The Art Advisor's Diary
The article is focusing on outlining a few art cultural myths in the profeshion of an Art Advisor.
1: BE HONEST AND WORK WITH EVERYONE
There is an assumption that Art Advisors works only with HNWI. Not accurate. In today's art market, the choice is unlimited and so is the price. The art advisor can sell the work of art from the artist studio, gallery other advisors in collaboration or private collection to a new or pre-existing client and consider corporate acquisitions to a small one-time buyer. The variety of clients stands in cases such as buying a new home and invite art advisors to source works of art or in other instances, interior design studio collaborating with an external chain of hotels.
2: HOW TO SOURCE A CLIENT
Focus on marketing, not the sale. The most vital and most valuable element of the business is the brand. If you are solo, your reputation is your brand.
The brand is built in the gates of the university with a pool of leads. The internships provide contacts in the industry unreachable otherwise and the colleagues or fellow interns are today’s employees in valuable paces.
Another source of growth is organically built a network at social events, gallery openings, and work related dinners. Good old cold calling and reaching out to people daily not only trains your communication skills but also opens the door to a wider spectrum of opportunities.
To add a pearl on the subject of value is to say, 'be kind". Giving without expectation builds a strong brand positioning that sits not only under a wide but also a valuable umbrella. But be aware, giving to only receive back makes you seen as manipulative.
3: WHO HAS ACCESS
Many art buyers or collectors believe that art advisors have access and can jump through waiting lists. The truth is, clients are the ones who do. With an existing list of clients and phone-numbers to address the favours, it is the buyer and also his/her reputation that leads to a successful offer or limited access. Do not get confused. The term money talks apply here, too.
4: WHO IS THE DECISION MAKER
One misconception’ also lies in the belief that art advisors tell clients what to buy. Good art advisor has to figure out what clients' visual preference are and what are to motives behind each purchase. One of the hats, the consultant is placing on in this instance is the ability to be an intuitive detective. The chances for a client looking for what lies in consultant books are pretty slim. It is never about the advisor’s preference but the clients' visual alignment, where the consultant can choose the best from a pool of offerings.
5: HOW MUCH AND WHERE TO CHARGE
Art Advisor’s bread and butter are paid by taking a percentage from the sale usually between 5% to 20% depending on the sale’s value.
The second options of payment are fixed fee while working towards reshaping or management of existing art existing collection. If the client is not looking to buy a work of art but requires the advisor to proceed with different services (market research, valuation, exhibition loan) the art adviser can set an hourly rate as a favorable method of payment.
6: IS SALE THE ONLY PAID RESPONSIBILITY?
No. After the initial sale takes place there are further steps to embark on to deliver a complete set of services. The logistics range from transport and insurance to the conservation, framing, and installment into a corporate or private setting to restoration and maintenance. In case of damage, the art advisor can recommend an appropriate restorer depending on the work's medium origin. Art advisors also manage clients' overall outlook of the collection, measure the pulse of the market, keep the eye on current valuation and advice on possible shift or edit to the collection with potential promotions, loans, or donations.