Art advisors should prioritize guardianship over sales, according to Citi Private Bank’s Mary Kate O’Hare. The art market remains thoughtful and full of meaningful moments and significant performances, with a focus on passion-driven collectors outperforming those driven solely by financial returns.
Art Market Insights
Recent Auction Dynamics
Reflecting on the recent auction season, Mary Kate O’Hare offers an upbeat assessment of market dynamics. She notes that while the market may not be as “frothy” as it once was, it remains thoughtful and full of meaningful moments and significant performances.
The enduring power of certain works to stir public conversation is a testament to the art world’s ability to continue sparking important discussions.
Key Takeaways
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Art advisors should prioritize their clients’ best interests.
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Financial considerations are essential in art collecting, but passion-driven collectors often outperform those driven solely by financial returns.
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Estate planning is critical for second-generation collectors who may not be interested in their family’s collections.
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The art market remains thoughtful and full of meaningful moments and significant performances.
Art Advisors’ Role in the Industry
Citi Private Bank’s Mary Kate O’Hare on Protecting Clients’ Interests
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Educating art buyers on how to avoid mistakes when purchasing art
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Analyzing potential retention of value for each piece
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Assessing condition, history, and quality of artworks
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Weighing other key factors to make informed decisions
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Advising clients on preservation and maintenance of their collections
Estate Planning in the Art World
O’Hare provides an upbeat assessment of recent auction dynamics, stating that the market is thoughtful rather than tanking. She attributes this to the enduring power of certain works to stir public conversation and drive meaningful moments in the art world.
Market Trends and Insights
Mary Kate O’Hare’s Perspective on Art Advisors
According to Mary Kate O’Hare, Head of Art Advisory at Citi Private Bank, her role in the industry is that of a “protector” for her clients. She describes herself as someone who creates a “shield” and helps clients make informed decisions with confidence.
Client Motivations
O’Hare has observed that most clients are driven by passion rather than financial returns. This approach to collecting art is refreshing, as the best collections have been built by individuals who buy things they love.
Importance of Financial Considerations
While financial considerations are not the primary motivator for many collectors, they are still an essential aspect of the decision-making process. O’Hare’s team educates art buyers on how to analyze potential retention of value, assess condition, history, and quality, and weigh other key factors to make informed decisions.
Estate Planning
Estate planning is a critical component of advisory services, particularly for second-generation collectors who may not be interested in their family’s collections. O’Hare and her team collaborate with philanthropy partners to explore options such as selling, donating to museums, or finding personal solutions.
