Fine works of art are coveted because they move us on an intellectual and emotional level. But at the same time, there are financial, critical, and transactional decisions to be made when it comes to building and managing a lasting collection. In fact, collectors benefit from having a fiduciary advisor involved in acquisition or sale negotiations. Unfortunately, because there are no regulations or barriers to entry within the field of art advisory, it can be difficult for collectors to find an adept art advisor who understands the nuances of the market or to define what they can expect from their advisor. Here are our thoughts on that.
Your art advisor should serve as a trusted fiduciary who handles the transactional details of a acquisition or sale on your behalf so that you can enjoy your works of art to the fullest. From providing sales options, to negotiating the best terms, to finding the right sales venues for sellers, to performing in-depth price research and due diligence for acquisitions, your advisor should do the legwork before each and every transaction, saving you both time and money and reducing your transactional risk in an opaque marketplace.
Rather than simply introducing you to a gallery or auction house and collecting a kickback, a good art advisor only gets paid by her clients. She is completely transparent on the amount of money she makes on a transaction conducted on your behalf. She does not operate on two sides of one transaction and avoids any conflicts of interest. Summing it up: a good art advisor helps you to navigate the idiosyncratic art market so you can rest assured that your artworks will maintain both their aesthetic and monetary value.