How Covid-19 Has Forced the Art Market’s Speedy Digital Conversion

Jun 01, 2020

Carmen Herrera’s Untitled Estructura (Red), 1962/2018 in Lisson Gallery’s app © Lisson Gallery
Galleries and the art fairs they previously attended have had to accelerate their online presence more than any other area of the art business. Demand to create time-based online viewing rooms has skyrocketed, and for some it’s been a Damascene moment.
Read Full Article via The Art Newspaper

Protecting Fine Art Collections from Theft

May 06, 2020

Photo: The Singer Laren Museum in the Netherlands, site of a recent art theft
By Erin Bast, Senior Underwriter, Huntington T. Block, a division of Aon
Art theft is rare – but has recently made the headlines with two large thefts, a Vincent van Gogh and a collection of 18th century jewelry. Thefts such as these bring up questions for museums, national institutions and galleries of how to secure collections. However, with the coronavirus pandemic continuing and most of the world’s museums and galleries closed, it is particularly important for fine art institutions to take steps to help ensure their pieces are safe.
Coronavirus and theft: unintended consequences 
At th ...

Wealthy Art Owners Are Raising Cash From Their Collections Amid The Looming Recession

Apr 20, 2020

Interest rates for art lending have fallen dramatically over the past few years, attracting more companies and art collectors that are looking to secure loans. 

Read Full Article via Business Insider

Art Galleries Respond to Virus Outbreak With Online Viewing Rooms

Mar 17, 2020

Many in the art world say an online viewing room cannot replace the firsthand experience of encountering a painting or a sculpture in person. But collectors have grown comfortable buying based on PDF images of artists they know from galleries they trust. Both galleries and auction houses have even made some significant sales based on images posted on Instagram. And when visiting a work of art becomes impossible, a digital substitute is better than not seeing the art at all.
Read Full Article via The New York Times

Don't Wait...Mitigate: An Art Risk Expert on Keeping Your Collection Safe

Mar 09, 2020

The Clarion List Exclusive
By some estimates, between $4 billion and $6 billion dollars worth of art is stolen worldwide every year. The vast majority of stolen artworks are never recovered. Fires, floods and other man-made and natural disasters account for further loss, along with accidental damage, which can occur when a work of art is being transported, or even when it is “safe” at home. We’ve already written about the importance of having a good art insurance policy, but what proactive measures can a collector take to protect his or her collection?
We spoke to Jordan Arnold, executive managing director in K2 Intelligence’s New York and Los Angeles offices to get ...

Leverage Is Exploding In The Fine-Art World

Feb 10, 2020

Time was, art aficionados rarely talked openly about borrowing money against their paintings to build collections, make investments or just pay the bills.
But Sundheim is part of a new breed of collectors who are eagerly pledging artworks in exchange for lines of credit and, in the process, leveraging the $67 billion art market as never before.
Read Full Article via Private Wealth

How Gagosian grew digital sales 350% with one great idea

Feb 10, 2020

Gagosian—one of the more traditional and established galleries in the art world—is figuring out how to sell high-end art online. 
Read Full Article via Fast Company

The Louvre Hired a Nazi Loot Expert to Investigate Its Collection: Here's What Happened

Jan 28, 2020

The Louvre could soon be restituting 10 looted works from its collection to the rightful heirs of their former Jewish owner.
Read Full Article via Artnet

Art Experts Warn of a Surging Market in Fake Prints

Jan 27, 2020

Since the dawn of the internet, the problem of phony art being sold has only grown, experts say, and the primary coin of the forgery realm has long been the fake print, which is relatively easy to create, often difficult to detect and typically priced low enough to attract undiscriminating novice buyers.
Read Full Article via The New York Times

An Insider Look at the Art Insurance Claims Process

Jan 14, 2020

Whether you just purchased your first major piece, or you’ve spent a lifetime amassing an extensive collection, nothing can prepare you for the devastation of a lost or damaged work of art. Of course, an adequate insurance policy will ensure that you are financially compensated, but collectors often feel a deeper connection to their artworks. Knowing how the insurance claims process works can take some of the sting out of losing such a personal asset, and knowing how to avoid it altogether by taking measures to protect your artwork can save you from both headache and heartache. 
How Claims Begin
Allen Olson-Urtecho is a Renaissance man who has lived in 10 countries and backpacke ...

Tokenization of Fine Art

Jan 13, 2020

Put simply, the new technology of blockchain is creating the mechanism for fractionalizing ownership in high-value illiquid assets like fine art so that everyday investors can buy into these alternative asset classes and instantaneously trade their tokens. 
Read Full Opinion Piece via International Business Times

Tough UK Anti-Money Laundering Law- What You Need to Know

Jan 13, 2020

With almost no warning, on the last working day before Christmas the UK Parliament implemented the European Union's stringent 5th Money Laundering Directive. The new regulations take effect 10 January 2020, with major consequences for UK art market players.
Read on for a lawyer's advice to art dealers, agents and galleries who could be unprepared for the hastily enforced new regulations.
 Read Full Article via The Art Newspaper

Investing In Art: An Introduction For The Skeptic

Jan 13, 2020

It’s true that you can net serious returns by investing in prized artwork. However, investing in art has its share of risks and drawbacks.
 Read Full Article via Forbes

How to Incorporate Art into Your Home

Jan 09, 2020

Adding art to your interior can be an excellent way to elevate the feel of a room. Depending on which piece you display, you can change the character of a space and create an aesthetic that is uniquely yours.
Now, the location and context of your art can play a huge role in how it affects any given room. Featuring insights from The Clarion List.
Read Full Article via Redfin

3 Trends Influencing the Art of Fine Art Collecting

Dec 12, 2019

By: Jeff Minett, Senior Vice President, Huntington T. Block, a division of Aon
Collecting art is arguably an art in and of itself – one that can be challenging for dealers, appraisers and others in the industry who carefully monitor trends, economic indicators, media, fashion, style and politics. We have seen a significant shift in what collectors find desirable. Tastes change. Influencers are abundant. 
By many, art is considered a smart investment, similar to real estate. Values tend to appreciate over time. When the economy is robust, the competition to obtain a desirable artwork is sometimes fierce as we have seen play out in exciting public auctions and sales records report ...

Piece by Piece: The Issues with Fractional Ownership of Art

Nov 19, 2019

Billed as the next big thing, schemes to sell shares in works of art have yet to excite the market. The Art Newspaper investigates where this trend is now.
Read Full Article via The Art Newspaper

Art Condition Reports, Demystified

Oct 29, 2019

According to the most recent Art Basel report, there were some 55 international art fairs taking place in 2000. In 2017, the number grew to over 260, with dealers making 46% of their annual sales at the fairs. This explosion has most art market professionals feeling like they are constantly on the road. Stephan Zilkens of Zilkens Fine Art Insurance Broker said, “I see the art market turning more and more into a traveling business. Every week there are new art fairs in the world and they try to become more and more important.” 
Of course, it’s not only the people that have to shuffle from fair to fair. Works of art are also on the road more often than they have ever be ...

In the Post-Warren Kanders Era, Artists and Dealers Wonder: Should Collectors Be Vetted?

Oct 29, 2019

Philosophical and political divergences between artists and patrons are hardly new... Few dealers can afford to pick and choose. “It’s easy to be on your high horse when your profit margins are good,” said one New York art dealer, who requested anonymity. “But people hop off the horse and walk next to it when money gets tight.” 
Read full article via ArtNet

7 Mistakes Rookie Art Collectors Make

Sep 30, 2019

By: Adrienne Reid, Vice President at Huntington T. Block Insurance Agency, Inc., a division of Aon
Making your first art purchase is an exciting moment. You may not even have realized that it was your personal starting point of a lifelong love of collecting. Each new purchase brings life to your collection and continues to shape your vision. And before you know it, you have an art collection. However, new collectors, by virtue of being new, are prone to making mistakes when they first start out, especially if they aren’t knowledgeable about the process. 
Here are seven common mistakes new  collectors make – that are easy to avoid – if you know what to ...

Could That Be a $3 Million Vase in Your Attic?

Sep 30, 2019

Technology and tenacity are helping turn up undiscovered items whose value might surprise even their owners. 
For years, there was a maxim that the auction market was fueled by the three D’s: death, divorce and debt. Natural upheavals powered the supply side of the business, the thinking went. But these days, auction houses are working much harder — and, by their own accounts, smarter — to find material to sell. They are using technology in new ways and staking out new territory to see if local collectors would like to part with that charming painting, that lovely old watch, that intriguing antique porcelain bowl.
 Read full article via The New York Times

Online Art Collectors Look More Like Traditional Collectors than You Think

Sep 30, 2019

The art industry is at a crossroads. Never before have more people been engaged with art, thanks to the rise of digital channels and social media. Yet the market has largely stagnated over the past decade, and the number of artworks trading hands has decreased. As value has concentrated at the top of the market and costs have risen, galleries and auction houses are looking for new ways to ensure their businesses survive and thrive, to support artists, and to help connect collectors with artworks they love.
Read full article via Artsy

4 Key Challenges the Art Industry Faces Attract New Buyers

Sep 25, 2019

The art industry is at a crossroads. Never before have more people been engaged with art. Yet over the past decade, the market has largely stagnated and the number of artworks trading annually has decreased. Galleries and auction houses are looking for new ways to survive and thrive, with online sales receiving increased attention, given the significant opportunity to connect with and cultivate new collectors. Read Full Story via Artsy

7 Things to Look for When Hiring an Art Consultant

Aug 21, 2019

The art world is notorious for its lack of regulation and transparency and the global market is full of complexities; it can help to have someone on your side - an art advisor, or consultant - to help you make sense of it all and make the right purchasing decisions as a collector. However, even choosing a consultant can be a daunting task! The Clarion List has more than 800 listings for art consultants, and there are certainly many more globally.
We asked three art consultants with different backgrounds, experience and interests what advice they have for collectors who would like to hire a professional to help navigate the market to purchase art. Leslie Rankow of Leslie Rankow Fine Arts, Te ...

What Lessons Can the Art World Learn From the Last Recession?

Aug 21, 2019

Lessons from 2008 provide insight into what happens to the art market during a recession. Were a new one to hit, here’s what the art world should expect.
Source: Observer

How the rich get spending money: Locking fine art in storage and borrowing against it

Aug 13, 2019

Give them your fine art, and they'll lend you money -- seven figures and maybe more.
Source: Los Angeles Times

Galleries That Moonlight: How Dealers Are Making Money in Nontraditional Ways, From Advising Hotels

Jul 29, 2019

To increase revenue in a crowded field, galleries are developing side hustles as event venues and corporate art advisors.
Source: artnet News

The Changing Role of the Art Advisor

Jul 29, 2019

The line between dealing and advising on purchases of art is growing increasingly blurred – so can we still expect advisers to act solely on their clients’ behalf?
Source: Apollo Magazine

Comparative Analysis: A New First Step in the Art Authentication Process

Jul 06, 2019

By Lindsey Bourret, Head of Authentication Services, Mearto
[Sponsored Post]
The history of art forgery is nearly as ancient as the history of art. Roman sculptors frequently passed off their works as made by earlier Greek artists. Even the great Michelangelo falsely aged a sculpture to make it appear older and more valuable. In the 16th century, Albrecht Dürer was so plagued by forgers that he inscribed "Be cursed, plunderers and imitators of the work and talent of others" on one of his engravings.
Though it’s certainly not a new phenomenon, the previous decade has seen a number of major forgery scandals, from the arrest of notorious forger Wolfgang Beltracchi,  ...

A new catalogue raisonné organisation aims to foil fakes in the art market

Jul 02, 2019

The membership-based International Catalogue Raisonné Association will offer discounted legal advice and institute an annual conference
Source: Enter network

Matchmakers: How Art Market Recruiters Find the Perfect Fit

Jun 19, 2019

In January 2018, the American Bureau of Labor Statistics found that the median employee tenure was 4.3 years. This means that Americans change jobs, on average, every 4.3 years, which works out to more than 12 moves over a 50-year career. There is also early evidence that shows a trend towards an even shorter median tenure. Gone are the days of spending an entire career with one company. Today’s job market is all about making smart transitions.
Whether you are a job-hunter seeking your next position, or a hiring manager looking to fill a vacancy on your team, a recruiter can provide a wider range of options and help you make the right choices. There are several recruiting agencies tha ...

Art Basel: Small galleries are dying despite art market boom

Jun 18, 2019

The Art Basel is one of the top-selling international art fairs. Yet among the record-breaking sales, not all dealers are profiting from the hype.
Source: DW.COM

In Basel, Taking the Temperature of the Art World

Jun 18, 2019

The annual fair is one of the few moments when the curtains part to reveal where collectors’ tastes — and their money — are heading.
Source: The New York Times

The Cost of Price Transparency: Why Some Dealers Would Rather Alienate You Forever Than Reveal the P

Jun 12, 2019

As Art Basel opens to VIPs, dealers and collectors break down the pros and cons of making prices for artwork easily accessible.
Source : artnet News-Eileen Kinsella

Opinion | Big Money and Art

May 22, 2019

An art dealer worries that large donations by collectors and gallery owners are influencing what works museums display.
Source : The New York Times

Data-Driven: How Art Market Research Benefits Collectors & Professionals

May 13, 2019

For the last decade, the market has been abuzz with the emergence of fine art as an asset class. Now, perhaps more than at any other point in the history of art collecting, purchase decisions are heavily influenced by an artwork’s value as an investment.
Leslie Rankow, an established art consultant, said, “It’s hard work to be a good collector. It requires a lot of time - reading, learning and traveling.” As a consultant, she tries to direct her clients to works not only that they will enjoy for many years, but also that are likely to also appreciate in value while they are being appreciated! She said, “Anyone can choose a work of art. It’s my job to say ...

Future Returns: Art Funds Draw Few Investors, But Some Are Worth a Look

May 06, 2019

New structures, as well as closed-end funds, offer opportunities as transparency improves
Source : Abby Schultz

How Anti-Money Laundering Legislation Could Impact the Art Market

May 01, 2019

Anti-money laundering legislation in the U.S. and Europe would increase art market transparency while also burdening dealers with administrative costs.
Source : Artsy-Dean Nicyper

The Online Art Market Grew 9.8% in 2018

Apr 08, 2019

While growth slowed from 2017, the report predicted the online art market would expand significantly in the next five years.
Source : Artsy-Benjamin Sutton

Art Market May Be Asked to Reveal What’s Behind the Curtain With Proposed Legislation

Apr 04, 2019

While it would seem to be good public policy to enact legislation that will prevent money laundering, terrorism, and fraud, art market leaders are concerned that money laundering in art transactions is not a big enough issue to justify the regulatory burden.

Read Full Article Here

Meet the Accountants Who Take on Taxes for The Art Market

Apr 04, 2019

In 1789, Benjamin Franklin wrote, “In this world, nothing can be said to be certain, except death and taxes,” and while they are both generally considered to be unavoidable and unpleasant, fortunately, there are professionals who can make the burden of taxes and other financial obligations somewhat lighter for individuals and businesses.

There are many accountants and accounting firms that specialize in services for the art market. From helping artists file individual tax returns to bookkeeping services, management accounting and budgeting, tax and VAT compliance, annual statutory accounts and audit services for arts-based businesses, accountants can accomplish a wide range of ...

Popular Topics