By Daniel Farrell, consultant, Enservio
Affluent individuals seem to be favoring art as an important “asset class” right now. A Picasso painting recently sold for $106 million, a Rothko for $89 million, a Lichtenstein for $43 million–and even Warhol prints (not paintings) have sold for upward of $500,000. Antiques Roadshow regularly turns up artworks and antiques worth hundreds of thousands of dollars that were inherited from grandparents or bought at yard sales.
Hedge fund managers buy “trophy” art at Sotheby's and Christie's, but perhaps your high net worth clients are not at quite that income level. They're well educated, successful, have good taste and money in the bank. But they don't really have the time to research and more fully understand the glamorous, if mysterious, world of art. And they're especially vulnerable to art purchases if they're on vacation.
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