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Six Tips for Understanding the Global Art MarketSix Tips for Understanding the Global Art Market

Challenges for asset managers

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The global art market continues to provide opportunity for wealth creation, with an estimated 63 billion dollars changing hands in 2015, according to the annual TEAFAF Art Market report released each March. Using data from the 2016 Knight Frank wealth report, Deloitte predicts that there will be increasing wealth allocation to art and collectibles in the next 10 years. This will create increasing client demand for services in this asset class. Given this data, what are the essential considerations for trust and estate, family office and fund managers? Here are a few tips when your clients are engaging in art-related transactions.

About the Authors

Warren P. Weitman

Co-founder, Art Market Advisors

After nearly 40 years at Sotheby's, Warren P. Weitman, Jr., together with former Sotheby's colleague Mitchell Zuckerman, launched an independent company, Art Market Advisors, dedicated to guiding clients in navigating the complexities of the international art world, demystifying the processes and conventions and providing them with a way to maximize the value of their collections. At Sotheby's, Weitman worked in business development and appraising, specialized in representing Estates and at the time of his retirement was Chairman of the Americas.  

 

Mitchell Zuckerman

Co-founder, Art Market Advisors

After nearly 40 years at Sotheby's, Mitchell Zuckerman, together with former Sotheby's colleague Warren P. Weitman, Jr., launched an independent company, Art Market Advisors, dedicated to guiding clients in navigating the complexities of the international art world, demystifying the processes and conventions and providing them with a way to maximize the value of their collections. At Sotheby's, Zuckerman started as General Counsel, created and operated Sotheby’s Financial Services art lending business and at the time of his retirement was Global Head of Transaction Support.