I made one of the biggest decisions of my life when I decided to follow my passions and enter into the world of art business. It has taken me a couple of decades to realize that all of the skills I used in previous positions in the tech world and social media industry have made me better prepared to take on the rapidly evolving changes affecting the art and luxury goods market.
When I entered the business, I knew from the beginning that I was very green in terms of experience, but very eager to learn everything associated with the field in order to maintain the best relationships possible with our clients. At NY Elizabeth, I assembled a team just as dedicated and passionate about the industry as I was and together, we have reaped the fruits of our labor as one of the most respected auction houses and art galleries in the world. Over the years, we have expanded in all areas with an increased focus on art authentication and appraisal via digital avenues. In short, we have pivoted towards a hybrid model of business that continues to provide the service we have always been known for, while simultaneously breaking through the digital divide to reach a new generation of art connoisseurs that are seeking their exposure to art in an entirely new way.
These days, I am called on for my expertise in authentication, and when people ask me how I reached this level of mastery in determining the real thing from the forged, I always respond that there is no exact blueprint for art authentication. It goes beyond simply the technical aspects and once it reaches a certain level, there are intangible factors that contribute to the process that are singular to each inspector. It has been a humbling, amazing experience to be able to assist other entrepreneurs with the tools to success I have learned over the years that have enabled NY Elizabeth a recognized game-changer in the field. As we kept expanding and utilizing the latest technology, it has become exceedingly clear that in order to meet clients where they are, a transformation towards the digital age was necessary in a massive way.
At NY Elizabeth, we have recognized the need for a new standard of relationship with our buyers and have worked diligently to bridge the gap between the tradition and the new, rapidly developing digital world. Here are some of the assessments and lessons I have uncovered as a CEO and art authenticator that I share with those interested in the world of art dealership.
Know Your niche.
The ability to authenticate works of art is one aspect of the field that I have many years of experience in, and as a recognized authority on expensive works of art, in the past I have confirmed the validity of Claude Monet, Van Gogh, Auguste Renoir, and Jackson Pollock pieces. With this recognition, I have been able to build trust in our longstanding relationships with loyal clients that rely on our expertise in appraisal and authentication of important works of art. In order to capitalize on this niche and assist other clients in authentication, NY Elizabeth has laid the foundation for optimizing the methods we utilize in the art verification process. My advice to anyone looking to break into art business is to play to strengths, acknowledge weaknesses, and make a concerted effort to fill in the gaps necessary to stay a relevant and viable entity. As leaders in the art auction industry, we have been able to corner the market on what we do best to deliver the value and attention to detail that our customers expect.
Cultivate a multifaceted, omnichannel approach.
I have seen retail businesses especially targeted during the global pandemic, with more storefronts closing worldwide as customers adapt to a new reality. As such, it has become imperative to introduce a multi-level digital approach to maintaining contacts with clients. Currently, the majority of sales occur in-store, but COVID-19 has made online sales and authentication a top priority for companies that want to elevate their sales strategy. NY Elizabeth offers more than one avenue to checking for forgeries and protecting the investments of art connoisseurs. At NY Elizabeth, we have managed to produce steady growth by quickly adapting to the current trends of the market and meeting new consumer demands. What has transpired within the auction gallery industry is directly correlated to the optimized digital experiences that we have been able to establish and maintain through an omnichannel approach. Premium brands must recognize the importance of presenting multiple options and timely content that stay relevant to their tastes and resonate with targeted audiences.
Lean into the digital age.
In a continued effort to meet customer expectations, I have advised several businesses on developing e-commerce solutions and digital tactics that streamline the overall experience for interested buyers. This is where the relationship between art buyers and businesses gains importance as it increases the ability to reach and engage with a broader audience. The financial sector is still experiencing a significant shift in volume and production, yet access has increased global audiences for companies that have focused on a viable online presence to reach their clients. I advise businesses to lean into the digital age if they want to maintain a competitive edge; you must focus brand strategies, customize, and design with the best interests in mind for your audience. At NY Elizabeth, we have always had a strong brick and mortar presence, yet I note that our dedicated expansion into the digital sphere has only enhanced and broadened the scope and connection with our virtual community. Years from now, when we look back at this singular time in financial history, the analysis will show that companies that adopted a more expansive approach in their digital transformation were able to best capitalize on the shifting customer habits.
Conclusion
The future of art galleries and auctions lies in the digital realm that maintains a virtual presence to reach clientele. Companies that are able to stay flexible and open to the rapidly evolving environment will be better equipped to meet the challenges facing the business of art dealership.
