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Helen Macintyre, 34, managing director, Macintyre Art Advisory
“Art advisory is almost like a concierge service for big collectors: sourcing works of art and suggesting what to buy and then, when to sell; bidding at auction on their behalf; advice on framing and restoration; helping clients who have agreed to loan items to a museum or gallery and completing all the paperwork that goes with that. Another part of my work is advising hedge funds, banks and corporations that are keen to invest in the art market, whether they have £1 million or £50 million to spend.
“My work is very much about personal relationships. If you are a client and you are going to spend millions, you have to be able to rely on and trust the person advising you. Sometimes a client will come to me with a shopping list of exactly what he or she wants to buy and at others it is more vague and I will send through suggestions. My expertise lies in sourcing appropriate works with condition, authenticity and provenance in mind.
“I know my client’s collections and homes – most international collectors have houses around the world. Art collecting at this level is a very small world and I will know roughly where works are – or I can find out from my contacts. I graduated in history of art and worked for 12 years at art dealerships specialising in old masters and at Christie’s before I set up my business.
“I spend most of my time tracking down works that are for sale, which involves some time in the office on the phone and answering e-mails, but I also spend a lot of time travelling, meeting clients and looking at works held in private collections. The art market itself is very seasonal; it moves from New York to London, Paris, Miami, Basle, Venice and to the Middle East. I also travel to Qatar once a month to advise the royal family there; to Dubai for the art fair and also to Abu Dhabi a couple of times a year.
“Networking with clients and potential clients is very important. I do a lot of corporate entertaining – I took five key clients to the Wimbledon tennis finals, for example. You have to be incredibly organised: I always have to look three months ahead to fit in travel and entertaining.
“I look at works of art and my stomach curls up if it’s something really good. I think most art advisers and dealers hope that they will stumble across a real find some day – something that has been lost for centuries or misattributed. And I think I will always get a thrill buying on behalf of clients at auction: I get nervous still – it’s a great feeling.”
A SECOND OPINION
Robert Korzinek, 26, fine art underwriter, Hiscox
“In the broadest terms my job is evaluating risk in the art market. It might be risk related to a private collection or underwriting insurance for major touring exhibitions or for art dealers, auctioneers and art advisers. Generally you are dealing with unforeseen circumstances that could give rise to a loss. For example, the chance of a painting being damaged in transit; or the chance of legal action being taken against an art dealer if a work of art is found not to be authentic.
“You need a good understanding of fine art and the art market to be able to evaluate risk effectively. Damage to an Yves Klein sculpture in International Klein Blue – a patented colour – would be expensive to restore compared with an old master that has been repaired and restored throughout its life, for example. I studied modern history at university and worked at Sotheby’s for two and a half years before I decided to insure art rather than sell it.
“I get into the office at about 7.30am so I can speak to insurance brokers in Australia and the Far East. I’m at Lloyd’s of London, the insurance market, for 11am when business starts, dealing with brokers until 5pm. I usually head for home via the office at about 6.30pm. I regularly travel around Europe meeting brokers and several times a year I will go to India, Australia or the Far East.
“The two key skills that a successful underwriter needs are the ability to think on your feet and to trust your own judgment. At Lloyd’s I work in what is known as a box and brokers come and sit on a stool next to me to broke their risks. Our competitors sit in close proximity trying to write risks more profitably and you have to use cunning to outfox them. You need to be numerate and have strong interpersonal skills to be able to deal with the brokers, but I would say that cunning is more important. Another challenge is the pace of the art market. Values are rising inexorably at the moment and you need to keep up.”
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