There’s been so much talk of the effect of third party guarantees on the auction business it is worth noting this Barron’s post on its Penta blog about the pivot in Asher Edelman’s business from third-party guarantees to something that might be better described as old-fashioned brokering:
The art financing business he originally imagined did not taken off as much as he expected, he tells us, which he attributes to the generally poor understanding about guarantees, but which undoubtedly has also been affected by the stream of litigation surrounding him. His advisory and matchmaking services, however, do appear to be in demand. (One client we know, for example, was pleasantly floored by the buyer he found for her impressionist painting.) In this business, sellers bring their works to Edelman, tapping his fearsome reputation and insider knowledge of the opaque art world to help get them the best possible positioning and prices for their collections. He calls this service “placement and representation for sellers.”
Asher Edelman: The Art Industry’s Most Entertaining Shark (Penta/Barron’s)
