New York is the largest single centre of the art market. The United States accounts for more than 40 percent of global art sales by value, and the major evening sales at Christie's and Sotheby's in May and November set prices for the year. Most leading galleries with an international programme keep a New York space, and the city's museums shape which artists institutions collect.
The independent art advisor in New York works on the buyer's side: identifying works, negotiating private sales and auction bids, conducting due diligence on title and condition, and managing the collection once it exists. Megan Fox Kelly Art Advisory and Schwartzman&, both listed in the Registry, are New York advisory firms working on this side of the transaction.
Art also raises tax questions specific to New York. Sales tax applies to purchases delivered in the city, collections form part of the estate for federal and New York estate tax, and gifts to museums require qualified appraisals. Good advisors coordinate with the family's lawyers on all three.
What to Look For in a New York Art Advisory Professional
- A clear fee model, paid by the client, with disclosure of any compensation from sellers or galleries
- Due diligence capability: provenance, title, condition and authenticity checks before purchase
- Collection management services, including inventory, insurance and loans to institutions
- Experience working with estate lawyers on gifts, bequests and appraisals