Peter Svarzbein

Asher Edelman poses beside "The End of the World," by U.K. artist Christopher Winters, whom Edelman represents through his Manhattan gallery.

The Wise Men

Robert Mnuchin

Jasper Johns Dennis Oppenheim Jean-Michel Basquiat Robert Mapplethorpe Richard Prince Stunt at Sotheby’s Lands Tape Artist in Jail Dealer Holly Solomon’s Papers Headed to Smithsonian Phillips de Pury Makes Its (Small) Mark

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I was in the arbitrage business, and the economist Harry Markowitz worked for me while he was developing beta theory, which is considered the premier method of measuring risk in equity securities, but we also developed hedging techniques. So I know something about the valuation of options and bonds and so forth. And I remember when I was living in Switzerland, the private-banking division of Chase in Geneva would come to me and say, “Here’s something terrific for you, because you can own this currency, and this is the band where you’ll have some risk, and all you have to do is pay this.” Let’s say “this” was 4 percent. Then I would open my newspaper and see that if I bought this option, it would cost me only 1 percent to have the same thing. And Chase knew that! It was putting the structure over on people.

Have you been asked to consult for an art-investment fund?

Many times. But, again, I don’t think they’re structurally correct. I’d love to value what they haven’t sold.

Do you think your art dealings have ever been mischaracterized because of your past in finance?

Possibly. There’s a different characterization that annoys me: that I’m a dilettante. I was the first to win the Niolargue boating race in St.-Tropez three times. I ran a good museum. I know about the paintings I’m selling. So I resent people who say, “He has to be shallow.” I’m not.

"The Wise Men: Asher Edelman" originally appeared in the August 2008 issue of Art+Auction. For a complete list of articles from this issue available on ARTINFO, see Art+Auction's August 2008 Table of Contents.