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The Role of Art & Antique Dealers An Added Value Buyers have more information than ever before, but less knowledge.


Buyers now have more information than ever before in the art market’s history via online databases and other trade and media sources, however, many dealers felt that newer collectors are considerably less knowledgeable than their older counterparts. One of the possible reasons for this apparent paradox is that buyers have much less free time, with many working longer hours. Just as it has lowered foot traffic, the difficulties getting people out of their homes and offices into galleries has made the online channel more important for access, but has also played into the hands of auctions which are seen as venues for “one-stop-buying”.


Dealers commented that some buyers are prepared to buy directly at auction without any advice, whereas when transacting in other markets such as equities or property often engage a team of advisors. This point was reiterated in the results of the collectors’ survey, where when probed directly about the importance of a dealer’s advice in making a decision to purchase a work, 63% of respondents said it was not that important or irrelevant.


Some dealers also expressed concerns over the lack of buyer knowledge of the terms, guarantees and other legal clauses related to transactions in the art market, particularly at auction. Buyers often face lengthy terms, conditions and fine print when purchasing art and antiques, and some dealers felt that they needed greater protection. These concerns were expressed mainly in the context of European sales, as in the US, dealers described “an arsenal of universal commercial codes in state and Federal laws that went beyond what dealers or auction houses covered on their invoices”, and which could force vendors to compensate clients if in breach. “ In the US, the art trade’s ethics are protected by the law.”


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Historical & Future Perspectives


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