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| From the Editor: Worthy Notions |
More Art than Science
Dwight Cass
08/02/2004
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An entrepreneur in his early 60s, a lifelong collector of contemporary art,
recently sold one of his companies. News of the sale made it into the business
press, and soon solicitations from financial advisory firms seeking his business
came flowing in (despite his having long-standing relationships with two private
banks already). Several of the marketing brochures and flip-books that landed on
his secretary’s desk boasted of art advisory services, which, they promised,
would help the newly affluent client assemble a world-class collection.
 While
banks are the obvious choice when we seek to finance an art acquisition, or
obtain a loan collateralized by our collection, their competitive advantage in
the art advisory business is less immediately apparent. Clearly, these firms
wish to portray themselves as masters of all trades. However, it may be that
clients are turning more to their private banks for advice as they increasingly
come to appreciate the investment aspects of their art collections. (Worth is
developing a series of articles on the art and philanthropy advisory services
provided by private banks, which we will publish this autumn.)
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