Leslie Rankow Fine Arts

INTERNATIONAL ART ADVISORY SERVICE

Tag: Blockchain

The importance of the new technology in the art market as analyzed in the Bank of America Private Bank survey

THE DIGITAL REVOLUTION HAS DRASTICALLY AFFECTED MANY INDUSTRIES, CHANGING THE WAY WE COMMUNICATE, ACQUIRE AND SELL PRODUCT. ONE OF THE INDUSTRIES THAT HAS, SURPRISINGLY, BEEN IMPACTED LESS THAN ONE WOULD THINK, GIVEN ITS BASICALLY VISUAl NATURE, IS THE ART MARKET AS SEEN IN THE RECENT PIERCINGLY INFORMATIVE AND COMPREHENSIVE BANK OF AMERICA PRIVATE BANK REPORT.

  • ART AND TECHNOLOGY
  • The art market remains one of the few industries still largely undisrupted by technology. We’re seeing innovation, but it’s still at the fringes. While online transactions are increasing, the growth of online sales has slowed, growing at 9.8% in 2018 versus 12% in 2017.
  • Internet-native art companies are trying to help. In June, private equity firm Cove Hill made an investment in online marketplace LiveAuctioneers, aiming to accelerate online sales growth for their auction house partners, while Invaluable has made it easier to source and buy lower value items. Major galleries like Gagosian and David Zwirner launched digital sales channels, but the digital revolution still eludes the art world.
  • On the transparency front, Christie’s became the first major auction house to record sales via Blockchain with the sale of the Ebsworth collection in November. At the request of the seller, Christie’s partnered with Blockchain-secured registry Artory to record its transactions. It’s an interesting development, but we’re a long way from Blockchain becoming industry standard.
  • The most significant art world technology has been the rise of Instagram. Artists market themselves, museums announce exhibits, dealers initiate sales, and collectors tout their purchases through the platform. In 2017, when the “Untitled” Basquiat sold at Sotheby’s for over $110 million, Yusaku Maezawa posted his photo on Instagram to let the world know of his acquisition. Younger collectors, artists, dealers and auction specialists are increasingly using Instagram to enhance their personal and professional brands. Expect the new status loop to fuel a herd mentality for some artists and more price volatility. So collector beware.

 

  • AS AN ASIDE, ARTISTS ARE CREATING WORKS THAT REPRODUCE EFFECTIVELY ON INSTAGRAM IN TERMS OF COLOR, DIMENSIONALITY AND SURFACE WITH THEIR AESTHETIC PRESENCE IN PERSON SOMETIMES TAKING A BACK SEAT.

 

  • ART LENDING

    Our art lending business grew by 20% year-over-year, as you all continue to unlock capital from your art to build hotels, buy sports franchises, expand companies and even buy more art, just to name a few. The four most common situations we’re seeing are:

    1. The balance sheet arbitrage: With historically low interest rates, more of you are unlocking capital from your art to redeploy into higher-return areas of your financial life, like private equity.

    2. Working capital line: During the current economic expansion, more of you are using art loans to fund the growth of your privately held companies.

    3. Monetizing a collection: The passage of the 2017 Tax Cuts and Jobs Act eliminated the 1031 Like-Kind Exchange, making it more expensive to sell art. Instead of selling art and dealing with paying the 28% federal tax + 3% health care surtax + state taxes + sales commission, many of you have chosen to leverage your art via an art line to generate liquidity.

    4. Guarantees: We’re seeing more of you using art facilities to back guarantees at auction (but we advise caution).

    We estimate that total U.S. art loan commitments stand at $16 billion. We’re proud to have a significant portion of those loans, and we remain staunchly committed to the space. Given our forecast of continued low interest rates, stratified wealth creation, and expansion of the collector base, we expect continued growth in the space.

    Top five artists we lend against, by value:

    1. Willem de Kooning

    2. Andy Warhol
    3. Constantin Brancusi

    4. Paul Cezanne

    5. Roy Lichtenstein

    AT THE CLOSE OF THE SURVEY, BANK OF AMERICA PRIVATE BANK TARGETS THE OPPORTUNITY ZONES AND THE EFFECT OF CAPITAL GAINS TAX INCREASES AND THE REPEAL OF THE SECTION 1031 LIKE-KIND EXCHANGES PROVISION. THIS IS INVALUABLE INFORMATION FOR ANY ONE INTERESTED IN THE ART MARKET: DEALERS, GALLERISTS, AUCTION SPECIALISTS, AND MOST OF ALL COLLECTORS.

    PLEASE JOIN US!

     

London September 4th, The Art Business Conference continues to grow both in attendance and relevance

 

IN A RECENT PODCAST PRODUCED BY ART AGENCY, PARTNERS, AN ALWAYS INFORMATIVE AND LIVELY FORUM, CHRISSIE ILES FROM THE WHITNEY MUSEUM, CAROLYN RAMO FROM ARTADIA, AND HAMAZA WALKER FROM LAXART, JOINED THE ARTICULATE EDITOR OF IN OTHER WORDS, CHARLOTTE BURNS, TO DISCUSS “ART ACROSS AMERICA”. THEY POSED THE VERY RELEVANT QUESTION OF WHERE GREAT ART IS BEING MADE IN AMERICA TODAY.  THERE IS A GREAT DEAL OF CONVERSATION IN THE ART WORLD NOT ONLY ABOUT THE GLOBALIZATION OF THE ART MARKET (OLD NEWS) BUT ALSO ABOUT THE EXCELLENT QUALITY OF ART BEING MADE THROUGHOUT THE UNITED STATES OUTSIDE OF THE MAJOR MARKET HUBS AND THE INCREASING SUPPORT BY COLLECTORS AND CURATORS OF THE INNOVATIVE ART OF THE REGIONS.

IT IS NO SURPRISE, THEREFORE, THAT LOUISE HAMLIN, FOUNDER AND ORGANIZER OF THE UNIQUE ART BUSINESS CONFERENCE HAS FOCUSED ON THIS SUBJECT FROM THE PERSPECTIVE OF THE MOST POPULAR AND TALKED ABOUT TOPIC OF ALL, THE ART FAIR.  THE NEXT ART BUSINESS CONFERENCE THAT TAKES PLACE IN LONDON ON SEPTEMBER 4th AT THE CHURCH HOUSE CONFERENCE CENTER IN WESTMINSTER, LONDON, GATHERS TOGETHER SENIOR ART MARKET PROFESSIONALS, GALLERISTS, ADVISORS, LEGAL EXPERTS, ART FAIR DIRECTORS AND COLLECTORS. EACH YEAR IT BECOMEs MORE AND MORE POPULAR AND CONTINUES TO GROW BOTH WITH AN INCREASE IN ATTENDANCE AND AN AGENDA FILLED WITH FIERCELY KNOWLEDGEABLE EXPERTS IN EVERY AREA OF THE ART MARKET.

http://www.artagencypartners.com/podcast/art-across-america-with-chrissie-iles-carolyn-ramo-and-hamza-walker/

http://www.theartbusinessconference.com/home

THE LRFA BLOG AND LOUISE, AFTER OUR “LUNCH BREAK” AND A CHANCE TO LEARN ABOUT LOUISE’S PROFESSIONAL HISTORY IN THE ART WORLD AND THE HISTORY OF THE CONFERENCE, WILL RESUME THE AGENDA FOR THE FORTHCOMING CONFERENCE.

13.00 – 14.00: Lunchtime discussion tables and buffet lunch served in the Business Pavilion and Media Pavilions sponsored by Richard Nicholson, Willis Towers Watson 

Dirk Boll
President, Christie’s EMERI

THE FIRST TOPIC WILL ADDRESS THE CURRENT MARKET, AND THE SURGE OF ONLINE AUCTION PURCHASES IN THE DECORATIVE ARTS WITH THE PRESIDENT OF CHRISTIE’S EMERI. THE COLLECTION OF PEGGY AND DAVID ROCKEFELLER AT CHRISTIE’S IS A WONDERFUL EXAMPLE OF THE WAY THE AUCTION HOUSE HAS USED BOTH LIVE AND ONLINE AUCTIONS TO THEIR ADVANTAGE AND TO ACHIEVE ASTONISHING RESULTS FOR THE ROCKEFELLER ESTATE NOT ONLY WITH THE MASTERPIECES OF FINE ART BUT ALSO WITH THE ENORMOUS CUMULATIVE COLLECTION OF DECORATIVE ARTS AND FURNITURE INHERITED AND WELL AS COLLECTED BY PEGGY AND DAVID ROCKEFELLER.

14.00 – 14.20: Why brown is the new black?  Whether new audiences coming to auctions online, or a re-birth for the decorative arts sector, there are exciting developments impacting the way in which people are engaging with collecting today. Christie’s has been instrumental in shaping opinions and influencing a new appreciation for heirlooms in recent months.  As tastes evolve, Dirk Boll, President of Christies’s EMERI, discusses current trends and shares predictions for the future of collecting with Anna Brady (The Art Newspaper).

Anna Brady
The Art Newspaper

FROM THE RENOVATION AT THE FRICK TO THE COSTUME INSTITUTE AT THE MET, AND THOSE ARE ONLY IN NEW YORK, THE TOPIC OF REVENUE OPPORTUNITIES FOR MUSEUMS IN THE 21st CENTURY IS NOT ONLY RELEVANT BUT CRUCIAL. LOUISE HAS JOINED TOGETHER AN ESTEEMED PANEL OF INTERNATIONAL MUSEUM CURATORS TO EXPLORE THIS SUBJECT.

14.20 – 15.20: The Entrepreneurial Museum: With contributions from the Royal Academy of Arts, the Van Gogh Museum and the National Portrait Gallery, this international panel will explore, in the wake of funding cuts, what are the new revenue opportunities for museums?  This will also explore how museums are working more closely with the art trade together with a focus on travelling exhibitions, with new data and research on the growth of the travelling exhibitions market globally.  Speakers: Charles Saumerez Smith (Royal Academy), Jessica Litwin  (National Portrait Gallery), Milou Halbesma (Van Gogh Museum), Louise Steward  (National Portrait Gallery),  Bernardine Brocker Wieder (Vastari) and moderated by Jane Morris (Culture Shock Media & The Art Newspaper).

Milou Halbesma
Director Public Affairs
Van Gogh Museum

AS THE VALUE OF ART HAS INCREASED AND THE NUMBER OF COLLECTORS, NASCENT AND ESTABLISHED, CONTINUES TO GROW, THE ISSUE LEGAL RIGHTS AND SOLUTIONS AFFECTS EVERYONE INVOLVED IN THE BUSINESS OF ART.

Adrian Parkhouse
Farrer & Co
Chair, Art & Heritage Group

15.20 – 16.20: Comparative Art Law: Arbitrate, Mediate or Litigate? This session brings together a panel of art law experts from the UK and Germany to explore a series of art law cases and possible art law solutions, whether through arbitration, mediation or litigation. Speakers: Nicola Wallace (4 Paper Buildings), Richard Edwards QC  (3 Verulam Buildings), Friederike Grafin von Bruhl (K&L Gates) and moderated by Adrian Parkhouse  (Farrer & Co)

16.20 – 16.40: Refreshment break in the Business Pavilion and Media Lounge 

James Green
David Zwirner Gallery

THE CHANGES IN THE ART FAIR AND THE INVOLVEMENT IN LOCAL COMMUNITIES AND CHALLENGING SOCIAL AND POLITICAL TIMES WILL CLOSE THIS CONFERENCE.

16.40 – 17.40:  The Evolving Art Fair. This panel discussion will explore how art fairs are evolving into new geographical areas, working with local communities and also working in some challenging political/economic climates.  Our panellists will discuss the question of market saturation of the art fair model and the session will ultimately explore the insights and dynamics of the art fair business model and all that is involved in putting together a successful art fair. Speakers: Jagdip Jagpal  (India Art Fair), Touria El Glaoui  (1:54), James Green  (David Zwirner) and Kamiar Maleki (Contemporary Istanbul), moderated by Melanie Gerlis  (Financial Times)  

17:40: Closing address

18.00 – 19.00: Evening networking drinks in the Business Pavilion and Media lounge 

19.00: Conference close


IN OUR NEXT LRFA BLOG, WE LOOK FORWARD TO RESUMING OUR INTERVIEW WITH LOUISE HAMLIN, FOUNDER OF THE ART BUSINESS CONFERENCE, ON ALL OF THESE TOPICS AND MORE.

PLEASE JOIN US!

 

The Art Business Conference, united by our love of art, with founder and director, Louise Hamlin

Louise Hamlin & panelists
Founder and Director
Art Business Conference

THIS YEAR’S ART BUSINESS CONFERENCE, IN ITS FIFTH YEAR IN LONDON AND THIRD IN NEW YORK, IS GROWING IN ATTENDANCE BY LEAPS AND BOUNDS. IN A REVIEW OF THE NY CONFERENCE BY JOURNALIST, TIM SCHNEIDER, IN THE APRIL 20, 2018 ISSUE OF ARTNET NEWS, THE EXPLANATION IS SIMPLE: THE ART BUSINESS CONFERENCE ADDRESSES THE MOST PRESSING IDEOLOGICAL CONCERNS IN OUR CURRENT ART MARKET.

http://www.theartbusinessconference.com/

Earlier this week, a cross-section of art industry professionals converged in Midtown Manhattan to debate some of the market’s most urgent questions. Hailing from around the globe and across sectors, participants in the second annual ART BUSINESS CONFERENCE in New York dissected topics ranging from the practical (how to guard your data against malicious hackers) to the philosophical (how to steward an artist’s legacy). 

We’ve packed the most important themes into an easy-to-digest capsule for anyone not in attendance. And since every good medicine is just the result of chemical reactions, here are the three main ideological collisions on display at the conference—and why they matter so much for where we go next.

TRANSPARENCY VS. OPACITY : The importance for dealers to do away with the secrecy-driven elitism of the traditional art sales process but to think of transparency is a much broader sense for the arts to continue to grow.

PROVINCIALISM VS. PROFESSIONALIZATION: From the challenges of globalization to the escalating scale of exhibitions, to the 21st century courtroom battles, the conference addresses the vast change of the art business from a cottage industry…Art has become too expensive, too complex and too globally mobile to keep handling with handshakes and ad hoc plans.

TECHNOLOGY VS. TRADITION: Technology is coming to the art world, whether the art industry is ready or not. The Art Business Conference should be applauded for giving the subject as much stage time as it did. But it will be the industry’s loss on multiple levels if it runs from the changes instead of meeting them head-on.

https://news.artnet.com/market/art-business-conference-1270700

BEFORE RETURNING TO THE AGENDA AND PANELISTS FEATURED IN THE SECOND HALF OF THE FORTHCOMING LONDON CONFERENCE ON SEPTEMBER 4th, WE REJOIN LOUISE HAMLIN, ITS FOUNDER AND ORGANIZER, TO CONTINUE WITH HER PROFESSIONAL HISTORY AND THAT OF THE CONFERENCES THEMSELVES.

LOUISE, THANK YOU AND WELCOME BACK!

THE ART BUSINESS CONFERENCE IS IN ITS FIFTH YEAR, A ONE-DAY CONFERENCE FOR ART MARKET PROFESSIONALS. HOW WAS IT INITIALLY FORMED AND WHAT INSPIRED THE IDEA?

During my time at The Art Newspaper, I worked with a very large number of businesses across the art market, from galleries and museums, trade associations, art fairs and auction houses to professional service providers including insurers, shippers and web designers.  I saw the need for a forum to bring all these different businesses together in a new learning environment to share knowledge in this unique and special industry. 

As Kevin Lay of Arcis said in his closing remarks, at the most recent NY conference, “we are all united in our love for art”.  A love of art and a desire to bring those working with it together was the inspiration for the conference.

APPROXIMATELY HOW MANY PEOPLE ATTEND AND HOW MUCH WOULD YOU LIKE TO SEE IT GROW?

The conference now has over 630 delegates attending the 2018 conferences, representing over 350 global art organizations. I would love to grow, but physically, I think there is a limit. If we had unlimited space available, would we want to have unlimited places available?  I don’t think so.  It would become too difficult to make the presentations relevant to all and networking could become more challenging. 

Growth in terms of reputation and success:  Yes, of course. I would like to continue to build on the current success to ensure we attract good people to attend and put on presentations which are interesting, informative, educating, challenging, inspiring.

WHAT ARE THE NETWORKING OPPORTUNITIES AND WHAT ARE SOME OF THE STORIES IN WHICH NETWORKING PRODUCED POSITIVE GROWTH RESULTS FOR THOSE WHO ATTEND?

As I have said previously, networking is key to the event and we provide a good number of opportunities to do this throughout the day (networking breakfast, morning coffee, lunch, afternoon tea, and of course evening drinks).  In New York, the conference room is set up so that delegates sit at large round banqueting tables to encourage this.  And at the forthcoming London conference on 4thSeptember, we will be introducing networking tables over lunchtime. This is a great opportunity to join a discussion around a specific topic, ask experts and meet fellow attendees. We have facilitated a number of connections during the conferences and also post conference – connecting people and businesses is what we love to do.

THE KEYNOTE SPEAKERS ARE VERY DISTINGUISHED IN THEIR AREAS OF EXPERTISE. WHAT ARE THE SUBJECTS THAT THE CONFERENCE FOCUSES ON WHEN CREATING PANELS OF DISCUSSION?

The subjects are diverse but the brief is the same for whatever the subject. I want to secure speakers who are knowledgeable and engaging.   A lot of time and effort is given to putting together panels of people who do not necessarily share the same opinion on a subject but can bring different perspectives and experiences to the debate. There is always a need to be a little creative in putting together an interesting panel group. In terms of the topics, I try to make them timely, whatever is shaping the art market news at the time that is relevant to the buying and selling of art and also consulting widely across the industry to gauge interest in topics.  

WHAT IS THE CURRENT MARKET IN THE U.K. AND THE U.S. AND HOW DO YOU EXPECT TO SEE IT SHIFT AND GROW?

As a humble conference organizer and not an art market economist or journalist, I wouldn’t like to say!

However, in consulting across the market on topics as I do, it is an interesting time. Brexit in the UK and the Trump administration in the US have brought uncertainty to the art market, but as with everything there is always opportunity too!

IN OUR NEXT LRFA BLOG POST, WE WILL RETURN TO THE SPECIFICS OF THE NEXT ART BUSINESS CONFERENCE ON SEPTEMBER 4th IN LONDON. IT WILL BE WELL-ORGANIZED, INFORMATIVE AND PROVIDE A HUGE OPPORTUNITY TO CONNECT WITH OTHER PROFESSIONALS IN A WIDE RANGE OF AREAS OF EXPERTISE.

WELL WORTH ATTENDING!

 

Art Business Conference, London September 4th, book now!

Church House Conference Centre, London

THE ART BUSINESS CONFERENCE IN ITS FIFTH YEAR IN LONDON IS IMMINENT, A MUCH ANTICIPATED GATHERING FOR SENIOR ART MARKET PROFESSIONALS. LEADING EXPERTS FROM THE ART WORLD JOIN FORCES WITH BUSINESS LEADERS AND TECHNOLOGY EXPERTS TO SHARE THEIR INSIGHTS ON THE BUSINESS OF ART. FOUNDED AND DIRECTED BY LOUISE HAMLIN, INTRODUCED IN OUR LAST POST, THIS WEEK THE LRFA BLOG POST IS PLEASED TO PROVIDE THE DETAILS OF THE NEXT LONDON MEETING BEFORE RETURNING TO LOUISE’S INTERVIEW.

JUST AS A PICTURE IS WORTH 1000 WORDS, THE AGENDA OF THIS PROGRAM SHOWS WHAT A PROFOUNDLY PRODUCTIVE DAY THIS WILL BE. HELD ON TUESDAY, 4th SEPTEMBER 2018, AT THE CHURCH HOUSE CONFERENCE CENTRE, WESTMINSTER, LONDON, THE 2018 AGENDA IS AS FOLLOWS:

9.00 – 10.00: Delegate registration and breakfast networking in the Business Pavilion and Media Lounge  

10.00: Opening remarks from the conference chair, Georgina Adam

Georgina Adam has spent more than 30 years writing about the art market and the arts in general.  She was editor of the Art Market section of The Art Newspaper 2000-2008, then editor at large.  She writes a weekly column on Saturday for the Financial Times. In addition to her specialisation in the art market, Adam is particularly interested in emerging cultural centres.

Michael Ellis is Parliamentary Under Secretary of State for Arts, Heritage and Tourism.

10.00-10.15: Opening Keynote Speech: Michael Ellis, Minister for Arts, Heritage and Tourism. 

10.15 – 11.15: Because it’s worth it – Valuing Contemporary Art: Contemporary art can be the most volatile market in the art world. But who decides what it is worth? And how? Four specialists in this area – a gallerist, collector, Valeria Napoleone, a dealer on the secondary market and Ralph Taylor, Global Head of Post-War and Contemporary Art at Bonhams – discuss how values are established from the artist’s degree show to appearing on the block at auction. Also up for consideration is how societal shifts in politics and world geography can make an impact on the careers – and value – of certain artists’ work. This session will be moderated by Melanie Gerlis (Financial Times)

Valeria Napoleone is an art collector and patron to a select number of arts organisations. She is Head of the Development Committee at London based not for profit gallery Studio Voltaire

11.15 – 11.30: Morning refreshment break and networking in the Business Pavilion and Media Lounge

ONE OF THE MOST EXCITING AND TIMELY TOPICS IN TODAY’S ART MARKET IS THE USE OF BLOCKCHAIN AS A TRANSPARENT MEANS TO ESTABLISH THE OWNERSHIP HISTORY OF A WORK OF ART. IN THIS YEAR’S ABC LONDON CONFERENCE, THIS SUBJECT WILL BE EXPLORED IN DEPTH BY A PANEL OF VERY KNOWLEDGABLE ART AND TECHNOLOGY EXPERTS.

11.30 – 12.30: Provenance and the Blockchain: Issues and Future Visions:  This panel explores the topic of provenance and due diligence in the art market. The session will open with an introduction to the blockchain and this will be followed by a discussion that will assess current approaches to ownership history and investigate the likely future impact of blockchain technologies on the market.  Issues we seek to explore include:

  • What is the current state of provenance research in the art market?
  • What impact might the digitisation of catalogues raisonnés have on approaches to provenance?
  • Could the blockchain revolutionise how we address provenance in the future?
  • Should we be seeking an international industry standard for the recording of provenance in catalogues raisonnés, auction catalogues and archives?
  • Can provenance research be applied to the market for antiquities and cultural heritage?
  • How can collectors be encouraged to engage with the importance of provenance, particularly as prices rise and risks multiply?
  • How might artists be affected by these new technological developments?
  • To what extent might such emerging technologies disrupt traditional approaches to art business more generally?  Speakers: Robert Upstone, (Robert Upstone Ltd), Jess Houlgrave (Codex Protocol) and Gareth Fletcher, (Sotheby’s Institute), moderated by Tom Flynn (Flynn & Giovani)   
  • Gareth Fletcher is a Lecturer in the MA Art Business and Unit Leader of the Art Crime, and Art and its Markets summer study programmes at Sotheby’s Institute of Art.

Codex is a decentralized registry for unique assets like art, fine wines, watches and more. Use cryptocurrency to buy $6 billion of art and collectibles today, and plug into a growing ecosystem of third-party services. Codex stores an item’s identity securely on the blockchain as a Codex Record. We make it easier to buy, sell and manage assets of all kinds.

https://codexprotocol.com/

12.30 – 12.55: Presentation: The Fifth Anti-Money Laundering Directive – what does this mean for the art trade? 

This session will ask: why us?  What the AML regulations seek to prevent & how do they do it?  Who is required to comply with the regulations?  What does compliance involve? Plus Practical issues for KYC, understanding the transaction, source of funds & risk assessments.  This practical session will offer guidance and advice.  It is now relevant to any business selling works of art in transactions valued at €10,000 or more, regardless of the payment method used. 

Speaker: Mathilde Heaton (RAM – The Responsible Art Market Initiative) and Adrian Parkhouse (Farrer & Co)

Legal Counsel (UK, Europe & Asia), Phillips Auctioneers
Lawyer and Art Law Consultant, Art Law Advisory
Responsible Art Market Initiative, Taskforce member

12.55 – 13.00: Presentation: Have We Taken the Commoditisation of Art a Step Too Far? Speaker: (Willis Towers Watson) 

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has over 40,000 employees serving more than 140 countries.

LET’S JOIN THE ART BUSINESS CONFERENCE FOR ITS LUNCH AND NETWORKING BREAK AND DISCUSSION TABLES AND RETURN IN OUR NEXT LRFA BLOG POST TO THE AFTERNOON SESSION. IN THE MEANTIME YOU CAN MAKE YOUR PLANE AND HOTEL RESERVATIONS!

AND FOR THOSE OF US STUCK ON THIS SIDE OF THE POND, THERE IS ALWAYS THE GREAT NEW YORK ART BUSINESS CONFERENCE NEXT SPRING, AT TIME WARNER, TO ANTICIPATE.