The following is an excerpt from Chapter 10 of “The Orange Balloon Dog: Bubbles, Turmoil and Avarice in the Contemporary Art Market,” the latest book from economist and art market commentator Don Thompson, out now in Canada from Douglas & McIntyre and available in the U.S.on September 9th.
Many advisers have more traditional practices. One is Annelien Bruins at Tang Art Advisory in New York, Miami, London and Hong Kong. She consults on transactions and manages collections. “We save our clients time and money by doing the legwork for them,” she has said, adding, “We keep up to date with artists, we source works for our clients, we perform price research and due diligence, we negotiate the transactions, and we have the works installed in our clients’ homes.” That is a pretty good description of what most art advisers do now. Tang’s fee structure is fairly traditional; for mid-level transactions, the firm charges a commission rate of 10 percent. For asset management there is a negotiated fee.