As Gagosian Gets Into Art Advisory, Should Collectors Be Cautious of Taking Tips From Gallerists?

Michael Bowles/Getty Images for Gagosian Gallery.

Journalist Daniel Grant reports on Larry Gagosian's newly announced advisory arm of his high-profile gallery.

In his article, ‘As Gagosian Gets Into Art Advisory, Should Collectors Be Cautious of Taking Tips From Gallerists?’ (April 19, 2019), Grant shares that “There may be no moral to the story, but there is certainly a trend: Whereas, in the past, players in the art trade had distinct roles, increasingly individuals and companies are trying to be more full-service.”

Quoted in Grants’ article, Megan Fox Kelly notes that, “Sometimes, I find myself talking with a client’s financial advisor about how much of their assets should be invested in art. I’m asked to do things now that I never did just a few years ago.”

Megan is a long-standing member of the Association of Professional Art Advisors (APAA), which requires that its members “may not maintain inventory for sale, accept artwork on consignment or act as private dealers in any transaction.” That requirement protects advisory clients, according to Megan Fox Kelly. Because gallery owners “represent inventory they own or that is on consignment to them,” she explains, “their first responsibility is to their inventory and to their consignors.”

Read the full article by Daniel Grant here.