LATEST ART INDUSTRY TRENDS

The art market has become more transparent over the past 20 years but some areas remain opaque. The art advisory field is a good example. No industry-wide standard exists for best practice: not for individual art advisors nor art advisory firms. Oftentimes this opacity prevents collectors from hiring an art advisor. This is unfortunate because a good art advisor provides tremendous value to their clients: educating them on art, saving them time and money, and reducing their transactional risk. Aspiring art advisors, too, are left to their own devices when it comes to navigating the idiosyncrasies of the art market. No education exists on topics such as appropriate fee models or managing client relationships, including potential conflicts of interest.