Leslie Rankow Fine Arts

INTERNATIONAL ART ADVISORY SERVICE

Tag: global

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!

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.