The art market, current and future with expert Gabriela Palmieri, founder and president of PFA, Inc.
by leslierankowfinearts
Gabriela Palmieri
AT THE SECOND NEW YORK ART BUSINESS CONFERENCE THAT TOOK PLACE AT TIME WARNER LAST WEEK, ONE OF THE PANELISTS SPEAKING ON THE SUBJECT OF REGULATION IN THE ART WORLD WAS ELIZABETH SZANCER, WHO SERVES ON THE BOARD OF DIRECTORS OF THE ASSOCIATION OF PROFESSIONAL ART ADVISORS. SHE SPOKE OF THE MISSION OF THE APAA TO ESTABLISH THE BEST POSSIBLE GUIDELINES AND PRINCIPALS EMPHASIZING INTEGRITY, CONNOISSEURSHIP AND EDUCATION AS THE FOUNDATIONS OF PROFESSIONAL PRACTICE. IN 1962, THE ART DEALERS ASSOCIATION OF AMERICA WAS FOUNDED WITH THE STATED PURPOSE OF PROMOTING THE HIGHEST STANDARDS OF CONNOISSEURSHIP, SCHOLARSHIP AND ETHICAL PRACTICES WITHIN THE ART DEALING PROFESSION.
ADAA at the Park Avenue Armory, 2018
303 Gallery
IN AN INDUSTRY IN WHICH MOST OF ITS PARTICIPANTS ARE ART- AND ARTIST-LOVING, HONEST AND PROFESSIONAL PEOPLE, WE TEND TO HEAR AND REMEMBER ONLY THE NEWSWORTHY, SENSATIONALIST TALES OF FAKES AND FORGERIES, THE STUFF OF LEGEND, THE SUBJECT OF BOOKS, FILMS AND TELEVISION. THE LEGIONS OF HARD-WORKING AUCTION SPECIALISTS, GALLERY OWNERS, PRIVATE ART DEALERS AND ADVISORS OFTEN GO UNMENTIONED.
THROUGHOUT HER PROFESSIONAL CAREER AT SOTHEBY’S, GABRIELA PALMIERI DEMONSTRATED ALL THE QUALITIES OF PROFESSIONALISM, CONNOISSEURSHIP AND INTEGRITY THAT THE INDUSTRY’S “POLICE” ADVOCATE.
Gabby Palmieri and collector Adam Sender
WE ARE DELIGHTED TO WELCOME HER INTO THE RANKS OF ADVISOR AND PRIVATE DEALER. GABBY CAN BE REACHED AT PFA, INC, 4 EAST 78th STREET, IN NEW YORK.
Video, Frieze New York, on highlights of the 2013 Frieze New York art fair
GABBY, WHAT PROMPTED YOUR DECISION TO BECOME A PRIVATE DEALER AND ADVISOR AND LEAVE THE AUCTION WORLD?
The auction house was changing, many of my closest and trusted colleagues had moved on to different ventures, and the timing was perfect to focus on being able to work with my clients in the most direct and transparent fashion; without bias in advising them on the purchases and sales.
Gabriela Palmieri
Maestro Cares Foundation Gala
WHAT ARE SOME OF THE SERVICES THAT YOU, WITH YOUR VAST EXPERIENCE, CAN PROVIDE YOUR CLIENTS?
I find that for every client that I work with, I have curated a different strategy for different needs – whether it is advising on private or auction acquisitions; sourcing opportunities for private sales; being their client advocate as they negotiate selling through the auction houses; identifying guarantee opportunities from auction houses; valuation services. Virtually nothing unchanged from the services I provided in-house; now simply without the bias.
WHAT ARE SOME OF THE WARNINGS THAT YOU WOULD CAUTION YOUR CLIENTS OR COLLECTORS IN GENERAL?
READ THE FINE PRINT. Limitations on contracts and condition reports seem to be some of the more frequent headaches that seem to keep resurfacing.
Claude Monet
Waterlilies
The Collection of Peggy and David Rockefeller Sale, Christie’s NY, May 2018
WHAT DO YOU THINK OF THE CURRENT ART MARKET? HOW LONG WILL IT SUSTAIN ITSELF AT THIS LEVEL?
I think that we are definitely in for a strong May, due largely part to what will be the unprecedented prices and depth of bidding we are certain to see with Rockefeller.
n.b. The Collection of Peggy and David Rockefeller will be sold at Christie’s New York in May 2018. The sale will support David Rockefeller’s pledge to direct the majority of his wealth to philanthropy and provide for the cultural, education, medical and environmental causes long supported by his family. The sale ranges from Impressionist and Post-Impressionist works of art, American paintings, English and European furniture, and the decorative arts.
English and European Furniture
The Collection of Peggy and David Rockefeller
Christie’s, May 2018, New York
WHAT ARE SOME OF THE MOST SIGNIFICANT CHANGES YOU HAVE SEEN IN THE ART MARKET IN THE LAST DECADE?
The most fascinating phenomenon that I have witnessed first-hand has been the extraordinarily regenerative nature of the market, which has led to the unparalleled trajectory of the art market since 2010. In other words, if one buyer or region for that was significantly active stepped away from the market, there was another buyer or participant in the market that replaced them. This simply illustrated the depth and diversity of the global art market and attests to art being a prescient art investment.
WHAT DO YOU ANTICIPATE ARE SOME OF THE MOST SIGNIFICANT CHANGES WE WILL SEE IN THE ART MARKET IN THE FUTURE?
One topic that concerns me (and many at the moment) is primarily what the impact of the abolishment of like-kind-exchanges (1031s) will have on the market place. I feel that the detriment will be that it will have adverse effects on supply on the market as it will become increasingly difficult for auction houses (and individuals) to convince collectors to part with pictures with significant capital gains. Therefore, while the market often directs its concerned focus on the demand in the marketplace, the bigger foreseeable issue could very well be supply.
n.b. See the LRFA blog on March 15, 2018 in which Ian Prior and Evan Beard of U.S. Trust speaks in detail on the effect of phasing out swap exchanges.
Gabriela Palmieri, auctioneer
Skowhegan Awards Dinner, 2017
SO MANY THANKS TO GABBY PALMIERI FOR HER EXPERTISE AND EXUBERANCE. ON THE MOST PERSONAL NOTE, HER FRIENDSHIP AND COUNSEL HAS MEANT A GREAT DEAL TO ME OVER THE YEARS. MANY MORE TO COME!
IN OUR NEXT LRFA BLOG, I AM DELIGHTED TO WELCOME RON WARREN, PARTNER AT MARY BOONE GALLERY, ONE OF THE MOST ESTABLISHED AND INNOVATIVE GALLERIES, OpENING IN 1977 IN SOHO AT THE LEGENDARY “LEO CASTELLI” BUILDING, 420 WEST BROADWAY.
LOOKING FORWARD TO SPEAKING WITH RON, AND THANKING YOU ALL FOR YOUR READERSHIP AND SUPPORT!
Leslie Rankow Fine Arts 