When Observer asked Mary Kate O’Hare, head of art consulting at Citi Private Bank, to describe her role in the industry, her response was as thoughtful as it was revealing: “Sometimes I feel like I’m protecting my client. Someone who is there to create a shield and help my clients do so with confidence and knowing that we have their best interests at heart.

The art world has long been known for its unspoken rules and labyrinthine, opaque dynamics, making it difficult for newcomers to navigate without a knowledgeable guide. O’Hare is uniquely qualified to help newcomers brave these sometimes murky waters, with more than two decades of experience spanning curatorial and research leadership roles at the Newark Museum of Art to her current position in one of the largest financial institutions in the world. (Citi notably pioneered the concept of in-house art consulting services in 1979, with a consulting arm co-founded by none other than the now-renowned dealer Jeffrey Deitch. Today, the firm is a quiet art investment powerhouse, offering expertise in everything from acquisitions and sales to estate planning and collections management.)

“We work within an ethical framework that matches the way museums typically operate,” says O’Hare, of the backbone of Citi’s strategy. Having an in-house art consultancy service allows the bank to integrate the collection into its wider wealth management services, ensuring that clients’ cultural activities align with their long-term financial goals. “Because we’re part of a large financial organization, we have connectivity across multiple areas of banking, whether it’s with our wealth planners, our philanthropic planners, we work with our bankers to make sure our collectors have access to all this expertise. to help them plan really effectively,” she adds. “Whether it’s their inheritance, donations or the best way to buy, they have a full range of services. »

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When asked if any service has been more popular recently, O’Hare says its customers’ interests extend beyond passing trends. While the art market is booming the next $84 trillion wealth transferpeople at the beginning of collecting still come to see her to find out more about buying or building an art collection. As for the broader trends she can identify, O’Hare reports that optimism is high among her customers, particularly among those under 40, who are increasingly treating art as a class of assets within their portfolios. It’s an interest she’s seen “creep up with younger generations,” especially those new to wealth. “They never thought they would be able to create a collection, and suddenly they realize they could… There’s a lot of pressure in the art market and it feels like this club, so we help them understand its secret dynamics. by drawing the curtain.

Art collecting has its cycles, shaped by the inevitable twists and turns of life: divorces, estates and downsizing are just some of the transitions that push the most experienced collectors to sell. O’Hare admits she’s seen a lot of sales over the past two years. Citi Private Bank’s position as a regulated fiduciary sets it apart from many other art advisory services, and its team “helps clients maximize returns by determining the best strategy, the right sales channels and the optimal time.

But O’Hare also emphasizes the diversity of its clients: There is no one-size-fits-all approach, and examining art market trends can’t tell you much about the needs and preferences of any one person. collector. “Some clients focus on a particular period,” she says, “but many are much more interested in mixing it up and finding works of art that really speak across time and categories.” She describes working with several clients who were raised by art-collecting parents and who needed help creating collections that matched their own tastes versus those of their parents.

“Some customers come to us without even knowing what they like, so we provide them with training,” says O’Hare. “Whether it’s conferences or museums, we take them everywhere. We educate them about the art market and all the different ways it works. Next week we’ll be in Miami for Art Basel, and over the last few weeks we’ve had clients preparing for the auctions so they can feel comfortable and understand the mechanics that drive the art market. ‘art.

O’Hare has observed, however, that most clients are driven by passion rather than financial results, which she finds particularly refreshing. “It may seem a little counterintuitive, as a banker, to not lead when it comes to investing, but the best collections have always been created by people buying things they really love.” , she said. “If you look at art purely from an investment perspective, things go unnoticed. And even in a massive collection, only a very small percentage of artworks will see a significant increase in value.

That said, financial considerations are never far from the conversation, and a big part of it, O’Hare says, is educating art buyers so they’re equipped to avoid mistakes. “This includes analyzing a coin’s potential retention of value, assessing its condition, history and quality, and weighing other key factors. We help them understand all the criteria to take into account to make the best possible decision. The team, she adds, even advises clients on preservation and maintenance.

Beyond that, estate planning has become an increasingly essential part of most advisory services. “It’s a very big concern,” according to O’Hare. “We have second-generation art collectors who inherit collections from their family but may not be interested in them.” In these cases, she and her team draw on extensive expertise and collaborate with philanthropic partners to explore options such as selling, donating to museums, or other highly personal solutions.

Reflecting on the end of the season and the road ahead for the art market, O’Hare offers an optimistic assessment of recent auction dynamics. “We’re not in a market that’s necessarily down,” she says. “We are in a thoughtful market and we are not witnessing a complete stock market crash. We didn’t get anything really big and spectacular like the frothy deal we had in the past, but the things we were hoping to achieve at these auctions ended up working really well. To make her point, she highlights the enduring power of certain works to spark public conversation, both within and beyond this space. “Thinking of Cattelan ActorIt’s amazing how art can continue to make people angry, shock people, talk and think, even outside of the art world. Ultimately, this is a market that, while recalibrated from its more extravagant past, remains full of significant moments and meaningful performances.