From the interview between Newsweek Chairman, Richard Smith and Edward Dolman of Christie’s there was this interesting commentary on the swelling ranks of the world’s richest and their habits as buyers of art:
For very expensive pieces, you’re dealing with a very small client base. How do you manage those relationships?
At the top, there are relatively few potential buyers—it’s probably 100 for the most expensive things. But their numbers have increased exponentially in the last 10 years. The amount of wealth in individuals’ hands would have been unimaginable 10 or 15 years ago, particularly in Kazakhstan and Moscow and Ukraine and the Middle East and China. The secret to interacting with them is our ability to offer the best possible advice. So they can pick up the phone and speak to the guy at Christie’s who knows the most about that particular market, who’s in it, and who’s out of it, and whether it’s a good buy.
Death, Debt and Divorce (Newsweek)