AN EXPERT’S PERCEPTION OF THE CURRENT MARKET
WE CERTAINLY CONCUR THAT “THE WORLD IS FLAT”. I’D LOVE TO HAVE YOUR PERSPECTIVE ON THE CURRENT BUYER PROFILE. WHAT IS THE GEOGRAPHICAL BREAKDOWN OF BUYERS?
A majority of the buyers is American and European. There is a great deal more activity in Asia and not just in China and Hong Kong but also Singapore and Korea, for example. Sotheby’s website is also written in Chinese.
DO YOU EDUCATE THE ASIAN BUYER ABOUT WESTERN ART?
In a sense, we certainly do by educating our colleagues about works that are coming up for sale. We have telephone conferences and point out works to them to recommend. Richter, in terms of Asia, is a market that has grown out of the sheer appreciation of the work and not as a result of gallery promotion. His work commands substantial prices because collectors want his pieces.
The client base is younger. Younger people are earning more money than ever before and amassing personal wealth at an earlier age.
I ASSUME THAT IS BECAUSE THE MOST AFFLUENT INDUSTRIES ARE DOT.COM AND TECHNOLOGICALLY BASED?
In the last ten years, people in their forties are much wealthier and they identify with contemporary art.
IN MY OPINION, THE ART BUSINESS IS BASED AS MUCH ON TRUST AND RELATIONSHIPS AS ON INFORMATION AND KNOWLEDGE. DO YOU AGREE AND, IF SO, HOW DO YOU BUILD THESE RELATIONSHIPS WHILE NAVIGATING THE DIFFICULT TERRAIN OF FLUCTUATING MARKETS AND THE UNPREDICTABLE NATURE OF AUCTION BIDDING?
I do agree. We strive to develop long-term relationships with both the sellers and the buyers. The estimating strategy is crucial. Our goal is to strike the proper balance when we determine the estimate for a work. We think about the probably outcome and strive to realize an attractive estimate.
We discuss whether what the seller wants is achievable and discuss this internally. We share the estimating strategy with potential buyers so that they understand the dynamics of our thinking about the lots coming up for sale.
IN OUR LAST SECTION, CHEYENNE WILL GENEROUSLY SHARE HER CAREER HISTORY AND THE PROFESSIONAL STEPS THAT SHE HAS TAKEN TO BECOME A BOARD DIRECTION AND INTERNATIONAL CHAIR.
INVALUABLE ADVICE FOR ANY CAREER GOALS.
THANKS FOR YOUR ATTENTION.