The profession of a fine art adviser is as old as the collecting craft itself. Private and institutional collectors have long been relying on the expert advice of experienced art connoisseurs when building a consistent collection with a distinct voice and solid investment value. However, times are changing, and the roles of art advisers and client expectations are also evolving. Let’s take a look at the change and the underlying forces that drive it.
Traditional view of a fine art adviser
Historically, a fine art adviser has been working as a discreet, professional intermediary between art buyers and sellers. People turned to these experts because they could grant access to otherwise unattainable art, offer unique aesthetic judgment, and act as mediators and price negotiators in art deals. Advisers provided first-hand access to private dealers, estates, and other collectors, which could help interested buyers obtain off-market artwork or negotiate a more lucrative price. Besides, art advisers used to be treated as strategists, capable of building a collection with long-lasting monetary and aesthetic value.
Driving forces of professional change in fine art consulting
While the art adviser’s role remains in demand today, it is evolving fast under the influence of the following market dynamics:
- Increasing data availability and technological transparency. The art market has traditionally been marked by information asymmetry, with art advisers selling their knowledge and building authority on access. Today, online price databases and open auctions reduce dependence on third parties.
- Market financialization. The art portfolio logic has changed, with artwork increasingly seen as an investment asset. That’s why the aesthetic authority of advisers is less decisive, though not obsolete.
- Globalization. The art market has become faster and more interconnected, with truly professional art advisers required to act on a global scale.
- Disintermediation. Auction houses and galleries prefer to transact directly with buyers without involving intermediaries. This shift is explained by privacy and commission reasons.
Each of these factors erodes the exclusive role of an art adviser as an intermediary in art deals. Yet, at the same time, advisers who adjust their activities to the new market reality thrive in the new landscape.
What is expected from fine art advisers today?
So, what should art advisers offer to stay relevant in the contemporary art market? First, they should act as strategic integrators who scan the market, analyze heterogeneous data, make wise decisions based on data insights, and have a firm grasp of client psychology. They should also be able to manage risk and ethical issues of art sales, which require in-depth knowledge of regulations and fraud schemes.