ART BUSINESS CONFERENCE NY 2019

UNPROFITABLE PROFITS

For the second year in a row the Art Business Conference returned to New York and settled in at the Bohemian Hall in a decidedly more homey surrounding than last year's Mandarin Hotel. It might have been cozier but it lacked the spice of controversy to keep attendees rooted to their seats. The liveliest voice to be heard was that of Edward Dolman, late of Christie's and now at Phillips (to its advantage). Rather startled by his information, revealed in response to a question about rising auction commission rates, is that there is not much difference in profits realized by auction houses now and 20 or more years ago. Infrastructure, whether for auction houses or large galleries, is eating profit away. Concessions to consignors and the larger and larger staff result in the only big profiteers in the art market being those who were smart enough to trade their artworks ever higher and higher until today they pretty much dominate the art market - in other words, big-time contemporary art collectors. One takeaway from his brief commentary is that he spoke without guile and, surprisingly enough, without a commercial agenda. It might have been a foreign language insofar as art talk usually goes.