One Art Nation, the online international art community educating art collectors and professionals, is delighted to introduce its online Art Advisory 201 course, the sequel to their acclaimed Art Advisory 101 program.
Understanding Best Practice in Art Advisory
As a professional art advisor, your role is to provide unbiased advice to your clients. What does that mean and why is it so important? For example, how does the art world compare to other industries, like the heavily regulated financial services industry?
We will propose a fee structure that is fair and transparent to your clients but at the same time profitable for you. We will discuss which types of projects might make sense for you to take on from a financial perspective, and which not. We will also discuss how to recognize, avoid and manage conflicts of interest.
Business and Legal Issues for Art Advisors (Risk Management)
In order to better understand best practice in art advisory, we also have to address the legal aspects of the relationship between an art advisor and their client.
How does the law of agency apply to your relationship with your client and what does the term fiduciary mean?
And, as much as you are an advocate for your clients, you need to protect your own interests, too. How do you vet prospective clients and what are the right questions to ask?
Following on from Module 1, we will discuss your potential legal liabilities as an art advisor and how you can mitigate risk through carefully drafted agreements and insurance.
Effective Marketing Strategies for Art Advisors
In this module we talk about understanding the industry you are in, how it is changing and how technology will affect your business over the coming years.
We will also touch upon the challenges associated with marketing a service business to a discerning, international clientele. As an art advisor you’ll market your services in person, supported by your online presence.
We will discuss the importance of a strong brand for your art advisory business and how to set up and maintain an effective online presence. We will share proven digital marketing strategies to help you grow your business.
Lastly, we will provide you with a framework for developing your pitch to potential clients and referral sources and advise you on how to build a lasting network for access to private sales opportunities.
The Many Aspects of the Acquisition Process
It is paramount that you understand your role in the acquisition process. Whether you are advising your client on a purchase at an art fair, at auction, a gallery or an artist studio, each acquisition requires its own approach.
We will suggest an approach for each, taking into account whether you are working with experienced or new collectors. We will also give you hands-on pointers on how to critically assess contemporary art from a value perspective.
Lastly, we discuss the importance of resources: at what points in the purchase process do you need to obtain advice from experts on issues like sales and use taxes, import and export matters or provenance/title concerns.
The Sales Process in Detail
When advising your clients on the sale of an artwork or collection, your role is to get them the best possible deal. This is not just a matter of obtaining a satisfactory sales result but also keeping sales cost to a minimum.
Each artwork requires a unique sales strategy. Client expectations need to be managed. How do you orchestrate a consignment at auction? How do you sell an artwork privately? We will discuss the factors that determine the outcome of a sale, including potential tax liabilities.
Ask the expert
You are invited to participate in an online discussion between your colleagues and the course speakers, in which you can share your experiences and ask questions. Please note that participation is not mandatory to earn your Certificate.
Participants will walk away with:
- A Certificate of Participation from the only Art Advisory Course in the world, offering evidence of your expertise
- A clear understanding of best practice in the art advisory field and why it matters to you.
- A thorough grasp of the business and legal issues involved with running an art advisory firm.
- In-depth knowledge of how to implement effective marketing strategies to grow your business.
- A detailed insight into the many facets of art acquisition and your role in this process.
- A familiarity with the many factors that determine the outcome of an art sale and how to navigate these successfully on behalf of your clients.
- A non-accademic credential for your resume/LinkedIn and increased respect as a professional
- A competitive advantage when marketing your services
From handling day-to-day business operations to managing the relationships with your clients, running your own art advisory practice is no small feat. For example, most of your work as an art advisor will be related to guiding your clients on the acquisition and sale of artworks. Where do you learn about the nuts and bolts of art transactions?
Being an art advisor in the 21st Century is a fantastic opportunity but also a challenge. Many grey areas exist in the art advisory profession. How do you manage potential conflicts of interest? What is a fair fee structure, not just for your clients but also for you? What are the must-have clauses you should include in your contracts?
Based on what you told us you want to learn, we have written a syllabus that focuses on the key aspects of running a successful art advisory firm. We discuss best practice, legal and business considerations for art advisors and how to successfully market your services and grow your firm. We have also included two in-depth modules on acquisitions and sales.