LONDON—Ray Waterhouse is one of the best-known—and most-respected—figures on the international art scene. He studied art history and history at London University and began working as an art dealer within weeks of graduating.

He founded Waterhouse & Dodd with Jonathan Dodd in 1987. His specialties are Impressionism, 19th-century art and Modern art, and his principal role within the company is purchasing paintings.

He is also a key figure in his subsidiary company, Fine Art Brokers, which offers confidential, customized art advisory services to collectors worldwide. Though based in Cork Street in London, Waterhouse works a great deal in the United States, so his conversation with ArtInfo began on the subject of the differences between the New York and London art scenes.

Ray, you have vast experience in dealing with clients both in the U.K. and the U.S. How do they differ?

The biggest difference is that many fewer U.K. clients buy art as a way of buying into culture, as they think they already have it. On the other hand, U.S. clients often buy art as a way of buying into a heritage.

U.S. clients come with much less baggage and are more open to different ideas and artists; but on the other hand, they can be limited to a few things they have seen—like just buying views of Paris. And as sellers of European and British paintings, U.S. clients trust us just because we are British, have the accent and are part of the culture we represent.

On the whole, there are probably a greater percentage of genuine “collectors” of a particular artist or subject among British clients, which is sometimes influenced by family taste. Whereas the vast majority of Americans we sell to haven’t inherited any art and start afresh with new money.

Consequently, in some ways, it’s easier selling to Americans as they have many fewer pretensions and issues, so it’s more of a pure artistic and financial decision. That’s not to say we don’t have issues with interfering decorators!

Also, in our experience, Americans are much better at admitting when they need help. I believe a huge number of Brits don’t buy art although they have the means and desire to do so. They are afraid of making a mistake, and yet they are afraid to ask for the advice they need. Americans are prepared to pay an expert for valuable advice.

How do the sales rooms differ between the two countries?

The differences aren’t so big. London has become more like New York in the retail aspects, but the staff still retain a stiffness and arrogance that is not common in New York.

As the general scene is concerned for 19th-century and Modern art, London is more international, catering to many different people, whereas New York is much more concentrated on American clients. Both scenes are dominated by the auction seasons and the art fairs. [Modern and 19th-century] galleries are obviously becoming less important as exhibiting spaces. Rarely do galleries have in-house shows with major exhibits: They keep them for fairs or show them privately, or even enter them for auction!

Has the art business become much more global in nature recently?

The art market is without question more global in nature. We used to do great business representing U.S. dealers at French auctions, as the arcane Drouot auctions were impenetrable to the non-French, and we have a full time agent there.

Now, with the Internet, U.S. dealers can view and often bid online. Consequently, arbitraging between auctions is hard to do now (particularly with the huge buyers’ premiums, but that’s another story). Collectors with time on their hands can look online, but it’s a hugely laborious process. The collectors we represent expect us to be aware of auctions in every country; they don’t have the time, even with the Internet.

Also, it’s my belief that up to 15 years ago, most art collectors had their own local dealer and were loyal to him or her. Art fairs changed all that, as collectors could suddenly see 50 to 200 dealers under one roof in one afternoon. This has had the effect of diminishing the importance of gallery premises and exhibitions.