In my humble opinion as a seasoned art advisor who’s navigated the whimsical world of celebrity collectors, I wholeheartedly concur with the insights presented here. However, having walked the same path as these high-profile individuals, I must confess that I’ve learned a few lessons the hard way.
Ralph DeLuca has established a unique position for himself as the primary art advisor among Hollywood’s elite. The straightforward native of New Jersey maintains close relationships with many prominent gallery owners and boasts high-value celebrity collectors like Sylvester Stallone and Leonardo DiCaprio, not just clients but friends too. Other notable individuals under his guidance include Martin Scorsese, Quentin Tarantino, Steven Spielberg, and Kate Capshaw. Don’t miss him at the Art Basel from Dec. 6-8 – he’s the bushy-browed, bald man with a powerful presence, escorting prominent figures to the most desirable booths in the fair.
47-year-old DeLuca, initially based on Wall Street, shifted his focus towards collectibles over 20 years ago, thanks to the advice from renowned dealer Tony Shafrazi. His talent for art quickly became evident; he was inquisitive, calm under pressure, and straightforward. “I may not have formal education or a luxurious background,” he admits, “but I’ve earned my reputation. In the end, we’re not dealing with curing cancer; art is significant, but we’re not revolutionizing the world.
Currently residing in Las Vegas, he is one of the primary backers for LACMA’s upcoming satellite location. Yet, he maintains strong ties with Hollywood, building trust among his clients by not only guiding them on what to purchase but also on ways to avoid being deceived. He warns, “Celebrity art collectors can easily be taken advantage of by an art advisor or dealer – I’ve witnessed this occur frequently.” Here is a set of guidelines, which he calls the Ten Commandments, that any aspiring Hollywoodite could follow in adhering to DeLuca’s approach.
1. Rules Are Rules
Simply being wealthy and well-known doesn’t exempt one from abiding by the principles of the art world,” DeLuca points out. He notes that many prominent figures in Hollywood often struggle to grasp why they can’t purchase artworks from emerging artists, even though they could easily arrange a private jet ride with an airline chairman. Essentially, they need to demonstrate their credibility and dedication to the art world by courting the favor of gallerists or dealers. If you assume you can just buy whatever you desire whenever you wish, be prepared to hear phrases like “We’re taking expressions of interest.
As a gamer navigating the art world, I understand the eagerness of clients seeking representation. However, it’s crucial to realize that many artists are vying for the same opportunities, and galleries don’t always respond immediately. The more actively you engage, the greater your chances of getting noticed.
Building a close rapport with a gallery ensures you get early access to fresh artwork directly from the artist’s studio, often at more affordable prices. When purchasing emerging work, I make sure it’s exclusively from the primary market – meaning these are artworks being sold for the first time. As collectors, we should prioritize nurturing and backing young artists and galleries, but always ensure to thoroughly research or consult an expert.
2. Use Your Fame Wisely
Patronage today involves deploying your own renown to help burnish the reputation of whoever you collect. The more you’re willing to say you own a work, or post a picture of it on social media, the better access you’ll get. “Sylvester Stallone is the perfect example of this,” says DeLuca. “He loves to get the artist on the phone, and he’s Instagrammed studio visits and things he’s bought and loved. He has a huge social media following, and it trickles down. It’s good for the ecosystem.” Galleries and artists cozy up to celebrities and tech barons for much the same reason. “They have these amazing parties, their homes get photographed — everyone from the Dalai Lama down has been to Leo DiCaprio’s house. It’s better that a painting is on their wall as opposed to a museum in Miami or Wisconsin.”
3. Buy on Instinct, Not on an Interior Designer’s Say-So
A genuine collector doesn’t stress about finding the perfect spot for an item or its compatibility with your décor. Instead, they’re flexible and can easily adjust their collection as their preferences evolve.
4. Stay Loyal
Consider evaluating several advisors initially to find one whose approach aligns most closely with your own preferences. After making your selection, however, it’s best not to seek advice from multiple sources simultaneously. As DeLuca cautions, “Avoid asking 40 people to pursue the same goal for you. This can generate artificial demand and give the impression that you are more interested in accumulating trophies or quickly flipping assets rather than making thoughtful decisions.
5. See Art for Yourself …
DeLuca advises, “Make an effort to view art pieces directly whenever you can.” He notes that we’ve grown too accustomed to purchasing or viewing art through our phones and virtual calls with dealers. However, he warns against this habit as it may lead to mistakes. In-person observation is crucial because it allows us to appreciate the texture, the tonality, and the tactile qualities of a work that cannot be fully grasped through digital means.
6. … but Approach Art Fairs With Caution
Art fairs often see celebrities being approached, with fans seeking autographs and intrusions even when they’re admiring artworks, such as a Warhol piece. This was evident in the unauthorized photos from Art Basel Miami Beach last year, featuring DeLuca and client DiCaprio. The event is typically swarming with approximately 50,000 people eager to view art and snap selfies in front of a Twombly. The unique exception is Art Basel’s original fair in Switzerland, which has a more art-centric focus. However, due to their busy schedules, many celebrities may not have the time to attend European fairs like that.
7. Beware the BOGO
DeLuca finds the recent trend of art gallerists selling an artist’s work on the condition that the buyer also purchases another piece for a museum or institution, an unwelcome development. He argues that this practice is equivalent to creative extortion, as it essentially forces a museum to accept a donation so the gallerist can claim they secured a placement for the artist. DeLuca believes that such actions do not foster stewardship or patronage. However, he makes an exception for blue-chip institutions requesting assistance in acquiring specific artwork. In this case, if Michael Govan from LACMA were to ask him for help in procuring a particular painting and they were short on funds, DeLuca would be willing to approach a client and collaborate with the gallery.
8. Resist the FOMO
An advisor’s role frequently involves guiding clients on what not to invest in. DeLuca recounts accompanying a renowned, affluent collector and dissuading him from purchasing nearly every piece he was considering. “He was suffering from FOMO at the art fair, overwhelmed with excitement, like a child in a candy store, because everyone was buzzing about needing to own this or that. In six months’ time, he would have questioned his decision, saying ‘Why did I buy this?’ Listen more than you buy, instead. Buy with your eyes and trust your advisor’s judgment.” It’s much trickier to resell artwork compared to other investments that are more liquid. “Returning to the gallery for a conversation is a challenging situation because art is difficult to purchase and sell. It’s not as fluid as stocks.” As evidence, DeLuca mentions he’s been working with a new client for over six months without making a single sale. The main reason for the current dip in the secondary market for emerging art, he suggests, is that too many collectors were focusing on the social aspects of art collection rather than careful observation.
9. Collecting Is Personal
Inquire about an advisor’s personal art collection without judging its aesthetics. “In this line of work,” DeLuca notes, “it’s crucial to experience it firsthand.” It’s simple to manage others’ funds, but it’s essential that the art advisor possesses a collection themselves. This insight was passed down from DeLuca’s mentor, renowned advisor Todd Levin. Although they might not have the same financial resources as A-list celebrities, advisors should be actively involved in the art market and invest at a comparable rate to what they recommend for their clients.
10. Art’s a Business, Too
If you claim that money isn’t a factor here at all, it sounds like you’re fooling yourself,” he sneers. “Art is an investment, and when its value rises, you’re pleased.” A field DeLuca is closely monitoring regarding this matter is the Indigenous and Native American art scene, where he notices a growing interest and backing. However, it’s crucial to remember that art has inherent value beyond financial gains. DeLuca often advises his clients to ponder a challenging question: “Would I cherish this enough to want to continue living with it forever, even if its monetary worth remains constant or even declines over time?
Here’s an engaging way a gamer might rephrase that statement: “I just came across an exciting tale in the latest edition of The Hollywood Reporter magazine, released on December 4th. If you want to keep up with such captivating stories like this one, consider subscribing!
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2024-12-07 22:25