The demand for art consultants are growing owning to the global art market bounced back in 2021, with sales up by 29% on 2020 and even surpassing the $64.1 billion made in 2019.
The US art market recovered robustly in 2021, with sales increasing by 33% to just over $28.0 billion. Thus, it is expected that in 2022, despite of higher interest rate and inflation, art market still growths at double digit which encourages art consultants to do more.
Who are Art Consultants?
They are people who can help individuals or companies find a visual counterpart for their values and agenda through the acquisition and meaningful arrangement of relevant art pieces.
What do they do?
They help you create the perfect art collection that matches your passions, tastes, and the brand of your industry. Art consultants help you display your art work in a way that will truly make an impression on your guests. They advise you on how to build an art investment portfolio that can add value to strengthen your emotional brand.
Who are their clients?
Corporates in all industries and individuals. Especially, hotel, resort investors, property managements. Rental house owners.
Who are Art Brokers?
Similarly, art brokers are art consultants but who has specialized knowledge of a particular movement or artist. They are an invaluable resource for art collectors.
What do they do?
Firstly, they offer an insight into the minds of artists, as well as a deep understanding of the market for that particular kind of work.
Secondly, as an art broker, they will be part of the business to build a network between artists and collectors.
Thirdly, they will be responsible for assisting your clients to display the art work at home truly beautiful.
Additionally, they can offer sought after services such as authentication, provenance and specialist appraisals.
What are the requirements for art consultants?
Firstly, they have an insightful knowledge about the selected artists and their work as well art collectors. Then, they also have an excellent negotiation skills in order to ensure that their clients get the best price possible while still being able to afford the artwork they want.
According to Wendy Cromwell, president of the Association of Professional Art Advisors, advisors typically charge a commission of 20% for art works under $100,000; that commission might go as low as 5% for works over $1 million.
In conclusion
With the growth of art market, art is an investment. The more you know about it, the more you can invest in it. The more you know about it, the better your chances are of finding a piece and expertise that will appreciate in value over time.