Essentials of Fine Art Finance: A Guide to Extraordinary Figures for Dealers, Collectors, Advisors, and Artists

Description

Money is not an end itself but is a means to an end, and none other than John Maynard Keynes felt that the goal of human life should be not the making of money but the creation and appreciation of artistic works of true beauty. Yet the transformation of money in a bank account into an artistic work of true beauty, and vice versa, is no longer (if it ever were) a straightforward process. Money-and in particular finance-touches each person involved in the art world, yet most people's understanding of how it affects the art markets, or how to utilize it in their own transactions, is usually pretty hazy. The general business press has hyped the advantages of investing in art, but market veterans know that there are more ways to lose many than to make it when speculating on art. In Essentials of Fine Art Finance, M. Franklin Boyd answers the many questions one might have when embarking on the financials aspects of the art world: What is a 3031 Exchange, and how-step by step-would a collector, an advisor, and a gallerist be involved in one? What should a private wealth manager know about art investment funds? What type of profit sharing arrangement makes sense for an artist working today? How do the desired terms of a standard art loan change depending on whether you are the banker or the collector? With actionable information and practical advice for people engaged in the art market, Boyd answers all of these questions and more and effectively demystifies the many topics and processes inherent in art finance.

M. Franklin Boyd received her juris doctorate with honors from NYU Law School and a BSFS with a concentration in culture and politics from Georgetown University's School of Foreign Service. She is the founder of Xipsy, Level Rights, and Boyd level, and she created the Negotiated Resale Right for Artists. She is also the founder of a general commercial law practice that specializes in corporate finance, intellectual property, and art law, and she is a professor and part-time faculty member at Sotheby's Institute of Art. She lives in New York City.