Ask ArtInfo: The Role of Art Advisors

The Role Of Art Advisors

Photo courtesy Guggenheim, Asher Associates

Portrait of Abigail Asher, partner at the art advisory firm Guggenheim, Asher Associates

Photo courtesy Sharon Burton

Portrait of Sharon Burton, founder of Authentic Art Consulting

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I consider myself a mid-range collector—I don’t spend millions on art, but I make a few significant purchases each year. I focus on Contemporary works, across all media types, although paintings make up roughly three-quarters of my collection. (I will occasionally buy a Modern or Impressionist work as well.)

I consider myself a competent investor and believe I have a decent eye, but I wouldn’t mind some help with my art buying. This brings me to my question: What exactly is it that these “art advisors” you frequently reference do?

Can you give me a detailed sense of the services they offer? What type of fees do they charge? Who are their clients: Do you have to be super-rich to use them, or do they have the merely well-off as clients, too? How do I find one, and more importantly, how do I find the right one for me?

Thanks,
Art Assistance Wanted
Phoenix, Ariz.

Dear Art Assistance Wanted,

Judging by your letter, you are already ahead of many other collectors in terms of your awareness of your tastes and preferences for artwork. But as we have observed in several of our previous Ask ArtInfo columns, the art market can be a tricky place even for an experienced buyer—and some expert advice can make all the difference between a wise, rewarding purchase and a long-lasting regret (both aesthetic and financial).

This is where art advisors can play a valuable role: They act essentially as your personal art-market agent, expert and coach. Their role can cross the spectrum: from serving as a tutor about art history; to helping buyers develop (or, in your case, refine) their eye; to negotiating money-saving deals with galleries and artists; to helping you frame, hang, light and display your works in the most appealing way possible; to selling your collection for you.

“People work with us to get the inside scoop on the market, to have someone with the knowledge and experience to advise them,” explained Abigail Asher, a partner & principal at Guggenheim, Asher Associates in New York, one of the country’s best known advisory firms. “They want someone who can do the work for them.”

Now, let’s take your questions one-by-one.

1) An Overview of Services:

* Education is a key component of the services offered by most art advisors (good ones will have an advanced degree and an effective way of conveying their knowledge to neophytes). At the start of a relationship, many art advisors will spend a lot of time with clients simply looking at—and explaining—art.

Julie Cline, a well-respected art advisor in Santa Barbara, Calif., for example, generally works with her clients for at least a year, while she guides them through museum and gallery exhibitions as they develop their aesthetic.

“Even chairmen of major Fortune 500 corporations can be uncomfortable around art, feeling that they don't know anything about it,” she said. “So before my clients buy anything, I try to help them learn.”

* Connections and Discoveries: In addition to this educational role, most art advisors come equipped with at least a dozen years of industry experience—and a Palm Pilot full of contacts. So once they determine the type of art you enjoy, they should be able to expose you to numerous artists and galleries you very likely may not have ever seen on your own.

* Pricing Advantages: When it comes time to make a purchase, advisors can act as your representative in negotiations. For new buyers, with little sense of going prices or discount norms, this can be essential in avoiding getting taking to the cleaners. But even more experienced collectors can benefit.

For one, art advisors are immersed in the market as few others are—they are constantly researching prices and doing deals, so they know as well as anyone the prevailing price for an artist’s work.

There is another financial benefit as well: professional discounts. Galleries typically offer a 10 to 15 percent discount to advisors. And for framers, movers and lighting designers, the courtesy discount can be as high as 40 percent.

2) Payment Procedures:

“Art advisors use a variety of fee structures,” said Sharon Burton, the founder of Authentic Art Consulting in Washington, D.C. “Some charge by the hour for a consultation and research regarding the art, and others take a percentage of the commission from the final sale of the art. I do a little of both.”