’s New York

SOTHEBY’S IS CELEBRATING ITS 275TH ANNIVERSARY BUT IS HARDLY AN OLD FOGEY, DYNAMIC IN ITS EVER INNOVATIVE EXPANSION IN TERMS OF ACQUISITIONS OF NEW COMPANIES, FROM EVERYTHING AS DIVERSE AS THREAD GENIUS, A COMPANY THAT DEVELOPED ADVANCED TECHNOLOGY TO IMPROVE CLIENT EXPERIENCE BY MATCHING AN OBJECT TO AN INDIVIDUAL’S PREFERENCE AT A CERTAIN PRICE POINT, TO THE MEI MOSES ART INDICES, THEREBY GAINING UNIQUE ACCESS TO AN ANALYTIC TOOL THAT PROVIDES OBJECTIVE AND VERIFIABLE MEASURES OF THE ART MARKET BY TRACKING THE VALUE OF AN OBJECT OVER TIME. IN 2016, SOTHEBY’S BROUGHT SCIENTIFIC RESEARCH IN-HOUSE WITH THE ACQUISITION OF ORION ANALYTICAL AND THE APPOINTMENT OF ITS FOUNDER, THE RENOWNED ART WORLD SCIENTIST JAMES MARTIN, KNOWN AS A TOUR DE FORCE IN USING TECHNOLOGY TO UNCOVER NEARLY UNDETECTABLE MISTAKES IN COPIES THAT APPEAR FLAWLESS TO THE NAKED EYE.

New Sothebys Galleries
designed by OMA

THIS SPRING, SOTHEBY’S NEW YORK, IN TIME FOR OUR FORTHCOMING IMPRESSIONIST AND MODERN, POST-WAR AND CONTEMPORARY MAJOR AUCTIONS, OPENED ITS NEW DAZZLING RENOVATION TO THE PUBLIC. ARCHITECT SHIGEMATSU OF OMA, NEW YORK HAS UPDATED THE INTERNATIONAL AUCTION HOUSE’S HEADQUARTERS. THE INCREASED EXHIBITION SPACES, THE MIX OF VARIOUS SHAPED ROOMS, CORRIDORS AND GALLERIES  AND EXPANSION OF PRIVATE SALE VIEWING ROOMS, AS WELL AS  THE CREATION OF A DOUBLE-HEIGHT SPACE ON THE GROUND FLOOR ALL CONTRIBUTE STUNNINGLY TO SOTHEBY’S AMBITION TO BE THE BEST IN A HIGHLY COMPETITIVE ALTHOUGH REMARKABLY SMALL INDUSTRY.

Cecily Brown

SENIOR VP AND SENIOR CONTEMPORARY SPECIALIST, COURTNEY KREMERS, WAS KIND ENOUGH TO PROVIDE A TOUR OF THE NEW GALLERIES AND IT IS WITH GREAT PLEASURE THAT THE LRFA BLOG CONTINUES OUR CHAT.

TODAY, COURTNEY WILL TRACE HER PROFESSIONAL PATH FROM UNIVERSITY ACADEMICIAN TO SOTHEBY SPECIALIST WITH A HISTORY OF HER ART WORLD EXPERIENCE PRIOR TO JOINING THEIR RANKS.

WELCOME!

COURTNEY, DO YOU THINK THESE ACADEMIC ACHIEVEMENTS HAVE BEEN PUT TO GOOD USE IN THE WORK YOU DO TODAY, AS AN AUCTION SPECIALIST AND, IF SO, HOW?

There were plenty of confused parents when I said I was getting an Art History degree (from Duke). They would ask, perplexed, “Well what will you do with that?” A kid growing up in NYC probably received a different reaction, but in Frederick, where no one knew anyone who worked in the art world, I think they thought I was wasting a good college education. I feel very lucky that my undergrad/grad time was a precursor to what I do on a daily basis now. As a Specialist, I am constantly researching art works, analyzing importance, condition, etc. My job now involves an assessment of value, which wasn’t part of my formal education, but it is certainly an extension of it.  

Kerry James Marshall

WHAT WAS YOUR FIRST JOB IN THE ART WORLD?  WHAT WERE THE MOST IMPORTANT LESSONS YOU LEARNED THERE?

My first job out of college was working for the Mugrabi Collection. I had no idea who they were. I remember trying to Google them before the interview. In the first week, both Tobias Meyer and Larry Gagosian called. I answered the phone, and asking if they could spell their last names for me please almost ended my employment. 

The Mugrabi family taught me a lot, and they still do. They are tough businessmen who know their markets cold. If someone thinks the price they are quoting is too high, they will pull out five auction catalogues in which comparable works were sold and walk you through each result, and how that example stacks up to theirs and also where the markets were then/now. And for artists where they see future growth, they are more than happy to hold their position, and their asking prices, and wait for everyone else to catch up.  

Mark Rothko

THE MUGRABI FAMILY IS KNOWN AS MARKET MOVERS, TAKING MAJOR POSITIONS ON ARTISTS SUCH AS JEAN-MICHEL BASQUIAT AND DAMIEN HIRST. THE VALUE OF THEIR COLLECTION, WHICH INCLUDES THE LAREST PRIVATE CACHE OF WORKS BY ANDY WARHOL, HAS BEEN ESTIMATED AT OVER $100 MILLION.

WHAT WERE YOUR RESPONSIBILITIES AT THE MUGRABI COLLECTION?  WHAT ASPECTS OF THE JOB WERE THE MOST REWARDING?

Day one through Day 365, I did a lot of answering the phone and fixing the printer, but also, noting auction prices in the catalogues, creating fact sheets for new acquisitions, and providing clients with research, images, etc. for works under discussion. My responsibilities grew. The Mugrabis were incredibly generous in opening doors, and encouraging me to attend gallery openings, dinners, and art fairs on their behalf. When we loaned works to a Basquiat exhibition in Rome, I flew over to make sure the installation was as promised. For a 22 year old, new to New York, and new to the art world, it was all pretty thrilling. Looking back now, probably nothing was more impactful than meeting the artists who would come in for lunch, and the artworks that would come and go from the walls.

WHAT WONDERFUL TRAINING FOR THE TIME AHEAD!

IN OUR NEXT LRFA BLOG, COURTNEY WILL GIVE US HER VERY INFORMED RECOMMENDATIONS ABOUT COLLECTING ART!

PLEASE JOIN US!

Christopher Wool

NB The artworks featured in today’s LRFA blog post are lots in the forthcoming Contemporary Evening Auction on May 16th at their New York headquarters at 1334 York Avenue.

The LRFA blog welcomes Courtney Kremers, Senior VP at Sotheby’s, just in time for the May auctions!

Courtney Kremers
Senior VP & Senior Contemporary Specialist, Sotheby’s

FOUNDED IN 1744, SOTHEBY’S IS THE OLDEST AND LARGEST INTERNATIONALLY RECOGNIZED FIRM OF FINE ART AUCTIONEERS IN THE WORLD. IT HAS A GLOBAL NETWORK OF 80 OFFICES IN 40 COUNTRIES AND IS THE OLDEST COMPANY LISTED ON THE NEW YORK STOCK EXCHANGE. SOTHEBY’S FOUNDER, SAMUEL BAKER, WAS AN ENTREPRENEUR, OCCASIONAL PUBLISHER AND SUCCESSFUL BRITISH BOOKSELLER WHO HELD HIS FIRST AUCTION UNDER HIS OWN NAME ON MARCH 11, 1744. FOR MORE THAN A CENTURY, BAKER AND HIS SUCCESSORS REPRESENTED THE SALE OF GREAT LIBRARIES, INCLUDING THE EARLS OF SUNDERLAND AND PEMBROKE AND THE DUKES OF DEVONSHIRE, YORK AND BUCKINGHAM.

Sotheby’s, London, 1800s

IN THE 20th CENTURY, PETER WILSON PROVED AN INSPIRING CHAIRMAN DURING THE POST-WAR YEARS. HE OPENED AN IMPRESSIONIST AND MODERN ART DEPARTMENT AND ATTRACTED PRIVATE BUYERS AS WELL AS THE TRADE. IN 1958, THE GOLDSCHMIDT SALE CREATED A NEW WORLD RECORD FOR A FINE ART SALE AND WAS A MEDIA SENSATION…AND THUS, THE SEEDS WERE SOWN FOR THE SOTHEBY’S WE KNOW TODAY.

Peter Wilson (1913-1984)
Sotheby’s Chairman

SOTHEBY’S WAS THE FIRST INTERNATIONAL AUCTION HOUSE TO EXPAND FROM LONDON TO NEW YORK, THE FIRST TO CONDUCT SALES IN HONG KONG, INDIA AND FRANCE AND THE FIRST TO ESTABLISH A FINE ART AUCTION HOUSE IN CHINA.  A COMPANY OF MANY FIRSTS, SOTHEBY’S IS A FORERUNNER IN THE AUCTION WORLD NOT JUST FOR THE ARTS BUT FOR MANY LUXURY GOODS SUCH AS REAL ESTATE, DIAMONDS AND WINE SETTING A BENCHMARK FOR INNOVATION AND MARKETING IN HIGHLY COMPETITIVE SECTORS.

Sotheby’s New York 2019

TODAY, IN ANTICIPATION OF THE MAY SALES IN NEW YORK, THE LRFA BLOG IS DELIGHTED TO WELCOME SOTHEBY’S SENIOR VP AND SENIOR CONTEMPORARY SPECIALIST, COURTNEY KREMERS, A COLLEAGUE, FRIEND AND POWERHOUSE, TO PROVIDE AN ASTUTE INSIDER’S VIEW ON THE WORKINGS OF THIS LEGENDARY AUCTION HOUSE.

COURTNEY, THANK YOU SO MUCH FOR YOUR CONTRIBUTION TO THE LRFA BLOG!

Thank you for inviting me!

WHEN DID YOU FIRST BECOME INTERESTED IN ART? DID YOU GROW UP IN A FAMILY OF ARTISTS OR COLLECTORS?

I grew up in Frederick, MD – at the time it was more open fields and baseball games than art galleries and museums. But my parents loved to travel – and wherever we went, we spent time in art museums. We were close enough to D.C. and Baltimore that we also went to see the big shows there. My dad would quiz us over lunch on what artists we saw, when the works were painted, any fun facts from the wall text or tour we went on. So I guess I fell in love with the game first, knowing the ‘who, what, where, when, why’ of art history. 

Vincent Van Gogh
Sunflowers

WHAT WAS THE FIRST WORK OF ART THAT CAPTURED YOUR ATTENTION AND WHY AND WHAT DID THAT LEAD TO?

Van Gogh’s Sunflowers. I ended up buying a poster and then decorating my entire room around the sunflower theme. I was a kid, so I probably was attracted to the subject matter first, but ultimately, even a kid can see that this is not just a pretty picture. Van Gogh paints with a freedom and a lack of inhibition that was mesmerizing and still is now. It is that same quality that I am drawn to in the work of contemporary artists I respect – a lack of inhibition and an unself-consciousness about expressing a unique point of view.  

Lee Lozano
oil on canvas
circa 1960s

YOU HAVE A DISTINGUISHED ACADEMIC HISTORY, BEING RECOGNIZED FOR BOTH THE CONNOISSEURSHIP AND MOST OUTSTANDING THESIS AWARDS IN THE MASTER OF ART PROGRAM AT CHRISTIE’S EDUCATION.  WHAT WAS THE SUBJECT OF YOUR THESIS?

My thesis was on Lee Lozano, who is still something of a cult artist. Lee only worked for 10 years in New York, in the 1960s and early 70s, and then disappeared; she literally dropped out of the art world. My thesis connected the dots between the first works she made in the early 60s, that were really provocative, vocal drawings, which railed against what she saw as a vast inequality in the opportunities afforded men and women in the world generally, and also in the art world specifically. She was ahead of her time in this regard. Those drawings evolved into paintings of tools that played on puns, and then more hard-edge Minimalist canvases based on physics and the body. Ultimately, her work became totally Conceptual in nature and performance based. Then she threw in the towel and left New York. She crackled with ideas and energy herself, but to use a common expression, she “burned twice as bright but half as long.” 

LEE LOZANO WAS A VERY DARING AND CONTROVERSIAL ARTIST AHEAD OF HER TIME INVESTIGATING THE BODY AND ISSUES OF GENDER. SHE IS REPRESENTED NOW BY THE PRESTIGIOUS GALLERY, HAUSER & WIRTH. THAT WAS QUITE AN ADVENTURESOME CHOICE FOR YOUR THESIS!

https://www.hauserwirth.com/artists/2812-lee-lozano

IN OUR NEXT BLOG, COURTNEY WILL SPEAK ABOUT HER TRANSITION FROM ART HISTORY AND ACADEMIA TO THE INTERNATIONAL AUCTION WORLD.

STAY TUNED!

One Art Nation: present events and future plans with co-founder Julia Wehkamp

One Art Nation
Co-founders Amanda Dunn and Julia Wehkamp

 

WITH SO MANY TED TALKS, PODCASTS, WEBINARS, SEMINARS AND LECTURES FLOODING OUR VISUAL AND AUDITORY CHANNELS OF LEARNING, WHAT MAKES A GREAT ART EDUCATIONAL SITE? BRINGING TOGETHER SOME OF THE MOST RESPECTED THINKERS ON A GIVEN SUBJECT. ONE ART NATION REACHES OUT TO COLLECTORS BY PROVIDING A PHENOMENALLY WELL QUALIFIED ROSTER OF EXPERTS, HIGHLY REGARDED FOR THEIR SPECIFIC KNOWLEDGE, ON HOW TO COLLECT, HOW TO MANAGE A COLLECTION, AND HOW TO DEACCESSION ONE, THE LEGAL ASPECTS OF COLLECTING AND THE JOY OF CONSIDERING AND ACQUIRING WORKS OF ART. AS SIGNIFICANT, IF NOT MORE, ARE THE EDUCATIONAL TOOLS ONE ART NATION OFFERS “TO THE TRADE”: ADVISORS, DEALERS, APPRAISERS, ALL THE CRUCIAL SOURCES OF EXPERTISE FOR THE COLLECTOR. ONE ART NATION OFFERS VIDEO LECTURES THAT ADDRESS THE BUSINESS CONCERNS OF BOTH THE ASPIRING AND ESTABLISHED PROFESSIONALS.

TODAY, WE ARE DELIGHTED TO WELCOME BACK JULIA WEHKAMP, CO-FOUNDER OF ONE ART NATION, AN INNOVATOR WHO HAS DEVELOPED A RESOURCE FOR ART EDUCATION THAT ATTRACTS A WIDE AUDIENCE. IT IS NO WONDER THAT THE ONE-ART NATION MEMBERSHIP CONTINUES TO GROW AND THE PROGRAMS IT OFFERS ARE CONSTANTLY EXPANDING.

JULIA, WHO ARE YOUR MEMBERS?

Our membership are an engaged audience of emerging and established collectors looking for trusted and reputable solutions, as well as professionals including curators, dealers, consultants, conservators, appraisers, etc. and art enthusiasts with a passion for art. They span from across the globe, although predominantly from North America (approximately 65%). 75% of our members are 25-54 years old, so we have a great mix of Millennials and Generation X’s, each of which bring their own needs and goals to the table!

 

One Art Nation
Art Southampton
Symposium

DO YOU SEE A SHIFT IN YOUR AUDIENCE AS TRADITIONAL COLLECTING GIVES WAY TO BOTH A MORE FISCAL AND PHILANTHROPIC APPROACH TO OWNING ART?

It’s easy to think about the commercial art market, arts non-profits, and wealth management as three distinct worlds. In reality, they are all interconnected. Our membership truly reflects this new generation of more commercially minded and impact-driven art collectors.

A lot of collectors would love to see their art increase in value, but that’s generally not their primary motive. The primary motive for most collectors is still emotional…they buy the work because they love it. Traditionally, it’s not a pure investment motive, which is indicated by collectors rarely selling their works, but instead, building it over time and generations, only dispersing it after death.

However, many of today’s younger collectors take a much different approach when engaging in philanthropic activities. In addition to appreciating the aesthetic value of the work, these younger collectors are more inclined to act with an investment motive. Over the last 20 years, the art market has massively increased in liquidity and has grown to now be widely appreciated as a genuinely efficient market.

Drew Watson
Art Services Specialist
U.S. Trust

One of our most popular videos is a talk with Drew Watson, Vice President, Art Services Specialist at U.S. Trust, Bank of America: Art Finance and Philanthropy. He observes that the biggest difference between collectors over fifty and those under fifty is their approach to philanthropy. He states that when donating art, the older generation thinks more about traditional institutions such as museums and galleries. The younger collectors are more focused on overall causes that they want to make a difference in – seeking out institutions that align with those goals.

So we need to address, not ignore, this shift, which we are doing by offering non-biased information to both collectors and professionals.  With over 30 webinars touching on art finance and wealth management, we are helping both the older and newer generations to understand the monetary value in a piece of work. How they apply that knowledge is up to them.

One Art Nation Video
How to Approach Selling Your Art Collection

MEMBERSHIP TO ONE ART NATION IS FREE. WHAT IS YOUR SOURCE OF FUNDING FOR ALL THE EXCELLENT EDUCATIONAL MATERIAL, VIDEOS AND ONLINE PROGRAMS?

Correct, membership is free, as is access to all video and written content created for art lovers and enthusiasts. We want to ensure the valuable information is accessible to the masses, regardless of where they are in the world. We work with a number of forward-thinning and like-minded industry partners who help make this possible through individual educational grants. Like 1AN, they have an ongoing goal of quality education for art enthusiasts, collectors and professionals world-wide.

However, our professional development programs, as discussed earlier, do have an enrollment fee.

One Art Nation
Art Toronto Symposium

HOW DO YOU SEE ONE ART NATION GROWING AND EXPANDING IN THE YEAR AHEAD?

We have some very exciting projects and new partnerships in the pipeline. Although some cannot be discussed at this time, others can… Naturally, as of most recent, there are fundamental changes in the art market. These have inspired additional professional development programs. For example, we plan to launch a curriculum focused on art law, targeted at law professionals who advise buyers and sellers of major works; banks, and borrowers on art lending; assist in settling complex art law disputes; and handle art-related transactions. Stay tuned!

WE WILL INDEED! THANK YOU SO MUCH FOR YOUR WONDERFUL CONTRIBUTION TO THE LRFA BLOG.

IN OUR NEXT LRFA BLOG POST, WE ARE PROUD TO WELCOME COURTNEY KREMERS, HEAD OF DAY SALES IN POST-WAR AND CONTEMPORARY ART. WITH THE MAY AUCTIONS FORTHCOMING IN NEW YORK, THE LRFA BLOG IS PARTICULARLY EXCITED TO LEARN ALL ABOUT SOTHEBY’S PRESTIGIOUS HISTORY AND CURRENT ACTIVITIES.

 

 

Pack your bags! Artfields launches its seventh year from April 26 – May 4 in Lake City, South Carolina

ArtFields
Lake City, South Carolina
April 26 – May 4, 2019

ARTFIELDS LAUNCHED ITS FIRST FESTIVAL IN 2013, THANKS TO THE VISION AND PERSEVERANCE OF NATIVE SOUTH CAROLINIAN, DARLA MOORE, TO REVITALIZE THE TOWN AND STATE THAT SHE LOVES. THE GOAL WAS SIMPLE: TO HONOR THE ARTISTS OF THE SOUTHEAST WITH A WEEK’S WORTH OF CELEBRATION AND COMPETITION IN THE HEART OF A TRADITIONAL SOUTHERN SMALL TOWN. THE COMPETITION AND EXHIBITION HAVE GROWN TO EPIC PROPORTIONS, OFFERING MORE THAN $140,000 IN CASH PRIZES. THE WINNERS OF TWO PEOPLE’S CHOICE AWARDS ARE DETERMINED BY THE VOTES OF PEOPLE VISITING ARTFIELDS; AN EVOLVING BUT ALWAYS IMPRESSIVE PANEL OF ART PROFESSIONALS SELECTS ALL THE OTHER AWARDS, INCLUDING THE $50,000 GRAND PRIZE AND $25,000 SECOND PLACE AWARD.

IT IS INSPIRING TO VISIT LAKE CITY, TO SEE A COMMUNITY UNITE FOR A COMMON PURPOSE, TO EXPERIENCE WHAT WAS A “ONE-HORSE TOWN” EXPANDING INTO A YEAR-ROUNG DESTINATION WITH ART, CULTURE, MUSIC, ARCHITECTURE THANKS TO DARLA MOORE AND HER AMAZING ARTFIELDS TEAM.

ArtFields 2019
April 26 – May 4

ArtFields—Everybody’s Invited!     ArtFields 2019  Press release

LAKE CITY, SC—It’s a 9-day celebration of art and community that draws thousands to a small South Carolina town and awards over $145,000 in cash prizes. This epic Southeastern art competition runs from April 26 – May 4th and will feature a wide variety of events, including an art competition with nearly 400 pieces vying for the top prize of $50,000, a portrait contest, upscale gala, kids activities, and 3 nights of live music.

ARTFIELDS® 2019 will feature an event for everyone—and everyone is invited no matter how much you know about art. “Some people are very hesitant when it comes to art and view it as something that is for others, but not for them,” says Carla Angus, ArtFields Project Manager. “Based on my experience, once you come to ArtFields for the first time, you’ll want to come back every year.”

Each day at ArtFields, visitors can view competition artwork from artists across the Southeast in venues around town, plus artwork in the  ArtFields Jr. competition from artists in 1st-12th grade from all over South Carolina. There will also be educational artwalks for students, adult tours, and voting for the People’s Choice Award winners that will each take home $12,500. New this year will be temporary public art installations by Jamey Grimes and Craig Wedderspoon, plus fresh murals around town.

Art Makers ArtFields
Lake City, SC

 

 

Special events for the kick off weekend will be the ribbon cutting ceremony and Dandelion Stroll to start the week on Friday, April 26th. Saturday brings the annual portrait contest, which will feature active duty and military veterans as models. Guests can attend Makers Market to shop for handmade goods and end the night with a live performance from Infinity Show Band. Makers Market is back on Sunday, along with an afternoon art making activity for youth ages 5K-12th grade.

And you won’t want to miss finale weekend, either. On Thursday, May 2nd the Bean Market will be decked out for a night of dining and dancing

Dandelion Gala
ArtFields 2019

at the annual Dandelion Gala. Friday will feature Lunchtime Crunchtime, a unique experience where artists can promote their art and share the story behind their work. Crowd favorite Harlem Gospel Choir will perform on Village Green, while local restaurants serve up delicious food and drink. On Saturday, ArtFields will conclude with the announcement of winners, live music from Rhythm Nation, and a firework display under the stars.

Here is the link to the Field Guide so you don’t miss a thing!

FINAL FULL FIELD GUIDE 2019

Sauls Street Mural
ArtFields 2019
Lake City, South Carolina

Sauls Street Mural

Inspired by Lake City’s agricultural roots, this concept explores the idea of being “wrapped up in history.” Quite literally, the focal point, giant green beans, are bundled and wrapped with a textile, reminiscent of a bandana or cloth napkin, showcasing the markings of strawberries. The second wrapping is a tobacco leaf. This symbolic imagery pays homage to the influence of strawberries, tobacco, and green beans on the Lake City economy. A call out to Lake City leading the way in the state with strawberry and tobacco production in early years. And then later being recognized on the world platform as a hub for green beans, with the auction at The Bean Market. Each of these three harvested items individually playing a meaningful role in the health and survival of the community during different time periods. Together, a symbol of abundance, sustenance, and prosperity. Because today Lake City sits at the intersection of art and agriculture, we feel this is a way to artistically speak to the heavy influence of food on the area, both past and present.

 

Face to face with Julia Wehkamp, co-founder of One Art Nation: seminars, symposia, lectures

One Art Nation
Co-founders Julia Wehkamp and Amanda Dunn

AS COMPETITIVE AND GLOBALIZED AS THE ART MARKET ITSELF, THE DEMAND FOR INTERESTING, INFORMATIVE EDUCATIONAL LECTURES ON ART AND ART MANAGEMENT AND SEMINARS FEATURING KEYNOTE SPEAKERS, LUMINARIES IN THE WORLD OF ART, HAS GROWN IN RESPONSE TO THE EVER INCREASING NUMBER OF PEOPLE AROUND THE WORLD WHO VISIT ART FAIRS, MUSEUMS, AND GALLERIES AS WELL AS  THOSE WHO ACTUALLY PURCHASE WORKS.

ONE ART NATION OFFERS OFFLINE SYMPOSIA TO BRING TOGETHER LEADING ADVISORS, DEALERS, CRITICS AND ARTISTS TO SPEAK, IN NEW YORK, TORONTO, SOUTHAMPTON, AND OTHER VENUES, AND INITIATES PANEL DISCUSSIONS WITH  EXPERTS FROM THE CREATIVE FIELDS AS WELL AS FROM THE BUSINESS SIDE OF THE ART WORLD.

Guerrilla Girls

JULIA, WHAT ARE SOME OF THE HIGHLIGHTS OF THE SYMPOSIUM IN TERMS OF ITS TOPICS AND ITS SPEAKERS?

Yes, we have had the pleasure of working with various art fairs, heading up their educational programing. All our talks have been recorded and produced as online content, for those who were not able to make it on site to the fairs. These can be found here. The One Art Nation Symposia have allowed us to work with some incredible experts and opinion leaders. Some highlights include a talk at CONTEXT / Art New York, where we featured a panel, led by pre-eminent art lawyer Barbara Hoffman with an original member of The Guerrilla Girls, Rosalba Carriera, legendary photographer Jeannette Montgomery Barron, and artist and filmmaker Jack Waters, as they discussed New York’s electrifying cultural scene, the artists that left their mark, and the vibrant scene today, which is the legacy: When Creativity Ruled the Streets. The same Symposium presented When Art Meets Rock n’ Roll, a discussion between celebrated photographer Bob Gruen ​and rock and roll icon Jason Newsted of Metallica, who was making his artistic debut. 

Barbara Hoffman
Hoffman Law Firm

THE SITE ALSO ACTS AS A GUIDE TO UPCOMING ART FAIRS, MUSEUM SHOWS AND GALLERY EXHIBITIONS. WHAT ARE SOME OF THE FAIRS AND EXHIBITIONS YOU PUBLICIZE AND HOW HAS THIS SELECTION – AN ENORMOUS UNDERTAKING – BEEN MADE?

Yes, we feature talked-about events in an easy to navigate calendar  with specific search functionality, ensuring art lovers never miss an important art fair, exhibition or event. We invite our Network Members to submit events, which are then vetted for relevance. Those that our selection committee deems to be significant for our overall global membership are published live within 24 hours. We also feature events that 1AN is involved with or attending, supporting the community as a whole. Every month, we select four of those events to feature in our eNewsletter.

Demystifying the Art World panel

HOW DO YOU DECIDE WHICH TOPICS ARE THE MOST RELEVANT AND WHAT TO HIGHLIGHT TO YOUR READERSHIP FROM THE VAST POOL OF INFORMATION CURRENTLY AVAILABLE TO US IN EVERY FORM?

We curate our content very carefully to the needs of our membership. We do so, by sending out monthly polls to gather information on what type of education they are seeking, what is currently missing, where their interests lie, what their art market goals are, etc. By analyzing the results, as well as more targeted surveys, general market research and face-to-face conversations about the learning needs of our audiences, we design an ever-evolving selection of content, which we then match up with opinion leaders in those given fields to deliver education based on their experiences and expertise.

Evan Beard
U.S. Trust
National Art Services

YOUR NETWORK INCLUDES TOP PROFESSIONALS GLEANED FROM A VERY WIDE RANGE OF EXPERTISE: LEGAL, COLLECTION MANAGEMENT, INSURANCE, APPRAISALS, WEALTH AND FINANCE. WHO ARE SOME OF YOUR MOST RESPECTED CONTRIBUTORS AND HOW DOES THE SELECTION PROCESS WORK?

As mentioned above, we start by determining what our audience wants and needs to learn about. From there, we research the most knowledgeable sources to deliver that education. These sources are targeted, regardless of their geographic location, and invited to contribute to our growing program of courses under various models of collaboration. We are very selective of whom we invite to contribute, but some of our most popular videos are led by Annelien Bruins, whom Spears Wealth Management named Best Art Advisor multiple years in a row; Evan Beard, the Global Art Services Executive with U.S. Trust, Bank of America Private Wealth Management; and Gracie Mansion, legendary New York art dealer. 

Gracie Mansion
Art dealer

IN OUR NEXT LRFA BLOG POST, CO-FOUNDER JULIA WEHKAMP WILL INFORM US OF THEIR MEMBERSHIP PROFILE AND PLANS FOR THE FUTURE DEVELOPMENT OF THIS EXCEPTIONAL ART EDUCATION SITE.  PLEASE JOIN US!

Educating the art advisor, with co-founder of One Art Nation, the art education go-to site, Julia Wehkemp

Art Advisory 101
One Art Nation

IN TODAY’S OVERHEATED YET UNPREDICTABLE ART MARKET, WITH BILLIONS OF DOLLARS OF ARTWORK CHANGING HANDS ANNUALLY, SOME COLLECTORS LOOK TO THE EXPERTISE OF ART ADVISORY SERVICES FOR GUIDANCE ON HOW TO COLLECT WITH CONFIDENCE AND LONG-TERM VALUE.  THE BEST ADVISORS START WITH AN INITIAL DIALOGUE WITH THE CLIENT TO ESTABLISH THEIR GOALS AND AESTHETIC DIRECTION, INVESTING TIME IN VISITING GALLERIES, PREVIEWING AUCTIONS AND TRAVELING TO ART FAIRS BEFORE ANY PURCHASES ARE MADE. WHEN THE SELECTION PROCESS BEGINS, THE HISTORICAL IMPORTANCE, INVESTMENT VALUE, CONDITION AND PROVENANCE OF THE WORK ARE BUT A FEW OF THE ISSUES THAT A PROFESSIONAL CONSIDERS IN DETERMINING THE ACQUISITION OF A WORK, AND HOW HIGH TO BID AT AUCTION OR IN THE SECONDARY MARKET.

Art Advisory 101
One Art Nation

THE AUCTION HOUSES OFFER COURSES, BOTH ONLINE AND IN PERSON, IN BUILDING A COLLECTION AND THE VALUE OF ART AND INTRODUCTIONS TO CONTEMPORARY ART BUT ONE ART NATION IS UNIQUE IN ITS FOCUSED AND ACCESSIBLE PROGRAMS ON BECOMING AN ART ADVISOR AND ON THE ROLE THE ADVISOR PLAYS IN THE CONTEXT OF THE ART MARKET AND COLLECTING.

TODAY, THE LRFA BLOG IS DELIGHTED TO INVITE JULIA WEHKAMP, CO-FOUNDER OF ONE ART NATION, TO EXPOUND ON THE ART ADVISORY PROGRAMS 1AN CAN OFFER BOTH THE ASPIRING AND THE EXPERIENCED ADVISOR.

https://www.oneartnation.com/

Julia Wehkamp
Co-Founder, One Art Nation

JULIA, ART ADVISORY 101 IS A VERY COMPREHENSIVE COURSE ON THE BUSINESS OF ART CONSULTING.

THE ART ADVISORY FIELD DOES NOT HAVE A STANDARD FOR BEST PRACTICE UNLESS ONE WISHES TO VOLUNTARILY APPLY FOR MEMBERSHIP TO AN ORGANIZATION SUCH AS THE APAA (ASSOCIATION OF PROFESSIONAL ART ADVISORS).

WHAT ARE THE TOPICS THIS COURSE COVERS?

That’s true… No industry-wide standard exists for best practice: not for individual art advisors nor art advisory firms. Oftentimes this opacity prevents collectors from hiring an art advisor. This is unfortunate because a good art advisor provides tremendous value to their clients: educating them on art, saving them time and money, and reducing their transactional risk.

Aspiring art advisors, too, are left to their own devices when it comes to navigating the idiosyncrasies of the art market. No education exists on topics such as appropriate fee models or managing client relationships, including potential conflicts of interest. Until now…

We have created the Art Advisory 101 Program to set an industry-wide standard for the art advisory profession. The program consists of a series of informative and interactive online courses, which have been created to guide aspiring art advisors on how to navigate the art world, set up a successful art advisory business and follow best practice. The five pre-recorded modules cover:

  • Art Market Fundamentals
  • The Drivers of Value in Art
  • Helping Your Clients Build a Meaningful Collection
  • Managing and Selling Art Collections
  • How to Set Up Your Own Art Advisory Business

Annelien Bruins of Tang Art Advisory

ON THE ONE ART NATION WEBSITE, ANNELIEN BRUINS, CEO AND SENIOR ART ADVISOR OF TANG ART ADVISORY, SHARES HER EXPERIENCE ON HOW TO BECOME AN ART ADVISOR. THIS IS JUST A SAMPLING OF THE SCOPE OF THE 1AN ART ADVISORY 101 PROGRAM

What does an art advisor do?
An art advisor advises emerging and experienced art collectors on all matters related to the acquisition, sale and management of their art collections. In a market as opaque as the art market, art advisors provide value by acting as their clients’ advocate. By providing market research and art expertise, art advisors save their clients money and time, and reduce their transactional risk.

How can I set myself apart as a professional, best-in-class art advisor?
It starts, of course, with your knowledge of and eye for art. You simply have to be good at what you do. But in an unregulated market like the art market, it’s possible to distinguish yourself by how you conduct your business. You set yourself apart by following best practice guidelines: transparency on remuneration, avoidance of conflict of interest and complete independence from auction houses and galleries.

How can you distinguish between a novice and an experienced art advisor?
There is of course no substitute for experience. The longer you do something, the better you become at doing it. That said, we feel that we can make it easier for emerging art advisors like yourself to enter the market and set up your business. Rather than you having to learn the ropes for yourself over the course of years, we save you that time by providing art advisory essentials in the Art Advisory 101 program.

https://www.oneartnation.com/5-questions-on-becoming-an-art-advisor/

JULIA, HOW DO YOU PLAN TO EXPAND THIS PROGRAM?

Currently, we are producing Art Advisory 201, the sequel to Art Advisory 101 program, based on popular demand by more established art advisors. We discuss best practice, legal and business considerations for art advisors and how to successfully market their services and grow their firm. We have also included two in-depth modules on acquisitions and sales – all with the idea of bringing increased professionalism and transparency to the international art world.

CRUCIAL TO ANY BUSINESS BUT PARTICULARLY SIGNIFICANT IN THE ART BUSINESS, WHICH HAS EXPLODED TO GLOBAL PROPORTIONS, IS THE ART OF STAYING CURRENT. ART ADVISORY 201 SHOULD PROVE AN INVALUABLE TOOL FOR EVERY ADVISOR, NO MATTER HOW EXPERIENCED.

THE LRFA BLOG LOOKS FORWARD TO LEARNING ABOUT ONE ART NATION’S PARTICIPATION IN SEMINARS AND LECTURE SERIES IN OUR NEXT POST WITH CO-FOUNDER JULIA WEHKAMP.

JULIA, THANK YOU SO MUCH FOR THE BLOG AND THE GREAT PROGRAMS YOU OFFER.

STAY TUNED!

Art Wealth Management with One Art Nation co-founder Julia Wehkamp

One Art Nation

ALL OF THE MAJOR BANKING INSTITUTIONS NOW OFFER AN EXTENSIVE RANGE OF ART SERVICES FOR INDIVIDUALS AND FAMILIES AND INSTITUTIONS. AN INNOVATIVE IDEA WHEN CITICORP INITIATED ITS PROGRAM IN 1979, NOW BANKS HELP CLIENTS BUILD, FINANCE AND PROTECT THEIR COLLECTIONS. CITI PIONEERED THE CONCEPT OF ART AS COLLATERAL AND NOW U.S. TRUST, FOR ONE, OFFERS A WIDE RANGE OF CAPABILITIES.  FOR INDIVIDUALS, THEY HELP COLLECTORS UNLOCK CAPITAL BY LENDING AGAINST COLLECTIONS, DESIGN ESTATE PLAN OPTIONS TO ADDRESS TAX AND OTHER IMPLICATIONS OF OWNING AN ART COLLECTION, AND HELP COLLECTORS PREPARE FOR THE SALE OF ARTWORKS VIA CONSIGNMENT SERVICES.

MORGAN STANLEY’S BLUE RIDER GROUP BRINGS SERIOUS EXPERTISE TO BUYING ART AS WELL AS FINANCING IT, ADVISING ON A PURCHASE AND PROVIDING TAX EFFICIENT PLANNING. INDEPENDENT FIRMS, SUCH AS ARTEMUS, OFFER INNOVATIVE ART FINANCIAL AND LEASING AND OTHER FIRMS, SUCH AS THE WINSTON ART GROUP, OFFER APPRAISAL SERVICES AND LIAISONS WITH MAJOR BANKS FOR FINANCING USING ART AS COLLATERAL.

IT IS A WORLD WHICH IS EXTREMELY IMPORTANT FOR THE ART PROFESSIONAL TO UNDERSTAND AS SO MANY COLLECTORS NOW LEVERAGE THEIR ART COLLECTIONS IN THE SAME WAY THEY DO THEIR OTHER ASSETS.

Art Wealth Management Program
One Art Nation

ONE ART NATION OFFERS AN EXTREMELY COMPREHENSIVE COURSE THAT COVERS THE FOLLOWING.

  • Understanding the Art Market
  • Understanding Pricing and Appraisals in Art
  • Legal Aspects of Art Transactions and Risk Factors in Art
  • Art Investment: Passion Asset vs. Equities and Fixed Income
  • Art Finance Solutions in Wealth Management and Estate Planning

TODAY, THE LRFA BLOG IS DELIGHTED TO WELCOME BACK THE CO-FOUNDER OF ONE ART NATION, JULIA WEHKAMP, TO PROVIDE DETAILS!

Julia Wehkamp
Co-Founder
One Art Nation


JULIA, THANK YOU FOR YOUR CONTRIBUTION.

WHAT DID YOU THINK WAS LACKING IN ART EDUCATION AT THE TIME THAT ONE ART NATION WAS LAUNCHED?

The market was lacking an unbiased source of accessible education, so we created one by working with experts and professionals from various areas across the globe. Although we include cultural aspects of the art world, we focus on the practicalities of collecting, thereby increasing confidence in purchasing and overall collection management decisions of art lovers. Since content is offered online, collectors cannot only access the talks and courses for free, but they are able to watch at their convenience. Both live and archived content include interactive components, allowing participants to communicate with the experts, asking questions and sharing experiences in an anonymous setting. This is key for a lot of collectors, particularly those new to buying art. An unintimidating source of information was sought across the board.

Aside from online talks for collectors, most recently, we have received multiple requests from members to offer art market education for professionals. These are focused online curricula with an enrollment fee, such as Art Wealth Management and Art Advisory 101 and 201.  

ONE OF THE MOST BENEFICIAL PROFESSIONAL PROGRAMS YOU PROVIDE IS AN ONLINE ART WEALTH MANAGEMENT CURRICULUM. WHAT DOES THIS INCLUDE?

The Program is an introductory course on the art market from an investment perspective.  You see, the art market has grown substantially. Sales in the global art market reached $63.7 billion in 2017, up 12% from the previous year, according to a 2018 study from Art Basel and UBS. The U.S. made up the largest share, accounting for 42% of the sales by value. Nonetheless, it’s a market that is opaque for most financial advisers. A 2017 art and finance report from Deloitte found that 88% of wealth managers felt their firms should offer art investing services, but most do not have the in-house expertise.

Therefore, we created the Art Wealth Management Program, which consists of a series of informative and interactive online courses that have been created to give wealth managers, private bankers, family offices and other financial advisors a true understanding of how the art world operates in comparison to the financial markets.

YOUR ART WEALTH MANAGEMENT COURSE COMES WITH CE CREDITS FROM WHICH INSTITUTIONS?

By meeting very specific criteria, the program has been accepted by the CFP Board for CERTIFIED FINANCIAL PLANNER™certification, by the Financial Planning Standards Council (FPSC) for CE accreditation, and by CECAP for IIROC Professional Development CE.

It is the only active continuing education program that focuses solely on art wealth management, according to Mary Kay Svedberg, director of education at the CFP Board.

IN OUR NEXT LRFA BLOG POST, JULIA WILL EXPAND UPON THE EDUCATIONAL PROGRAMS THAT ONE ART NATION OFFERS PROFESSIONALS IN THE ART WORLD. THEY ARE SO COMPLETE, THOROUGH AND INTERESTING AND CAN NOT ONLY GUIDE SOMEONE ASPIRING OR NEW TO THE FIELD BUT ALSO PROVIDE PHENOMENAL REFRESHER COURSES FOR THE SEASONED PROFESSIONAL.

EVERYONE IN THIS BUSINESS SHOULD HAVE A LOOK!

UNTIL THEN!