Sotheby’s announced this morning the strategic acquisition of Art Agency, Partners—the art advisory firm founded by Allan Schwartzman who brought in Amy Cappellazzo and Adam Chinn—whose clients include Howard Rachofsky and Bernardo Paz. AAP’s staff of art advisors and collection support will help the firm move into advisory work.
Art Agency, Partners (that comma is not a typo) will form the core of a new division providing advisory services to clients building collections. Sotheby’s CEO Tad Smith is positioning the acquisition as a way to introduce a new revenue stream to Sotheby’s core agency and financial services businesses:
The principals maintain deep relationships with top collectors around the world, and are unsurpassed at executing the complicated financial transactions that are integral to today’s art market. Most important, however, is AAP’s unique approach to client service in all areas of its advisory work, from art consulting and private purchases and sales to art-related estate planning, museum development, and art investment. All of these practices have joined consignment advisory and auction services as important strategic growth areas for Sotheby’s.