In the art world, it’s easy to recognize outstanding works by well-known artists. Who wouldn’t want to look at a Monet or a Picasso? The world’s great museums attract thousands of visitors every day who want to look at the classic pieces, but so many more great works are in private collections. Some collectors loan their work out to galleries, and some have residences and offices to display their pieces, but finding the right work for the right space can be a challenge. That’s where an experienced art advisor is essential to curating a cohesive collection.
WorthPoint got the chance to speak with art advisor Hailey Widrig of Art Partners Advisory in Paris, France. Widrig has a background in art and private equity, so she understands the allure of beautiful artwork and the particular trends and history that can make some paintings an asset class collectible.
Investing in the Art Space
WorthPoint: Thank you, Hailey, for taking the time to answer some questions about art advising and collecting. Our readers will want to know some of the latest information on art that can also serve as an investment. What was it like to start a business like this?
Hailey Widrig: I started working in the art world, then moved to private equity, but I went back to work for a private family office as their in-house art advisor. One of my first jobs was working for the legendary Sir Jack Baer, the founder of Hazlitt’s Gallery in London. He was working as a private dealer at that time, so I learned a lot from him about what it looks like to work with collectors outside of a gallery setting. I have always been interested in art, architecture, and how we live with art and provenance. So, advising collectors is, to some extent, a combination of the analytical elements of my appraisal experience with the more subjective aspects of private client advisory.
WP: What is the most important thing for art advisor to do or know for their clients? Are there general questions that every advisor brings up, or is it more tailored to a specific collection or piece?
HW: That depends on what the client needs. The most important thing is being able to properly identify their needs and priorities. For example, if a client has a large, uninsured collection, their priority should be cataloging and insurance rather than acquisitions. It is my role as an expert to understand and identify to the collector any risks they are facing in their collection management, understand what their goals are as collectors, and advise on the next steps accordingly.
The Role of an Art Advisor
WP: What challenges did you face when starting an art advisory business?
HW: I think the main challenge to the art advisory business is the lack of barriers to entry and regulations—anyone can call themselves an art advisor; there is no requirement for formal training, upkeep of education, or industry standards. So even though groups such as the APAA exist and are a great first step towards regulation and upholding standards in the industry, there is still no formal qualification as there is for art appraisers, with organizations such as the AAA (which I am a member of ) or ISA for example.
WP: Can you tell us a little about art advising and how it differs from art appraisal?
HW: Appraisals are completed within a regulated framework for specific purposes. There are limitations to the crossover between the roles of appraiser and advisor to avoid conflict of interest, and the key is to be clear about which role you are fulfilling for a given project to ensure you are fulfilling the ethical obligations required as an appraiser. In either role, I do not maintain a financial interest in any given artwork and remain independent of any gallery or auction house— am working for my client only.
For Love or Money?
WP: When you advise your clients on pieces to add to their collection, how do you balance concepts like artwork that is trending or likely to appreciate alongside what a client loves and enjoys looking at as you begin to help them build a collection?
HW: Generally, people want to know what is trending or who the hot new artists are, but that doesn’t necessarily influence their collecting. It has been said before, but it is important to buy what you love. To do that, you need to spend time honing in on what you love and what sparks your interest and challenges you. That is a very individual exercise unique to each collection.
Sometimes, the project is to source artwork for a specific place, such as an office or building a museum collection. Still, generally, I am working with private collectors who are acquiring works they love, usually not buying for a specific location but to have them in the collection. It is my role to keep them updated on what is happening in an artist’s career and market—how works are selling at auction, what the gallery prices are, how works are selling at art fairs, upcoming museum exhibitions, for example, so that they can make informed decisions about what they’re buying. I think the only group buying on a purely financial basis is art funds, and even then, aesthetic decisions come into play—which artists or themes they want to buy to represent their fund.
WP: With blue-chip art sales down a bit, are your clients looking at lesser-known artists or pulling back on their purchases?
HW: If anything, it is a good moment for collectors to go for those artworks they may not have had access to in the past—perhaps waiting lists are shorter for certain artists now, or galleries aren’t requiring that collectors to buy a second work to donate to a museum to access an artist’s work (which I think is ridiculous). If you loved, for example, contemporary art 5-10 years ago, you probably still love it now and want to continue collecting in the same vein. People do evolve in their collecting over time but I don’t think a market downturn will cause them to completely shift tack on what inspires them.
Verifying Value
WP: Recently, a painting was found at a yard sale that some say might be an authentic Van Gogh. What part does authentication play in your business?
HW: That work has not been authenticated by any experts in Van Gogh; rather, the investment firm that bought it is claiming that it is authentic. I am not trained as an authenticator; if there is ever a doubt about the authenticity of a work my client is considering purchasing or already has in their collection, we would refer to the relevant expert for that artist to confirm authorship of the artwork. For most acquisitions, complete provenance research generally avoids any doubts about authenticity.
Collecting art to enjoy looking at is different than collecting investment pieces, but no matter the purpose, having reliable information on the artist, current trends, and possible future value for any work is essential. To learn more about art investing and value from Hailey Widrig, check out her guest column for WorthPoint. The WorthPoint Price Guide is also a great resource for finding recent prices for artwork and historical trends in sales.
Brenda Kelley Kim lives in the Boston area. She is the author of Sink or Swim: Tales From the Deep End of Everywhere and writes a weekly syndicated column for The Marblehead Weekly News/Essex Media Group. When not writing or walking her snorty pug, Penny, she enjoys yard sales, flea markets, and badminton.
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