“RISE OF ART ADVISERS HINTS AT FROTHY MARKET” (August 15, 2015)

Thus the Financial Times today. “Investors seek financial expertise on a fashionable asset,” explains the newspaper. Indeed, look up art advisers on the World Wide Web, and you will get the picture quickly enough. It is like choosing a shrink, it transpires. Art collectors, and especially inexperienced ones, are thus advised to seek advice on art advisers. A letter of agreement is the first step toward a lasting relationship rather than the good old handshake. Some advisors work on commission, a percentage of the agreed price of an artwork, while others charge a monthly or annual fee. Not surprisingly, the field is ruled by an international association of professional art advisers. Code of ethics is at its core. Important as it is, knowledge about the art world is only a small part of the endeavor. Return on investment is of great importance. But international tax law is paramount, for instance. And so is discretion and confidentiality. There are many novice collectors out there, and quite a few artworks of note are hard to spot because they do not look like artworks to begin with. And this is the key to the frothy market, for the new rich are new to everything, including the art world. They come from all over the globe, too. In the end, learning about art advisers makes you feel sorry for the artists themselves. The bulk of them are nigh irrelevant to the field. Like big game, they are to be hunted for fun.