Leslie Rankow Fine Arts

INTERNATIONAL ART ADVISORY SERVICE

Tag: art

Airport, please! A triumph of art and fashion: Doug Aitken’s experiential Green Lens in Venice, Italy

Green Lens
Doug Aitken
Venice, Italy

This summer of activity marks a significant return to the city of Venice for Doug Aitken, who was awarded the prestigious Golden Lion for his electric earth installation at the 48th Venice Biennale in 1999.

GREEN LENS, a site-specific installation
‘Green Lens is a living artwork. It is simultaneously an artwork, installation and stage. It’s like a lighthouse that one can journey to and have a very personal experience, while it also transmits light, ideas and questions. A focal point that allows all of us to share our ideas and visions for the future post Covid… a celebration and inquiry into the future.’ – Doug Aitken

Located on the island of Isola della Certosa, Green Lens is a living experiential artwork and destination. From the exterior it creates a choreography of changing reflections of clouds, mist and wild green vegetation. As day turns to night Green Lens glows and becomes a kinetic light sculpture and sound composition.

Green Lens will be activated with a sequence of performances and conversations that are thought-provoking and provocative, focusing on the future as interpreted by musicians, speakers and dancers. These activations will be filmed by Aitken and released for the public to have access to this living artwork and stage for voices and culture.

Green Lens is an artwork by Doug Aitken, commissioned by Anthony Vaccarello in partnership with Saint Laurent.

Doug Aitken, Green Lens, Isola Dela Certosa, Venice, July 16 – 30, 2021

Doug Aitken

DOUG AITKEN
Born in 1968, Doug Aitken currently lives and works in Los Angeles. Major exhibitions for 2021 include a solo exhibition at Museum of Contemporary Art Australia, Sydney. Previous major solo presentations of the artist’s work have been staged at institutional venues including Faurschou Foundation, Beijing (2019); Copenhagen Contemporary (2018); Modern Art Museum of Fort Worth (2017); The Geffen Contemporary at MOCA, Los Angeles (2016); Schirn Kunsthalle, Frankfurt (2015); Nam June Paik Art Center, South Korea (2013); Seattle Art Museum (2013); Tate Liverpool (2012); LUMA Foundation, Arles, France (2012); Deste Foundation, Hydra, Greece (2011); Cincinnati Art Museum (2010); Museo d’Art Contemporanea Roma, Rome (2009); Museum of Modern Art, New York (2007); Aspen Art Museum (2006); Musée d’Art Moderne de la Ville de Paris (2005); The Fabric Museum and Workshop, Philadelphia (2002) and Serpentine Gallery, London (2001).

Doug Aitken
Microcosmos
Victoria Miro Venice

The artist was awarded the prestigious Golden Lion at the Venice Biennale in 1999; he has been the recipient of the 2012 Nam June Paik Art Center Prize, the 2013 Smithsonian Magazine American Ingenuity Award: Visual Arts, and the 2016 Americans for the Arts National Arts Award: Outstanding Contributions to the Arts. Aitken is the inaugural recipient of the Frontier Art Prize, a new contemporary art award that supports an artist of international stature pursuing bold projects that challenge the boundaries of knowledge and experience to reimagine the future of humanity.

https://www.victoria-miro.com/usr/library/documents/main/doug-aitken_venice_final_press_release_vm2021.pdf

DOUG AITKEN AT VICTORIA MIRO VENICE

MICROCOSMOS

Doug Aitken’s works, at their core, invite us to consider the nature of our present and signal possibilities for the future. His latest textiles are a continuation of a body of work generated over the past year and take as their starting point clothing and other everyday found materials that the artist was able to access within his home. Cutting fragments and reassembling them into abstract visual fields, Aitken has created elaborate wall hangings, patterns emerging and disappearing within their collaged layers.

Discussing the work the artist says, ‘For the last few months I’ve been working a new body of art, Microcosmos. Initially I was inspired by Béla Bartók’s 1926–36 stunning piano works, which are made as 153 progressively complex piano lessons from the very easy beginner études to very difficult technical displays. In total, according to Bartók, the piece “appears as a synthesis of all the musical and technical problems.”

Doug Aitken
Microcosmos

 

However, as I listened I started to imagine the similarity between these piano works and their simple to complex structures and how we’re experiencing life in the information era. ⁠⁠How we absorb images and information almost as “notes” and transform them into a larger and complex compositions.⁠⁠ Creating these works allowed me to slow down and to reflect on the structure and complexity of how we move forward. ⁠⁠

Foregrounded throughout these works are poetic tensions between the digital and the handmade, fast and slow media. Repeating elements within the works appear like handcrafted digital glitches, while the physical process of their creation suggests the slow-paced craft of quilting. Resembling flags and banners, mandalas and targets, they also bear connotations of protection, comfort or shelter – the very nature of cloth being at the same time intimate, personal and universal. These shifting symbolic qualities resonate with the dynamic abstractions of each composition: these are signs, devoid of text, that allow for open-ended investigations into our collective experience.

Victoria Miro Venice
San Marco

Victoria Miro Venice is housed in the former Galleria Il Capricorno in the San Marco district of the city at
San Marco 1994, Venice, Italy

Airport, please! A visit to the impeccable Axel Vervoordt’s Hong Kong gallery

Chung Chang-Sap

For more than half a century, Axel Vervoordt’s relationship to art and antiques has been a way for him to share his flawless perception and aesthetic. He believes the best way to fully inhabit a space is to be surrounded by architecture, furniture, art, and objects that represent the honesty of their materials and the purity of intent in their creation.

 

Axel Vervoordt Gallery space, Hong Kong

In March 2019, Vervoordt, a legendary antiquaire, art dealer, architect and true visionary, who integrates the best of the past with a minimal sensibility of the present, announced a move to a new gallery space in Wong Chuk Hang. Five years after opening his first overseas venue in a prime location in Central Hong Kong’s Entertainment Building, Axel Vervoordt Gallery relocated to an expanded two-level space in Wong Chuk Hang, the dynamic artistic hub on the south part of Hong Kong Island. 

https://www.axel-vervoordt.com/gallery

From February 6 to May 8th, the extraordinary space is dedicated to an exhibition of the uniquely resonant paintings and objects by Korean artist, Chung Chang-Sup, (1927-2011), a leading member of the Dansaekha movement that began in South Korea in the 1970s. The pioneers of Dansaekhwa were born between 1913 and 1936. They rejected any references to Western representation in their work creating primarily monochrome and minimalist paintings. The artists also attempted to break away from the legacy of Japanese imperialism and Western abstraction. Their influence and presence in the international art market has grown thanks to the exhibitions at such galleries as Blum & Poe and Tina Kim, and of course Axel Vervoordt.

CHUNG Chang-Sup

Chung Chang-Sup

Chung Chang-Sup is a prominent figure of the Dansaekhwa monochrome movement, a synthesis of traditional Korean spirit and Western abstraction, which emerged in the early 1970s. His oeuvre reflects his Taoist belief that the artist must balance material and nature in the unified act of making in order to reach harmony.

After the world has suffered from the effects of the pandemic, feeling constricted at best, isolated, alone, and vulnerable economically and physically at worst, an exhibition of the quietly transformative beauty and peace found in the work of Chung Chang-Sup is more meaningful than ever.

DANSAEKHWA

Dansaekhwa, which remains a driving force in Korean contemporary art, has gained international recognition over the past few years. Although the Korean monochrome painting style has never been defined with a manifesto, the artists affiliated with it primarily share a restricted palette of neutral hues—namely white, beige, and black—hence the umbrella term dansaekhwa (single color). However, monochrome as such has not been the main focus nor the raison d’être of any of the Dansaekhwa leaders, whose unique ascetic vocabularies led to an overall aesthetics that is formally comparable to that of Western minimalism: process prevails. Artists of the Eastern Dansaekhwa movement and Western minimalism reacted to the intensity and gesture of abstract expressionism and sought to clear art of self-expression or the emotional outpouring that single strokes and vibrant colors evoke.

The term Dansaekhwa, or “monochrome painting,” may elude readers unfamiliar with Korean, but it represents arguably Korea’s most important art movement of the late 20th century. The artists who practiced this approach to painting began to emerge in the early 1970s, when the Republic of Korea was still under a military dictatorship. They included Park Seo-bo, Ha Chong-hyun, Yun Hyong-keun, Kim Whanki, Chung Chang-sup, Chung Sang-hwa, and Lee Ufan, among others. These painters were dissatisfied with the cultural lassitude in South Korea and began painting in a manner that challenged the normative aesthetic to which most Koreans were accustomed. At the outset, the artists worked independently without a group name or identity. It wasn’t until a 2000 exhibition at the Gwangju City Art Museum that the term Dansaekhwa was introduced.

The appearance of the word coincided with the 20th anniversary of the Gwangju uprising, an important moment in modern Korean history when protesters took to the streets to defy the military dictatorship in control at that time. In many respects this uprising was comparable to the Tiananmen Square protests in Beijing nearly a decade later. Similarly, in Gwangju, armed soldiers opened fire on students and ordinary citizens in a series of clashes that cost  hundreds of lives. This sad but decisive historical event is generally cited as the end of the military government in South Korea and the beginning of a free democracy as the Republic is known today. Throughout the 1970s, prior to the Gwangju uprising, the oppressive regime was a binding force in the underground among the Dansaekhwa artists in Seoul.

https://hyperallergic.com/258279/koreas-monochrome-painting-movement-is-having-a-new-york-moment/

The LRFA blog is whispering Airport, Please! in honor of the quiet beauty of this exhibit.

 

Taking action with Christie’s Lydia Fenet, author, auctioneer and Global Director of Strategic Partnerships

Lydia Fenet
Christie’s Managing Director, Global Strategic Partnerships

 

No one knows what the future holds, but you can determine what success looks like in your own life and keep moving forward. The path to success comes from taking action.

RECENTLY POSTED BY LYDIA FENET ON INSTAGRAM DURING THE HEIGHT OF THE CORONAVIRUS PANDEMIC AND THE DEPTH OF GLOBAL UNCERTAINTY, LYDIA FENET TURNS HER WORDS INTO ACTION.  DURING THE TEMPORARY CLOSING OF CHRISTIE’S DOORS, SHE HAS CREATED A SERIES OF ENGAGING AND INFORMATIVE DAILY CONVERSATIONS WITH OTHER  ACCOMPLISHED WOMEN WHO KEEP MOVING FORWARD. SHE IS DEDICATING HER TIME AND EXPERTISE TO SHARING HER BUSINESS ACUMEN AND SAVVY, ASKING ONLY THAT THOSE WHO CAN, DONATE TO THE RIVER FUND NEW YORK, http://www.river.fund, A LOCAL NON-PROFIT THAT PROVIDES DIRECT EMERGENCY AND CRISIS SERVICES, THE LARGEST FREE-FOOD OUTLET IN THE CITY.

https://www.instagram.com/lydiafenet/

HER MOST RECENT GUESTS INCLUDE ILANA RAIA, A FORMER SKADDEN ARPS ATTORNEY AND FOUNDER OF ETRE, A RESOURCE AND MENTORSHIP PLATFORM FOR YOUNG WOMEN; AMORY McANDREW, A LITIGATOR AND EXPERT ON EMPLOYMENT RELATIONSHIPS, ON THE STEPS TO TAKE IF WE ARE LAID OFF DUE TO THE PANDEMIC; AND ALLY LOVE, BROOKLYN NETS IN-ARENA HOST, PELOTON INSTRUCTOR, ADIDAS GLOBAL AMBASSADOR, AND CEO OF LOVE SQUAD, AN ONLINE PLATFORM  FOR WOMEN TO CONNECT; AS DIVERSE AND INNOVATIVE A ROSTER OF TODAY’S WOMEN AS ONE COULD HOPE TO FIND.

Lydia Fenet
Author
The Most Powerful Woman in the Room is You

THEIR ONE UNIFYING FORCE IS LYDIA FENET, GLOBAL MANAGING DIRECTOR OF STRATEGIC PARTNERSHIP AND LEAD BENEFIT AUCTIONEER AT CHRISTIE’S AUCTION HOUSE. AUTHOR OF “THE MOST POWERFUL WOMAN IN THE ROOM IS…YOU”, SHE IS A MAGNET FOR OTHER SUCCESSFUL AND DYNAMIC WOMEN WHO ARE CHANGING OUR PERCEPTION OF THE WORKPLACE, THE NEGOTIATING TABLE, AND THE HOME- EVERYWHERE.

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

WHAT ARE THE MAIN DIFFERENCES BETWEEN MEN AND WOMEN IN THEIR NEGOTIATING MINDSET AND SKILLS?

In my experience, men tend to walk into negotiations with the expectation that if they go into a negotiation with a big number, they will ultimately walk out where they want to be. Once they throw out that number they don’t try to justify what they are asking for – the number is the number and it is up to the person across the table to agree or disagree. Women tend to come in asking for the number that they want to get and then spend thirty minutes explaining why they should receive that amount. It always seems to me that men feel like they deserve more whereas women feel like they are asking for a favor.

HOW DO YOU COUNSEL A WOMAN TO NEGOTIATE AS POWERFULLY AS A MAN BUT STAY WITHIN THE ARENA OF THEIR PERSONALITY AND NATURE? 

The most important thing to do is lose the emotion. I have never been in a negotiation with a man where the end result was tears. I have definitely seen that a number of times with women – and I have also been the woman who burst into tears. You need to remember that business is business – and personal is personal. 

WHAT ARE SOME OF THE SPECIAL EVENTS YOU HAVE PLANNED IN THE COMING YEAR BOTH IN TERMS OF PROMOTING THE BOOK AND IN FURTHERING THE STRATEGIC GLOBAL PARTNERSHIP PROGRAM?

I have been holding events around the book nonstop since it launched last April. As long as there is an appetite for it, I am thrilled to promote it. In Strategic Partnerships we are focusing on bringing in fewer partners so that we can concentrate on integrated marketing programs that deepen the relationship between the partners and Christie’s.

YOU ARE HARDLY ONE TO STAY IN THE STATUS QUO. WHAT ARE YOUR PLANS FOR THE FUTURE? WHAT ARE SOME DREAMS YOU HAVE PERSONALLY AND PROFESSIONALLY?

The list is long and changes almost weekly at this point!

On the personal front, now that my kids are getting a little older, I look forward to traveling with them around the world. Travel was such an important part of my childhood that I want to expose them to the world in a similar way.

On the work front: I would love to stay at Christie’s and continue to grow my department, and serve as an ambassador for the firm as an auctioneer. I continue writing all of the time – if you ever see me on a plane I am usually writing something just to write. (Simon & Shuster published Lydia’s 2019 “The Most Powerful Woman in the Room is You”).   Additionally, my book has been optioned by New Form Entertainment so hopefully I will have exciting news about a TV/film deal in the coming year. I am also in talks with a number of companies about developing an unscripted TV series. Finally, I am co-founding a hospitality platform for female travelers with my sister called She Gone.

I am happiest when I am busy – so, I am definitely happy these days!

The Most Powerful Woman in the Room is YOU
by Lydia Fenet

 

https://www.amazon.com/Most-Powerful-Woman-Room-You-ebook/dp/B07GNTSTZ8

Excerpts of reviews of The Most Powerful Woman in the Room is …You

Fenet highlights the importance of operating in the business world from a position of strength and confidence . . . through knowledge.

Her career in a male dominated business as an auctioneer for Christie’s to her outlook on helping woman help other woman reached me on a deep level.

I cannot speak enough to the power of the written word and especially when it’s written by an author/woman who wants to positively impact our working and personal lives today.

IN OUR BUSINESS, A PICTURE IS WORTH A THOUSAND WORDS, ERGO A VIDEO IS PRICELESS. LAST WEEK, LYDIA JOINED BRIAN McCOMAK, CEO & FOUNDER OF HUMMINGBIRD HUMANITY, IN A SERIES BRIAN CREATED DURING THE PANDEMIC CRISIS, “HOPE, HEART AND THE HUMAN SPIRIT”.

 

BRIAN IS A PASSIONATE EXPERT ON INCLUSION AND DIVERSITY IN THE WORKPLACE AND MET LYDIA AT CHRISTIE’S WHERE HE SERVED AS HEAD OF HUMAN RESOURCES FOR ALMOST FIVE YEARS. THEY ARE FRIENDS AS WELL AS COLLEAGUES AND LYDIA’S FORTHRIGHT HONESTY AND HUMANITY RESONATE THROUGHOUT THE ENTIRE CONVERSATION.

https://video.search.yahoo.com/yhs/search?fr=yhs-dcola-015&hsimp=yhs-015&hspart=dcola&p=lydia+fenet#id=23&vid=4d36e63dcf813a0951abbe7d5019e519&action=view

IT HAS BEEN A GREAT PRIVILEGE AND DELIGHT FOR THE LRFA BLOG INTERVIEW LYDIA FENET, WHOSE INSIGHT, INTELLIGENCE AND GRIT SET A HIGH STANDARD FOR ALL OF US IN TODAY’S WORLD.

IN OUR NEXT LRFA BLOG, I AM VERY PLEASED TO INTRODUCE MIETY HEIDEN. MIETY IS  DEPUTY CHAIR AT PHILLIPS AND HEADS PRIVATE SALES AND PHILLIPS NEW DIGITAL PLATFORM, PHILLIPS X, EFFECTIVELY EXPANDING THE FOOTPRINT OF PHILLIPS BEYOND LIVE AUCTIONS.

PLEASE JOIN US!

Save the Date: The Art Business Conference returns to New York on March 30, 2020

Louise Hamlin
Founder and Director
Art Business Conference
London, New York, Hong Kong

2020 DATE AND NEW VENUE ANNOUNCED FOR THE FOURTH EDITION OF THE ART BUSINESS CONFERENCE IN NEW YORK

THE ART BUSINESS CONFERENCE LAUNCHED IN LONDON IN 2014, IN NEW YORK IN 2017 AND IN SHANGHAI IN NOVEMBER 2018. ENTERING ITS SEVENTH YEAR, ITS MISSION IS SIMPLE: TO BE THE LEADING ANNUAL CONFERENCE FOR ART PROFESSIONALS INCLUDING ART ADVISORS, COLLECTORS, AUCTIONEERS, DEALERS, GALLERIES, INSURERS, SHIPPERS AND LAWYERS, OFFERING IN-DEPTH KNOWLEDGE AND GUIDANCE ON CHANGES WITHIN THE GLOBAL ART MARKET, PLUS THE LATEST UPDATES IN LEGISLATION AND TAXATION.

The Art Business Conference Networking

IN 2019, THE ART BUSINESS CONFERENCE IN NEW YORK WAS ATTENDED BY OVER 250 ART MARKET PROFESSIONALS REPRESENTING OVER 125 ART ORGANIZATIONS FROM THE UK, EUROPE, MIDDLE EAST AND USA. THE LATEST CONFERENCE WAS HELD IN LONDON IN SEPTEMBER 2019 AND WELCOMED JUST UNDER 400 ATTENDEES.  THE LRFA BLOG IS VERY MUCH LOOKING FORWARD TO THE MARCH 30th ART BUSINESS CONFERENCE IN NEW YORK AT A PERFECT LOCATION: CHRISTIE’S FLAGSHIP GALLERIES AT 20 ROCKEFELLER PLAZA (49th STREET BETWEEN 5/6th AVENUES).

https://www.theartbusinessconference.com/nyc/the-event/

 

The one-day conference for art market professionals will comprise a full day of lively panel discussions, informative presentations and Q&A’s, all in the heart of Manhattan.

The leading platform for the discussion of key issues in today’s global art market, the conference will bring together industry experts from all facets of the art world, providing a 360-degree perspective on major developments within the trade and offering delegates the opportunity to establish new contacts in the industry.

Louise Hamlin, founder & director of The Art Business Conference says, “I am delighted that the Art Business Conference will be returning to New York for the fourth year and to be partnering with Christie’s. The conference will be held in Christie’s main salesroom, the James Christie room, which is not only an iconic art world setting, but also an opportunity for us to accommodate a growth in our attendee base from across the US, UK, Europe, Asia and the Middle East. Last year over 250+ art professionals and collectors attended.”

 

IN THE NEXT LRFA BLOG, THE TOPICS AND SPEAKERS WILL BE HIGHLIGHTED. THEY COVER A WIDE RANGE OF SUBJECTS INCLUDING THE NEW ANTI-MONEY LAUNDERING DIRECTIVE, THE SCIENCE AND ECONOMICS OF COLLECTING, SUSTAINABILITY AND THE FINE ART OF RECRUiTMENT, PLUS THE LATEST UPDATES AND TRENDS IN DATA, TECHNOLOGY, AND CONSERVATION SHAPING THE ART MARKET TODAY.

Christie’s New York
Rockefeller Center

SIGN UP NOW! A NOT-TO-BE-MISSED EVENT.

To register please visit: https://artbusinessconferencenewyork2020.eventbrite.co.uk

To register interest for further press enquiries please contact:

Louise Hamlin (Director & Founder)

email: louise@artmarketminds.com

Tel: +44 (0) 7508 231 241

A comprehensive report on the current art market from the Art Lending Services division at U.S. Trust

U.S. TRUST, AS DO MANY OF THE MOST HIGHLY REGARDED BANKING AND FINANCIAL ADVISORY INSTITUTIONS, OFFERS EXTENSIVE ART SERVICES. AS ART IS NOW CONSIDERED TO BE AN ALTERNATIVE INVESTMENT, AND NOT SIMPLY AN AESTHETIC PLEASURE, BANKING HAS ENTERED VERY FORCEFULLY IN THE COMPETITION TO PROVIDE ART LENDING SERVICES TO HELP BOTH COLLECTORS AND INSTITUTIONS HELP NAVIGATE THE COMPLEX ART WORLD.

RECENTLY U.S. TRUST, THE PRIVATE BANKING ARM OF BANK OF AMERICA,  PUBLISHED AN EXTREMELY COMPREHENSIVE ANALYSIS ON THE STATE OF THE CURRENT ART MARKET. IN A TIME OF TURMOIL AND CHANGE, GENERAL REEVALUATION AND A GLOBAL SHIFT IN THE ART MARKET, IT IS PARTICULARLY RELEVANT AND THE LRFA BLOG IS PLEASED TO SHARE IT WITH YOU. WE ARE DELIGHTED, AS WELL, TO REPORT THAT DANA PRUSSIAN, VICE PRESIDENT AT U.S. TRUST ART LENDING SERVICES, WILL BE CONTRIBUTING TO THE LRFA BLOG IN THE MONTHS AHEAD.

PART ONE

“We feel that you should not buy art purely as an investment. Buy it for love, desire, legacy, culture, pleasure, addiction,

status, and community.”

Art Services Market Update

At Bank of America Private Bank, we maintain a sharp focus on the art market and on the collectors, dealers, auctions specialists and institutions that make it function. We work closely with many of you across four pillars: art lending, art planning, consignment services and institutional arts endowment management. This update features our observations on the current state of the art market from a business perspective.

The Market

  • Current low interest rates, solid equity markets and more stratified wealth creation worldwide continues to drive capital toward art. The maturation and globalization of the art market has expanded the collector base and transformed the art market from a niche lifestyle into a $60 billion global industry.1 Still, overall art market growth in terms of total art sales has stalled since 2012, even as the S&P 500has currently more than doubled since that time.
  • If the Federal Reserve (Fed) continues its dovish policy, we expect collectors’ continued allocation of capital to art. When interest rates fall, the opportunity cost of holding non-interest-bearing assets like art goes down. The art market is driven by sentiment, so the greatest risk we see is a geopolitical event that impedes the global flow of capital and credit prompting collectors to pause.

• We anticipate that financial returns for contemporary art will be lower in the next decade than some may expect. The market has absorbed a lot of art since the turn of the century. An exceedingly large percentage of those works may be worth close to zero in a generation or so. And because we’re in a more mature and efficient art market, there may be fewer upside surprises than in decades past. We feel that you should not buy art purely as an investment. Buy it for your passion, enjoyment, legacy, culture, status or community.

The Auctions

• During the New York Spring Auctions, the market absorbed over $2 billion of art at Christie’s, Sotheby’s and Phillips, handily above the $1.6 billion pre-sale estimate. It was the first auction season defined by large estates of postwar
and contemporary art. Eye-catching results such as the $91 million Koons “Rabbit”, the $110 million Monet “Haystack” and the rapidly growing market for KAWS belie a more modest 5.1% annualized return2 achieved for repeat sales during the season. Given the recent performance of London auctions and the lack of clarity around a Brexit deal, New York will continue to be the premiere sale site for high-end postwar and contemporary art for the foreseeable future. Fresh-to- market works, typical of the artist’s oeuvre, in good condition, with strong provenance, continue to perform strongest at auction. Works by female and black artists also continue their rise.

• You likely saw that in June, Sotheby’s accepted a $3.7 billion buyout offer from French media entrepreneur Patrick Drahi. Interestingly, Bonhams was also bought out earlier this year. Going private will allow Sotheby’s more flexibility to compete for top lots, which will benefit major collectors, and will provide time and space to evolve its business model, which, like Christie’s, is challenged. Competition for top pictures has become a race-to-the-bottom: China isn’t the growth engine everyone hoped it would be, and online sales have yet to deliver meaningful scale or margin expansion. With business margins at around 10% for the industry, auction houses are officially on the hunt for new revenue streams.

• Look for the auction houses to continue to expand into art advisory, financial services, brand licensing and even investment research as they look beyond their supply-constrained auction business. As a collector, you may see better terms when consigning top works at auction, but expect higher commissions for lower- value works. Buyer premiums will continue to expand at all levels. Finally, get ready for more convenience. Virtual reality will change how you view upcoming sales, and artificial intelligence will soon be sending you an endless array of Netflix-style lot recommendations across all categories based on what you’ve perused across the internet.

The future at Sotheby’s

AS  A SURPRISING CODA TO THE EXCEPTIONALLY INFORMATIVE INTERVIEW WITH COURTNEY KREMERS, SENIOR VP AND CONTEMPORARY ART SPECIALIST AT SOTHEBY’S, THIS NEWS HAS SET THE ART WORLD ABUZZ IN THE LAST FEW DAYS.  SOTHEBY’S HAS DECIDED TO ACCEPT AN OFFER BY FRENCH TELECOM AND MEDIA BILLIONAIRE PATRICK DRAHI AND WILL FORMALLY BE A PRIVATELY HELD COMPANY, AS ARE CHRISTIE’S AND PHILLIPS, IN THE NEAR FUTURE. THAT WILL CERTAINLY DISRUPT THE LANDSCAPE OF THE HIGHLY COMPETITIVE AUCTION WORLD!

IN THEIR OWN WORDS…

SOTHEBY’S PRESS RELEASE JUNE 17, 2019

Sotheby’s (NYSE: BID) today announced that it has signed a definitive merger agreement to be acquired by BidFair USA, an entity wholly owned by media and telecom entrepreneur as well as art collector, Patrick Drahi. Under the terms of the agreement, which was approved by Sotheby’s Board of Directors, shareholders, including employee shareholders, will receive $57.00 in cash per share of Sotheby’s common stock in a transaction with an enterprise value of $3.7 billion. The offer price represents a premium of 61% to Sotheby’s closing price on June 14, 2019, and a 56.3% premium to the company’s 30 trading-day volume weighted average share price. The transaction would result in Sotheby’s returning to private ownership after 31 years as a public company traded on the New York Stock Exchange.

Tad Smith, Sotheby’s CEO, said, “Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby’s, I want to welcome him to the family. Known for his commitment to innovation and ingenuity, Patrick founded and leads some of the most successful telecommunications, media and digital companies in the world. He has a long-term view and shares our brand vision for great client service and employing innovation to enhance the value of the company for clients and employees. This acquisition will provide Sotheby’s with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment. It positions us very well for our future and I strongly believe that the company will be in excellent hands for decades to come with Patrick as our owner.”

Domenico De Sole, Chairman of Sotheby’s Board of Directors, said, “Following a comprehensive review, the Board enthusiastically supports Mr. Drahi’s offer, which delivers a significant premium to market for our shareholders. After more than 30 years as a public company, the time is right for Sotheby’s to return to private ownership to continue on a path of growth and success.” 2 “I am honored that the Board of Sotheby’s has decided to recommend my offer,” commented Patrick Drahi. “Sotheby’s is one of the most elegant and aspirational brands in the world. As a longtime client and lifetime admirer of the company, I am acquiring Sotheby’s together with my family. We thank Domenico and the rest of the Sotheby’s Board for its support and look forward to getting started with Tad and the wonderful members of his team to define our future.”

The closing of the deal is subject to customary conditions, including regulatory clearance and shareholder approvals, but is not subject to the availability of financing. The transaction is expected to close in the fourth quarter of 2019 following shareholder approval.

FROM THE OFFICE OF PATRICK DRAHI

PRESS RELEASE ACQUISITION OF SOTHEBY’S JUNE 17, 2019

I am very honored that the Board of Sotheby’s has decided to recommend my offer.

With my family, we are very enthusiastic to build together with its current management
and their teams the future of Sotheby’s, a fascinating and multi-secular company with such a celebrated history of uniting people all over the world through culture and arts.

For my entire life, I have been passionate about this industry and I believe the opportunities and growth potential are significant for Sotheby’s.

I am making this investment for my family, through my personal holding, with a very long-term perspective. There is no capital link with Altice Europe or Altice USA.

As the future owner, I have full confidence in Sotheby’s management, and hence do not anticipate any change to the Company’s strategy. Management and their exceptional teams and talent around the world will continue to operate with my full support.

This investment will further demonstrate the anchoring of my family in the United States, a country where we have been very welcomed since the successful acquisitions of Suddenlink in 2015, Cablevision in 2016 and just recently Cheddar.

The telecom and media industries will keep being my main focus where I remain 100% committed to our businesses and to our continued growth. I will of course keep leading the management team in the development and growth of Altice Europe, as well as remain Chairman of the Board of Altice USA to support Dexter and his team who are doing a great job.

The acquisition of Sotheby’s will be funded by financings arranged and underwritten by BNP Paribas as well as by equity provided from my own funds. To help fund this transaction, I do not intend to sell any shares in Altice Europe NV; my intention is to monetize a small position in Altice USA up to $400 million by the end of the year. Due to Altice USA’s share repurchase program, the total economic stake of my holdings in Altice USA has increased over the last 12 months from approximately 34% to 38 %.

Sotheby’s now and ahead with Senior VP and Contemporary Specialist, Courtney Kremers

Sotheby’s New York

In 2015, Tad Smith was appointed to head Sotheby’s. Prior to that, Mr. Smith had spent a year as chief executive of the Madison Square Garden Company, which, among other businesses, owns the New York Knicks basketball team, the New York Rangers hockey team and Radio City Music Hall. Before that, he spent five years at Cablevision Systems, which like MSG is controlled by the family of Charles Dolan.

In an interview, Mr. Smith said he could not add to the expertise of Sotheby’s art experts, but he could act as a business catalyst. “The market for art is very large, it is global and there is an immense amount of new wealth being created every year,” he said. Sotheby’s said it was also splitting the jobs of chief executive and chairman of the board, both of which had been held by Mr. Ruprecht. Domenico De Sole, former chief executive of the Gucci Group and chairman of the luxury retailer Tom Ford International, who is currently Sotheby’s lead independent director, became its new chairman.

Tad Smith
President and CEO
Sotheby’s

In January 2016, Schwartzman and Cappellazzo joined Sotheby’s as Chairmen and Co-Heads of its newly formed Fine Art Division and the traditional structure of the auction house radically changed in an effort to adapt to an industry in flux.

https://www.sothebys.com/en/auctions/2019/by-women-for-tomorrows-women-n10041.html

A recent auction was just one way in which Sotheby’s reflects and responds to the social and political issues of our times: an art exhibit and auction hosted by Sotheby’s and Miss Porter’s School called “By Women, for Tomorrow’s Women.” The event was the first all-women-artist benefit held at a major auction house.

Carmen Herrera
Sotheby’s By Women, For Tomorrow’s Women auction

Sotheby’s has taken a major leap into the 21st Century with its acquisition of Thread Genius, an AI-based recommendation platform, and Viyet, a high-end furniture design consignment platform focused on an emerging generation of antique and high-end interior design enthusiasts, just two of its recent corporate acquisitions since Mr. Smith took charge.

Viyet at Sotheby’s

TODAY, THE LRFA BLOG IS DELIGHTED TO CONTINUE ITS CONVERSATION WITH COURTNEY KREMERS, SENIOR VP AND CONTEMPORY ART SPECIALIST AT SOTHEBY’S.

COURTNEY, WELCOME BACK.

IN 2015, TAD SMITH WAS APPOINTED PRESIDENT AND CEO OF SOTHEBY’S. SOTHEBY’S HAS BEEN RESTRUCTURED AND TRANSFORMED, ACQUIRING SEVERAL BUSINESSES THAT EXPAND OUR IDEA OF THE ROLE OF AN AUCTION HOUSE.  HOW HAS SOTHEBY’S GROWN AND CHANGED SINCE HIS APPOINTMENT?

We have changed a lot in the last few years, and that change has been exciting. We are adapting to a more global market and one that increasingly operates on digital platforms and outside the traditional auction seasons. Our business has become a 360 degree endeavor – and we are investing as much in new collectors, across all categories, as we are in those bidding in the blockbuster evening sales.  

Sotheby’s BIDnow
Live Online Bidding

SOTHEBY’S IS, UNLIKE CHRISTIE’S OR PHILLIPS, A PUBLICLY HELD COMPANY. HOW DOES THAT AFFECT ITS BUSINESS DECISIONS AND POLICIES?

As a public company, Sotheby’s has to maintain the highest standards of transparency and accountability. In a business that has a reputation for not always being those things, this distinction sets us apart. Trust is an advantage. 

Sotheby’s London

WITH A SOFTENING ART MARKET, POLITICAL UNCERTAINTY, A HIGHLY VOLATILE STOCK MARKET AND A SLOWDOWN OF GLOBAL GROWTH IN GENERAL, HOW IS THE ART MARKET AFFECTED BOTH SHORT TERM AND LONG TERM?

The art market isn’t immune to the global financial markets and political turmoil. But it is remarkably more resilient and less volatile than it was 12 years ago; it is a much more global market. I was in London in June 2017, when we held our Contemporary Sales only a few days after the Brexit vote. We had no idea what would happen, but we didn’t think it would be good. Contrary to expectations, any slack in UK bidding was far outweighed by the enthusiastic paddle raising from US and Asian collectors saw an opportunity because of currency fluctuations. The auctions were likely stronger than they would have been with no-Brexit. 

Sotheby’s Hong Kong

WHAT ARE YOUR IMMEDIATE PLANS AND FUTURE PROFESSIONAL AMBITIONS?

If I am doing exactly what I am doing now, in 20 years, I would consider myself lucky. I love my job, the artworks, the collectors I work with, and the team of people I work with. If it sounds unambitious to hope for more of the same, then so be it. 

IT DOESN’T SOUND UNAMBITIOUS AT ALL- BUT THE LRFA BLOG IS CERTAIN THAT IN MUCH LESS THAN 20 YEARS, YOU WILL HAVE RISEN HIGH IN THE RANKS AT SOTHEBY’S OR ANY OTHER ENDEAVOR YOU PURSUE. COURTNEY, THANK YOU SO MUCH FOR YOUR INSIGHTFUL CONTRIBUTION.

Sotheby’s Paris

IN OUR NEXT LRFA BLOG POST, WE WELCOME TIMOTHY MACDONALD, FOUNDER AND PRESIDENT OF TIMOTHY MACDONALD INCORPORATED, A NEW YORK BASED INTERIOR DESIGN FIRM. TIM HAS BEEN A LONG TIME COLLEAGUE, FRIEND AND SOURCE OF CLIENT REFERRAL AND WE WILL LEARN ABOUT THE MANY PROJECTS HE HAS OVERSEEN, BOTH HERE AND ABROAD AND HIS LOVE OF ART AND DESIGN.

PLEASE JOIN US!

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!

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.

 

 

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!