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 ...

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

Apr 03, 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.
Source : New York Law Journal

The Digital Art Market Heats Up

Mar 26, 2019

Prices are rising, but buyers may not always know the risks—including technological obsolescence.
Source : WSJ-Dan Weil

Art And Money Laundering Why The Global Art Market Needs Regulation - Artlyst

Mar 26, 2019

High-end art, antiquities, and antiques have become more and more attractive to money launders says, Peter D. Hardy a partner at Ballard Spahr, writing for The National Law Review, in an in-depth article published today.
Source : Artlyst-Paul Carter Robinson

Meet the Accountants Who Take on Taxes for The Art Market

Mar 12, 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 t ...

Clean House to Survive? Museums Confront Their Crowded Basements

Mar 12, 2019

With storage spaces filled with works that may never be shown, some museums are rethinking the way they collect art, and at least one is ranking what it owns.
Source : Robin Pogrebin

Wealthy millennials boosting the art market

Mar 09, 2019

The global art market experienced another uptick in 2018, helped by an increase in the spending power of millennials, a report published by UBS and Art Basel said on Friday.
Source : U.S.-Brenna Hughes Neghaiwi

You Want to Buy Art. Is It About Love or Money?

Feb 19, 2019

Collectors offer advice on how to buy fine art, and when to sell it.
Source : The New York Times By PAUL SULLIVAN

Savvy Specialty Finance Firms Cash in on the Growing Trend of Borrowing Against Art

Feb 12, 2019

For firms that combine a knowledge of the art market with financial expertise, your solid investment is potentially theirs, as well.
Source : Observer-jehelmke

Filling in the Blanks: How Provenance Researchers Solve the Art Market’s Complex Puzzles

Jan 17, 2019

What is provenance research and why is it important?
Highly desirable works of art are often described as having “impeccable provenance,” but what exactly does that mean?
Imagine being able to trace an uninterrupted line from a work of art’s current owner back to the artist’s studio, knowing every place the work has ever been exhibited, the date and location of every sale and the identity of every previous owner along the way.
When you think about all of the events that would occur over, say, a 400-year-old Old Master painting’s lifetime – war, natural disaster, political and economic unrest – it becomes clear that all of this information, collect ...

Top 3 Art Insurance Claims and How to Prevent Them*

Jan 15, 2019

By: Erin Bast, Senior Underwriter at Huntington T. Block Insurance Agency, Inc., a division of Aon
It is commonly thought that art theft would be the most prevalent claim due to breaking headlines about bold art heists and movies such as the Thomas Crown Affair. However, ironically enough, theft claims are really rather rare. Instead, the majority and most common types of art claims can be bucketed into three categories: transit, peril and accidental damage.
Art on the move
The number one type of claim the art world experiences is damage of a work of art during transit. In fact, over the course of a year, transit is the cause of between 60% - 75% of all losses. While the safest place for ...

How Art Exhibition Consultants Benefit Galleries in a Shifting Market

Nov 12, 2018

In the past decade or so, the way that art is exhibited, bought and sold has made a major shift. The number of art fairs is at a record high. For some galleries, these art fairs can be highly beneficial, as sellers are able to increase their visibility and widen their market. Participating in art fairs year-round can be an immense financial burden, and yet if galleries choose to opt out, they are considered irrelevant. This high-cost, high-risk atmosphere of most art fairs poses an immense threat to the existence of smaller brick and mortar gallery spaces and can be very costly and profit-eating even to the established galleries.
As New York-based artist consultant Elliott Levenglick, who r ...

Essential Software For Art Market Businesses

Sep 11, 2018

5 Tech Companies Offer Efficient Information Sharing
The art market is evolving as more and more art transactions are taking place online. However, despite grabbing most of the headlines, e-commerce sites aren’t the only platforms that are revolutionizing the art world via tech. A number of companies offer software solutions to help art market businesses -from auction houses to galleries to art consultant firms - run their businesses more efficiently.
Due to the historical and prospective significance of the works being bought and sold, art transactions require a complex web of data that is continually evolving about both the object and its sales. With the help of online software pro ...

Surviving the Storm: How to Keep Your Art Protected in the Wake of Disaster

Aug 30, 2018

By Diane Jackson, Chief Operating Officer and Director of Finance at Huntington T. Block Insurance Agency, Inc., a division of Aon
With the 2018 hurricane season upon us and the most damaging California wildfire blazing – not to mention the prospect of winter weather around the corner – it’s more important than ever for art collectors to create a plan of attack for how to keep their collection safe if a natural disaster were to occur. Failing to have a proactive plan in place leaves collectors vulnerable to having to react quickly in dangerous situations, upping the chance art may be damaged in hasty transit or, worse yet, have to be left behind at a moment’s notice. ...

Collection Management Specialists: Going Beyond the Catalogue

Jul 11, 2018

One of the most vital services for art collectors that is commonly overlooked is collection management. As a collection grows, having a collection management specialist by your side can be incredibly beneficial to save you time and headaches in both the short and long terms.
While more and more larger private collections are being overseen by collection management specialists, this field is still unknown to many newer collectors and industry insiders. We spoke with four experts from the field about why a collector should hire a collection management specialist, what services they offer, how to hire the best specialist, and why your art consultant may not be enough.
Cataloguing & Beyond ...

How to Invest in Art Funds

May 21, 2018

What to Expect As You Become a Part Owner of a Masterpiece
Not everyone can own a masterpiece. Besides the often prohibitive price tags, you also have to wait for one to come up at auction, and not all art lovers have adequate wall space. One of the greatest troubles (and joys) of paintings and sculptures is that there’s just one of each.
Art funds, however, allow individuals to share ownership as they make investments in aesthetic assets including masterpieces. Around since 1974 (according to Artsy.net), these entities have shifted over the years to accommodate new investors and eras of art history. Now, you need not be a millionaire, nor an Old Masters aficionado, to buy in. This y ...

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