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Interview: Working in the Arts - Art-Tech Special: Rebecca Davison-Mora

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Careers in the art world                                                       7th of Feb                                                            Lecturer: Julia Henderson - Owner/Director of DRAW recruitment (Arts Jobs Recruitment Specialists)                     

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Careers in the art world                                                       7th of Feb                                                            Lecturer: Julia Henderson - Owner/Director of DRAW recruitment (Arts Jobs Recruitment Specialists)                     

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1. Not everyone will be a curator
2. Not every one will work in a museum, gallery, and auction house
3. There are jobs outside Mayfair!

Case studies - with an Art Business background like me!
1. Director of sales (SaaS/e-commerce)
2. Studio Manager
3. Business Director - auction

Skills in demand...
Person specification

multitasking

problem solver

positive team influence

organisational skills

detail-oriented

interpersonal and communication skills

flexibility

Practical skills/ qualifications

strong admin skills

genuine interest and demonstrable knowledge of antiques and collectibles/ fine art

tech savvy/ e-commerce/ platforms/ design

sound art historical or art buisness background

numeracy

foreign language

4. Where to look?
network/alumni
online industry groups
agencies
job sites
aggregators
social media - LinkedIn
newspapers
industry specialist papers/websites
company websites
5. contacts are key - start my network today!

In summary, I should...

Keep an open mind about where my career in the arts may lead, and be flexible!

Do my research/ know the market/ hone business acumen

start networking!

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Rebecca Davison-Mora is the Communications Manager at , a due diligence platform that supports the art market. Previously she worked in various leadership roles at arts institutions and commercial galleries in Toronto, Canada. She holds a Master's degree in Arts and Cultural Management from King's College London and has been awarded for her research pertaining to cultural policy and diplomacy.
We get a lot of candidates saying they'd like to work in an art tech start-up. What advice would you give to someone wanting to work in this area of the art industry?
If you have an interest in working at an art tech company but don't have experience working in tech, don't stress! There are so many transferable skills that come along with art experience. Art x tech is a unique intersection that requires an understanding of both industries - but if you have experience in one or the other, and have a genuine interest/desire to learn you are already 80% there. I would suggest researching companies that you are interested in, identifying the gaps in your knowledge and looking for ways to address those gaps. This could be independent learning or formal training. What is important is to show on your CV (and in person) that you have a genuine interest. I would also suggest looking for roles that fit your existing skills - for example sales positions, marketing or operations. These are all areas where you can apply transferable skills learned from working in the arts.
What skills/ attributes/ values do you believe are critical for working in a start-up?
Working for a start-up means you are usually working in a small team and will need to do a lot of independent work/thinking. In order to succeed you need to be a self-starter, flexible and creative. You will be valued for your opinion and insight, so critical thinking and self evaluation is also important. The good news is that most arts organizations require the same skill set! So, you are already equipped with the tools to jump.
What are the most positive aspects of working in a start-up?
When you work for a start-up you become part of a tight knit team working towards a common goal. There is something really special about that dynamic. You will be valued for your experience and insight, and have the chance to contribute to the growth of a company. In addition, there is a flexibility that accompanies working in tech that traditional art jobs don't offer. Most companies will offer you some configuration of work from home, benefits and perks - contributing to a high quality of life that (especially in this economic climate) is always a positive.
What has been your journey to working where are you now?
I grew up in Canada, and worked in various gallery roles in both institutions and commercial galleries for 6 years before I moved to the UK. I moved in 2021 to pursue a Master's degree in Arts in Cultural Management at King's College London and simultaneously worked as head of operations for an independent art dealer in London. Upon completion of my degree I realised I needed a change and started looking for opportunities that would challenge me. I used the Arcarta platform in my previous job and saw they were hiring. I reached out (via phone, not email) and together we built a role that suited my skill set. That role eventually migrated to my current role as Communications Manager as we identified key areas of the business that needed additional support. Now I run our communication across all channels, manage our PR company, advertising presence in different publications and both our online and in person events.
Finally, what careers advice would you give to your younger self?
This is advice I think my mum or dad gave me, but that it took me too long to take. No opportunity is wasted, look at the cards you have been dealt and pick the best card. If you continually evaluate and make decisions based on this mindset you will always build towards Instead of trying to change the hand I had been dealt, as soon as I started following this mindset I started to actually build a career instead of jumping around from role to role. I would also advise myself to value my experience and time. In the arts there is sometimes this unspoken expectation that because you love what you do that passion will sustain you. I had many years of working late, for pay that didn't match my education or experience. Once I began to value my time and my skills I was much happier and a better team member.
Thank you to Rebecca for taking the time to talk to us.

Notes from DRAW · 01.02.2023

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DRAW Recruitment - Working in the Arts - Art Tech Special: Rebecca Davison-Mora -

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Rebecca Davison-Mora is the Communications Manager at , a due diligence platform that supports the art market. Previously she worked in various leadership roles at arts institutions and commercial galleries in Toronto, Canada. She holds a Master's degree in Arts and Cultural Management from King's College London and has been awarded for her research pertaining to cultural policy and diplomacy.

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Organisational Behaviour: How to Build A Business                                                                         7th of Feb                                                                              Lecturer: Cristina Iodice

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Organisational Behaviour: How to Build A Business                                                                         7th of Feb                                                                              Lecturer: Cristina Iodice

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SWOT (Strengths, Weaknesses, Opportunities, and Threats)
PESTEL: Political, Economic, Social, Technological, Legal, and Environmental
organisational behaviour:
technology's impact on organisational behaviour:
-transition from a traditional to the modern organisation
-creates a flat organisation
-allows global hiring (close skills gaps)
leads to:
-improved communication
-effective decision making
-employee empowerment at all levels

social trends today:
the great resignment
the 4-day working week
quiet quitting
work-life balance
DEI (Diversity, Equity, Inclusion)
recommendation: John ppl unwilling to work in the way before Eminem
Internal factors SWOT(Strengths, Weaknesses, Opportunities, and Threats) from employer
Micro-economics/internal factors
managerial changes (new managers, new ideas, objectives, skills)
demographic(diversity)
abilities & skills(skills in line with job requirements)
nature of the workforce (multiple generations working in the same organisation)
traditional organisational structure- hierarchical
vs new organisations

Case study:
The organisation of the future according to Jacob Morgan
New C-suite roles transforming business (new jobs)
- chief sustainability officer
- chief meta-verse officer
- chief information officer
- chief automation officer
- chief trust officer

What your organisational structure says about your business
your business model?
Which industry do you operate with?
What are your short& long-term goals?
What is the blueprint of your organisation?
How to build a successful business:
good business plan: all elements-> models: PESTEL, marketing mix, product, price point, study customer, marketing strategies(4Ps & 7Ps)

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Economics in the art world II: emerging galleries / mid-size galleries / mega galleries                                               31st of Jan  Lecturer: Julia Bells                                           

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Economics in the art world II: emerging galleries / mid-size galleries / mega galleries                                               31st of Jan  Lecturer: Julia Bells                                           

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economics in the art world: established artists vs emerging artists
recommend: diary of a CEO podcast with Steven Bartlett
The NewBridge Project: an artist-led space that supports artists, curators, and communities through the provision of space for creative practice, curatorial opportunities, and an ambitious artist-led programme of exhibitions, commissions, artist development, and events.
if you're an artist: find opportunities
public exhibitions- solo and group shows
residency programmes
commercial gallery opportunities: popular
professional development networks or programmes
commissioning opportunities
sales platforms: less popular
artist opportunities
teaching

emerging artists: building an online profile
Instagram. Facebook. website. Twitter. Tiktok. reels

the artist and gallery relationship
artist representation
shared representation or sole representation
Representation means:
share of sales (up to 60% in some instances, but mostly 50%)
development of a career:
sales- gallery/art fair
institutional profiling
critical review
collector support
(not fair) artists not getting paid, but couldn't afford to leave the gallery
(savy) gallery representatives and own studios at the same time
commercial art market: London. New York. Paris. Hong Kong
London (The Modern Institute Glasgow)
very little commercial activity outside of London- for artists, it's hard to be seen outside of London
Germany has a small but dense collector traditional base
Joy Labinjo Nigerian artist

Alternative options for income
-online sales
-art selling platforms: Matthew Burrows Artist Support Pledge post instagram, set own price, ex: 10 works sold you use the money of the 10th sale to buy another artist's work/circle
-temporary selling exhibitions: sometimes Christmas sales for young artists are 35% institution, 65% artist/ good deal
-rental income: open studios,
-artist-led fairs/ marketplaces
-licensing-Clay Biller sculptor Yorkshire
-working with art advisors
-working alongside professional industries: Architects/ Designers ex: public commissioning art: Angel of the North

rebalancing of human power:
growth of the mega artist
building of an empire
ex: Antony Gormley, Yinka Shonibare, Damien Hirst, Tracey Emin, Yayoi Kusama, Daniel Arsham
Alternative economics
artist agency representatives
a similar model to an entertainment agency
MTART agency
commercial entities: licensing
Yayoi Kusama
Daniel Arsham
Dan Holdsworth

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What Makes a Great Leader? Harvard Business Review

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Enterprise and Innovation II: Business World and the art world                                                               17th of Jan                                                                              Lecturer: Martina Batovic

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Enterprise and Innovation II: Business World and the art world                                                               17th of Jan                                                                              Lecturer: Martina Batovic

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Enterprise and innovation
global business environment: Understanding global context and behavior is crucial
data and digital in Business: data capture
interest meeting in auction houses
GDPR General Data Protection Regulation: protects data in Europe areas
service mindset and business relationships
Sotheby's preferred- for private members
later on, specialists left and set up The Cultivist

Business design thinking in creative business
methods: thinking creatively refer to different situations

unlocking business value
KPI- key performance indicator
how to measure success
auction houses- the hammer price
no need to be numbers

developing effective marketing programmes: who you are as a brand

sustainable and responsible management
gallery climate regulation (GCC): reduce the environmental cost

leadership and transformation
recommend reading: Harvard business
what makes a good leader?
The ABCs of leadership: you must be an architect, a bridger, and a catalyst
A: Architect - Build your company’s culture and capabilities for innovation.
B: Bridger - Forge partnerships outside your organization.
C: Catalyst - Accelerate co-creation across the entire ecosystem.
Moreover...
- a leader who can set the tone
- advise in a 'sandwich way': negative feedback between two positive ones (positive-negative-positive), easing the blow of the critique

entrepreneurship
tips: fake it until you make it!
e.g. an art tour mentor

global business environments:
Data and digital in Business

In summary, I have to think thoroughly about my business plan...

• Global Business Environments

– internationality of business

• Data and Digital in Business

– value, importance and protection of data

• Service Mindset and Business Relationships

– how will my offering service address my clients?

• Business Design Thinking

– how will I frame and push my big ideas into life?

• Unlocking Business Value

– what are my KPIs?

• Developing Effective Marketing Programmes

– what effect will marketing have on my business?

• Sustainable and Responsible Management

– does sustainability play a part in my business?

• Leadership, Transformation, and Complexity

– what kind of leader am I?

• Entrepreneurship

- what does it take to be an entrepreneur? what makes me one? how can I gradually become one?

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Gallery - Luxembourg + Co.                                             Lecturer: Alma Luxembourg

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Gallery - Luxembourg + Co.                                             Lecturer: Alma Luxembourg

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About Luxembourg + Co.:
A dynamic leader who offers a proven background in gallery operations, high-value sales, consulting, client relationships, management, and new business development. I have contributed talent in due diligence, certification, art fair development, and management. This is while showcasing an ability to see the "big picture" within evolving art and financial markets.
Core: museum-quality exhibitions, secondary market: academic research, early artworks evaluation- early artworks from artists that became famous later.
representative artists: 1920s René Magritte, lberto Giacometti, Pino Pascali

- Sustain itself without scheduled exhibitions but with a commercial sense, the tendency of collector interest in the secondary market, art fair opens the opportunity for sales
people tend to buy more "collectible" value works of certain artists.
- Highlight the importance of works, more value, not against commercial value, lack of knowledge of the value of early works

Q: What is the typical workday like?
A: Tiny team, a lot of projects, and collaborative works
Q: How far do you let the artist's opinions affect the exhibition?
A: It's flexible, with no set of patterns, depending on the artist's will.
Q: How do you deal with the bad press with the exhibition Lost in Italy?
We did a lot of things to ensure: offended the tailors on the road with the statement about the death of the pandemic situation, didn't receive bad publicity from the public, were aware of the reaction then moved inside the gallery, did a case study.

As an international team, dynamic team - language skills are needed.
Candidate requirements:
1. dynamic personality to do everything quickly, eternal rigor to stand the ground- certain confidence 2. flexibility, ability to do everything because it's a small team.

Julia Henderson: owner of Draw recruitment/ HR background
before, focused on the auction side of the art world
UK-based, seldom US trips
1. not everyone will be a curator
2. not everyone will work in a museum, gallery, and auction house
3. There are jobs outside Mayfair!
- great regional auction houses are often out of town
- short train journey
- big international networks
Case Studies:
1. director of sales(SaaS/e-commerce)
2. studio manager
3. business director-auction

Skills in demand:
- multitasking
- problem solver
- positive team influence
- organisational skills
- detail-oriented
- interpersonal and communication skills
- flexibility

Q: If I have no contacts, how do I start?
A: Start a contact book today, and build a network.

In summary:
- keep an open mind
- do your research
- focus on skills in building skills
- start a contact book
get social ready ... employers look online!
e.g. LinkedIn profile

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Luxembourg + Co. presents curated, museum-quality exhibitions of works by modern masters and contemporary artists in its spaces in New York and London. Previously as Luxembourg & Dayan, the gallery has presented a number of critically acclaimed exhibitions that range in scope from focused considerations of historical and contemporary artists such as Paul Cezanne, René Magritte, Alberto Burri, Richard Prince and Derrick Adams to thematic and investigative surveys, which since 2011 have included Grisaille, Unpainted Paintings, The Shaped Canvas, Revisited, and The Ends of Collage.

New York
View map

595 Madison Avenue, 6th Floor

T +1 212 452 4646 F +1 212 452 4656
INFO@LUXEMBOURGCO.COM

Monday - Friday, 10AM - 5PM
Saturday, 12 - 4PM

London
View map
2 SAVILE ROW

LONDON W1S 3PA

T +44 (0)20 7734 1266 F +44 (0)20 7287 7039
LONDON@LUXEMBOURGCO.COM

Tuesday - Friday, 10AM - 5PM
Saturday, 12 - 4 PM

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Luxembourg + Co. presents curated, museum-quality exhibitions of works by modern masters and contemporary artists in its spaces in New York and London. Previously as Luxembourg & Dayan, the gallery has presented a number of critically acclaimed exhibitions that range in scope from focused considerations of historical and contemporary artists...

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In order to promote introduce Asian collectors to the UK, I intend to launch my company in London as an art advisor. I will offer each client individualised support in order to increase each artist's distinctiveness and visibility. My assistance will be in creating publicity, preserving the caliber of the job, and boosting revenues.

Services

Our primary source of differentiation is our proficiency in related disciplines, such as academic art history and financial strategy, which enables us to provide our clients with a comprehensive approach to art consulting. We firmly believe that the best way to manage a collection is to be totally dedicated to it, which is why we provide our clients with services in the following areas.

Collection establishment

Advice on buying and selling both privately and at auction sales.

Representation at auctions and private deal negotiations.

Analysis and research of the art market to help wise selections.

Authentication, attribution, and due diligence are all necessary to prevent costly errors.

Planning for finances

Disposal of a collection.

Preparation for taxes and estates to enable effective, long-term solutions.

Advising on gifts to the arts is known as art philanthropy.

Private art investment funds balance risks in alternative portfolios while incorporating art into a larger wealth strategy.

Suggestions for a plan for art lending.

Collection administration

Management, creation, improvement, and curation of collections.

Organising collection operations with top-tier art service providers for transportation, storage, framing, restoration, and installation.

Valuations for both insurance and fair market use.

Adaptable fees
To reduce the opaque and unregulated dynamics of the art market and to provide knowledgeable, objective advice that prioritises the client's needs, an independent intermediary is necessary.

Our pricing system is individualised and open. The fees are discussed in the first meeting and can vary depending on the client's brief.

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The Art of evaluating objects                                   7th of March                                                             Lecturer: Lynda McLeod, Christie's Provenance Department            

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The Art of evaluating objects                                   7th of March                                                             Lecturer: Lynda McLeod, Christie's Provenance Department            

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A good specialist should have a killer instinct!
What's the killer instinct of a provenance specialist?
1. materials
2. the five senses come into play: all senses are engaged/ assaulted
3. How do you place a value on an object?
4. connoisseurship (the intangible arena)
e.g. the combination of expertise, knowledge, research, reading, provenance, and market value.
Case studies: Bernard Berenson and Duveen - the eye
5. Provenance/ resources/ sources case study: Summer palace
6. cataloguing objects: hilling
Attributions: artist name in caps - full authorship

Catalguing ways -
fine arts:
Decorative arts:
Christie's extends a warranty to the buyer that the work is by the author or the time: period identified in
upper case type heading: this warranty lasts for five years

Once consigned: other avenues of research
e.g. Salvator Mundi
- need a cleaning?
- need restoring?
- need pentimenti?
- need to be looked at under a microscope?

7. changes in taste - circumstances above and beyond all of the above considerations (including the global pandemic)
8. Art as a commodity: investment
looking backward: Post-War and Contemporary Art Bubble
9. other considerations
ownership
cover page lot?
marketing material?
single owner sale
privately?
Thomas Patrick Keating: forger
proposal document
guarantees

In summary, I should...look into:
GDPR
e-catalogues

Q1: In terms of blockchain, will the way of keeping the way of ownership affect it?
A1: good thing
Q2: Does Christie's sell anything off the sales online?
A2: If the lot doesn't sell, yes!

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A storied history: provenance in the collection of Ann and Gordon Getty | Christie's

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The historical significance of objects throughout the couple's Pacific Heights residence | Christie's'

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Example of an art advisory income statement

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Financial management: responsible trading                14 of March                                                        Lecturer: Cristina Iodice 

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Financial management: responsible trading                14 of March                                                        Lecturer: Cristina Iodice 

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Financial statements: why are financial statements important?
- Understanding the company's health.
- standardised view.
- can compare companies.
- help track a company's performance.
- determines if a company is eligible for a loan.
- permits shareholders, managers, and investors to make informed future business decisions.

financial statements we will be covering
income (revenue) statement/profit & loss statement
balance sheet
cash flow plan

<key financial terms>
revenues
profit
net profit
bottom line
assets: what I own
liabilities: risk
expense
equity
stock: finish product
inventory

income (revenue) statement/profit & loss statement
focuses during a particular period month, quarter, or a year
investors look at - increase sales/net and/or decrease cost/expenses
revenue - expenses = profit or loss
revenue can be generated from product sales (selling a physical good) and service rendered (selling a service)
expenses: direct cost: service business - the cost of service, product: cost of goods sold
indirect cost: fixed costs e.g. rent, salaries, and insurance expenses - have no correlation with the sales made

balance sheet: doesn't change

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Understanding business environments: SWOT and PESTLE analysis                                                         7th of March                                                                          Lecturer: Cristina Iodice

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Understanding business environments: SWOT and PESTLE analysis                                                         7th of March                                                                          Lecturer: Cristina Iodice

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SWOT: strengths, weaknesses, opportunities, and threats
Why do managers carry out situation analysis?
- understand the state of a business
- to understand events that affect business and consumers
- to kook for growth opportunities
- examine current and potential customers
- examine the business from internal and external perspectives

unpredictable events which can affect businesses & consumers: natural disasters, global pandemics, wars: costs of utility devices rose, economic recessions/ cost of living crisis

Different types of situation analysis:
Macroenvironment
- economy
- government
- law
- technology

SWOT analysis
- external threats
- eternal opportunities
- internal strengths
- internal weakness

Market analysis
- market size
- market trend
- market profitability
- distribution channels

Consumer analysis
- the size of the market
- demographics
- buying expectations
- buying motivations

Situation analysis tools
the situation analysis can include several different tools:
- SWOT
- PESTLE (Political, Economic, Sociological, Technological, Legal, and Environmental)
- Porter's forces
- 5c analysis (company, customer, competitors, collaborators, climate)

Micro-environment
factors include: competitors, customers, distributors channels

Can we control everything? SWOT case studies
1. Take Levi's, a fashion brand as an example
Macro-environment (CIA the world factbook in every country)
includes: trends in the gross domestic product (GDP), inflation, employment, spending, and monetary and fiscal policy

2. Take Christie's, an auction house model as an example
1.7 billion: 2 evening auction sales: 20~21th century and surreal art, most artists reached their highest sales records

P: policy, tax, law - stable
E: inflation rate, consumer disposable income level, household debt level, and level of efficiency of local financial markets matter - stable
S: population growth rate, age, and lifestyle - stable
T: technology incentives, level of innovation, and R&D activity - stable, because online bidders are very active
E: environmental policies - Global Climate Coalition (GCC)
L: laws and copyright e.g. post-sale/ after-sale

Why are PESTEL and SWOT important business analysis tools?
PEST chart vs SWOT analysis
Strengths----------------political
weakness ---------------economic
opportunities -----------social
threats ----------------- technological

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Art as an investment                                                14th of March                                                           Lecturer: Julia Bells 

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Art as an investment                                                14th of March                                                           Lecturer: Julia Bells 

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passion investments: 10% of overall wealth investment
often considered high risk but its more than about the financial return
diversification of investments

speculative investments
trying to make money by speculating on a rising market
ppl looking to exploit an unregulated market

don't buy at auction and flip in five years

investing in art requires patience and time: shorter holding periods show mixed results, with 3 out of 7 lots held for less than 7 years selling below their original auction price.

flipping art: refer to "wet painting" - didn't finish painting then went to selling
e.g. Jadé Fadojutimi, Flora Yukhnovich, and Mathew Wong
flipping can lead to sellers being blacklisted by artists and galleries as it is detrimental to artists' career
overpriced - bubble
As art advisors, need to avoid

fractional ownership - be blue-chip artists, solid art
1. British Rail Pension Fund
2. the fine art fund - charge for a purchase fee, investment fee and others

How did the artist's pension trust go wrong?

The cycle of fractional ownership:
the demand for impressionists from Chinese collectors boosted the growth of the Chinese art market, in the meantime, heavy policy and development of institutions in China

2017-2018 the rise of cryptocurrency - Fractional ownership cycle 2
Singapore-based Maecenas
2018, Masterworks launched the first SEC-regulated (Securities and Exchange Commission) in the US (UK: FCA) fractional ownership product with Warhol
"gmail art advisors" - e.g. Maddox gallery https://news.artnet.com/news-pro/gmail-art-advisors-art-detective-2248280
https://www.artsy.net/article/artsy-editorial-charting-art-advisers-rise-art

fine art financing
bailor - bailee
commercial galleries own stock by their artists: when emerging artists turn to the mega gallery, as a red-chip galleries, you could buy artwork beforehand as an investment

the benefit of art financing - has become a more sophisticated for collectors to reduce cost
you could use it to purchase or bridge financing

but an art loan is risky!
https://www.theartnewspaper.com/2022/05/24/inigo-philbrick-sentenced-to-seven-years-in-prison

art financing companies:
Athena art finance
TPC art finance
JP Morgan private bank
bank of America

In summary, I should...
look into my business plan
https://www.amazon.co.uk/T-Shirts-Suits-Guide-Business-Creativity/dp/B01FWPK9SA/ref=tmm_aud_swatch_0?_encoding=UTF8&qid=&sr=
no need for too many waffles
how what when who's involved
keep it simple!
no more than 15p

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‘Gmail Art Advisors’ Are a Pestilence on the Market. Luckily, They Are Starting to Melt Away, One by One | Artnet News

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Who are these speculative intermediaries who materialize in boom times to make a quick buck? “They appear out of the blue and often vanish into the mist.”

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Auction House - Bonhams                                                                      21th of Feb                                                          Lecturer: India Phillips          

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Auction House - Bonhams                                                                      21th of Feb                                                          Lecturer: India Phillips          

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Introduction of Bonhams
- the number of departments: 14 salerooms around the world, with 34 offices and 61 departments
- International locations: London, New York, Los Angeles, and Hong Kong
- key performance: fine art and antiques, motor cars, and jewellery; particular growth in our digital activity; annual turnover of more than $1bn (£840m) in 2022

About Private equity firm:
2022 transformative, business model changed rapidly -> digital activity, acquired two auction houses: Scandinavian firm Bukowskis in January, followed by US auction house Skinner and Danish saleroom Bruun Rasmussen

Bonhams' strategy: the world's local auction house
low-end model: 1000-3000 pounds- weekly sells
more digital engagement
Difficulties:
- Brexit-> How to keep the emerging market in Paris stabilised.
- maintain client network
- 350 staff in the UK: New Bond Street, Edinburgh, and Knightsbridge
- localisation: local valuations
- offers graduating programs

Experiences from Bachelor's studies in History of Art at Cambridge University
favorite aspect: seeing objects in person in Cambridge
museum internship, slow-paced, and on-site valuation

Experience Christie's auction internship:
- how engaged people are, depth of knowledge, knowledge on-site overtaking academic knowledge.
- needs to work hard: specialise in impressionist & modern which boomed in 2011-2014
- Manager training at Christie's is helpful

More entrepreneurship: Bonhams
smaller but more interesting
under-dog spirit
less rigid
stepping out of the comfort zone
specialist -> manager

Perspectives of future holds: 1/3 of collectors are millennials
digital art: interesting, new media

Questions after the talk
Q: How did Bonhams profit from the expenses of the price point and cost of operating from shifting to selling lower-priced works?

Q: How do Bonhams differentiate from eBay?
A: Still, that sense of selectiveness makes the distinction
Bonhams educational graduate program has to be regulated, needs a huge undertaking process, and needs more active partnerships.

Q: Is there a geographical shift from  Bonhams being so British having widely spread in the world?
A: Hoping for more women, mixed senior leadership.

Q: Being a presence at a female executive level, what's the challenge?
A: Experience is valuable.

Q: What's the difference between the client base in different category segments?
A: Varied, co-exist but interact, and the most important is cross-marketing.

Q: What's the difference between Bonhams and Christie's?
A: More approachable compared to Christie's.

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Five years after private equity firm Epiris acquired and reinvigorated Bonhams auction house, it is now looking to cash in on its investment. The London-based firm is reportedly moving forward with a possible sale of the 230-year-old British house and seeking a valuation of roughly $1 billion, according to Bloomberg.

Epiris declined to comment on the matter, as did J.P. Morgan, which is said to be advising on a possible sale (Bonhams referred our inquiry to Epiris).

The report cited people familiar with the matter, but said deliberations are in the early stages and there's no guarantee the talks will result in a transaction.

Bonhams's annual revenue topped $1 billion for the first time last year, a 27 percent increase from the $816 million reported in 2021. The house now has 14 salerooms around the world, with 34 offices and more than 60 departments.

Auction veteran and current global CEO Bruno Vinciguerra, spent nine years at Sotheby's as COO before joining Bonhams when Epiris acquired it in 2018.

As Artnet News reported in a 2022 profile, the house's recent business moves are less a case of reinventing the wheel and more about accelerating many of the major trends already at play in the auction realm. This has included enhancing its digital capabilities to encourage growth in online bidding and, most notably, by dramatically expanding its physical geographical footprint around the world.

In 2022, this involved a series of rapid-fireacquisitions of smaller but esteemed regional auction houses around the world, ranging from Bukowskis in Stockholm, Sweden in January, to Skinner in Boston, Massachusetts in March. Bonhams also acquired Copenhagen-based Bruun Rasmussuem in March, and in June snapped up Paris house Cornette de Saint Cyr. A lot of small business quickly adds up-the combined 2021 turnover for the four houses cumulatively was more than $300 million, Bonhams told Artnet News at the time.

The house boasts more departments than any other auction house and is continuously selling at all price points-from $500 to $10 million paintings and collectibles. Its core market is for objects under $1 million, and it has said it gives equal attention to works from $500 and up, with specific departments for approachable collecting categories such as prints and multiples, books and manuscripts, and design. However, it has also notched salesof up to $10 million for works by Picasso, René Magritte, and rare collectibles such as the $6 million brought in by the gun that killed Billy the Kid.

According to Bloomberg, London-based Epiris targets companies valued at $90 million to $600 million (£75 million to £500 million) including debt. Since 2011, it has invested $2.3 billion (£1.9 billion) backing companies such as holiday park operator Parkdean Resorts and information services firm Axios, sourcing its website for the data.

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The Private Equity Firm Behind Bonhams Is Reportedly Exploring a Sale of the Auction House for $1 Billion | Artnet News

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Five years after private equity firm Epiris acquired and reinvigorated Bonhams auction house, it is now looking to cash in on its investment. The London-based firm is reportedly moving forward with a possible sale of the 230-year-old British house and seeking a valuation of roughly $1 billion, according to Bloomberg.

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Art advisor -  Julia Bells                                                           Lecturer: Julia Bells

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Art advisor -  Julia Bells                                                           Lecturer: Julia Bells

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Advice for an art advisor
- the best is not to be involved in art sales
- supports the development of clients' collections
- offers collection management services
- offers a broad understanding of art
e.g. Uk registrars group (UKRG) is a non-profit association
provides independent advice to clients which provides a forum for exchanging ideas and expertise between registrars, collection managers, and other museum professionals.

a good advisor...
- acts independently
- works on the behalf of the client
- makes their fee structure transparent
- does not take the commission from both sides of the sale
acts with discretion
- does not hold stock
- guides but does not advise (you can only give out advice when registered in FSA rules)
- ensures that all aspects of the transaction are legal and are in the best interests of the client during the entire process. (A cradle-to-grave service)

a bad one...
- works in their own best interest
- appears in a rising market
- tends to only oversee the transaction
examples of a bad advisory transaction
e.g. advisor charges the client 10% of the sale price and makes 20% off the sale.
illegal: does not turn clients through AML checks if work is likely to be over the threshold or outline how fees work. Anyone involved in the art sale would need to be registered, register the company, and system yearly.
e.g. interior designer to buy artwork for installation

The difference between advisory and dealing is that advisors tend to not hold inventory, however, it is not illegal. The importance is to clarify the client should have a full overview of the process and transaction.

Actually, there are no regulations for art advisors that exist in either the UK or the USA.
APAA: Association of art advisors - the US, act independently, could register in the UK.
ADAA:  Art dealers association of America
AWAD: a mixture of dealers, and advisors; sharing professional intelligence.
AML: anti-money laundering legislation
PAIAM: all advisory in the art market, advisors aren't allowed to join, it's specifically for finance people.

Technically speaking, an art advisor is not an appraiser, an art appraiser examines paintings, sculptures, and antiques to determine their market value by identifying the creators and the quality of the art objects.

Case studies to look into:
SFA Advisory: known as Leonardo DiCaprio's art advisor
FBA Art Consulting: Federica
Megan Fox Kelly advisory