Spring Break
The Art of Business
Rodney Reid (OH), Contributing Writer
Issue date: 4/25/05 Section: Viewpoint
Like at any start-up, gallery owners have to work long hours and wear many hats to make the venture successful. To survive and flourish, gallery owners have to develop their relationship management, business development, financial planning and budgeting, and general leadership skills, among many others. "I'm definitely using all of the business skills I developed over the years, including learning a few new ones, like managing people," laments Dawn.
A less traditional art entrepreneurial venture is Art Capital Group (ACG). ACG is a New York-based independent source of art lending. The company, founded by Ian Peck, is a cleverly conceived enterprise that offers offers financial and consulting services to assist art owners in creating liquidity from art assets.
"We operate much like a traditional bank," said Louisa Smith a portfolio manager at ACG, "our clients are traditionally asset rich, but maybe cash poor." Unlike traditional sources of capital, ACG is comfortable utilizing fine and decorative art as the sole asset of a collateral package. Smith, a J.K. Watson Fellow who studied the globalization of art, is part of ACG's small staff trained in both art and finance that manages ACG portfolio of loans to gallery owners, dealer, nonprofits, museums, and collectors.
So despite existing in the shadows of financiers and industrialists who purchase millions of dollars of art and donate even more, the art industry, itself, is diverse and vibrant. In fact, over 28,000 people are employed in the New York City art sector alone. Enterprising individuals, like Kimberly Dawn and Ian Peck are creating businesses, employing people, and changing the way people view the business of art.
A less traditional art entrepreneurial venture is Art Capital Group (ACG). ACG is a New York-based independent source of art lending. The company, founded by Ian Peck, is a cleverly conceived enterprise that offers offers financial and consulting services to assist art owners in creating liquidity from art assets.
"We operate much like a traditional bank," said Louisa Smith a portfolio manager at ACG, "our clients are traditionally asset rich, but maybe cash poor." Unlike traditional sources of capital, ACG is comfortable utilizing fine and decorative art as the sole asset of a collateral package. Smith, a J.K. Watson Fellow who studied the globalization of art, is part of ACG's small staff trained in both art and finance that manages ACG portfolio of loans to gallery owners, dealer, nonprofits, museums, and collectors.
So despite existing in the shadows of financiers and industrialists who purchase millions of dollars of art and donate even more, the art industry, itself, is diverse and vibrant. In fact, over 28,000 people are employed in the New York City art sector alone. Enterprising individuals, like Kimberly Dawn and Ian Peck are creating businesses, employing people, and changing the way people view the business of art.
