Advisers to the Ultra-Rich Try to Treat Art as Just Another Asset

Advisers to the Ultra-Rich Try to Treat Art as Just Another Asset (Bloomberg)

"The art market is “fraught with peril,” says Pablo Schugurensky, founder of Meta Arte, an art-consulting company that works with a dozen wealthy families. “You have to know how to navigate it.” In a previous job, Schugurensky spent seven years building and managing the collection of billionaire Paul Allen, a co-founder of Microsoft Corp. Allen buys and sells art through his family office, Vulcan Inc.

Vulcan manages both Allen’s business and charitable interests. Its website says it has commissioned more than 20 public artworks in Seattle, and it also handles a valuable collection for Allen. Vulcan’s staff includes 15 art experts. In November, Allen’s Gerhard Richter painting of a jet fetched $25.6 million at auction, more than doubling the purchase price of $11.2 million in 2007."