Published: January 13, 2016
NEW YORK CITY — Sotheby’s has acquired the art advisory firm Art Agency, Partners (AAP), managed by Amy Cappellazzo, Allan Schwartzman and Adam Chinn. With this acquisition, Sotheby’s said it is taking a decisive step toward implementing the strategy outlined by President and Chief Executive Officer Tad Smith. Cappellazzo, Schwartzman and Chinn report to Smith and are based in New York.
Smith stated, “AAP’s profitable business helps drive initiatives that are imperative for Sotheby’s growth — improving our leadership position at the high end of the fine art market, bolstering our private sales capability, giving us new growth opportunities in advisory services and reinforcing the client-first culture in all we do. The AAP leadership team is widely known for its expertise in fine art of the past two centuries, especially in the realm of postwar, contemporary and Modern art. The principals maintain deep relationships with top collectors around the world and are unsurpassed at executing the complicated financial transactions that are integral to today’s art market.
“Most important, however,” he continued, “is AAP’s unique approach to client service in all areas of its advisory work, from art consulting and private purchases and sales to art-related estate planning, museum development and art investment. All of these practices have joined consignment advisory and auction services as important strategic growth areas for Sotheby’s.”
Schwartzman and Cappellazzo join Sotheby’s as chairmen, taking leadership roles in a newly formed fine art division focused principally on Twentieth and Twenty-First Century art. They will also have responsibility for private sales and the development of the advisory business within Sotheby’s. Chinn assumes the role of worldwide head of transaction support, leading the company’s deal-making efforts on a global basis.
Cappellazzo, previously chairman of postwar and contemporary development at Christie’s, and Schwartzman, an advisor to many of the world’s most important art collectors, announced the formation of Art Agency, Partners in March 2014. Chinn, a co-founder of the boutique investment bank Centerview Partners LLP, joined AAP as the third partner in October 2014.
For information, 212-606-7000 or www.sothebys.com.
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