Art Intelligence Global (AIG), which launches in November, will handle transactions and offer market expertise, as well as advise on acquisitions and the dissolution of collections.
Ex-Sotheby's heavyweights Amy Cappellazzo, Yuki Terase and Adam Chinn are teaming up on a new venture headquartered in Hong Kong and New York, which targets Asia's growing pool of art buyers, «The New York Times» reported on Thursday.
Cappellazzo is the former chairwoman of Sotheby’s fine art division, while Terase, to be based in Hong Kong, helped to develop and cultivate the rising class of Asian collectors that are currently dominating the market, in her role as Sotheby's head of contemporary art in Asia.
Sotheby's former chief operating officer Chinn will handle the company’s business and legal operations, based in New York with Cappellazzo. He is also co-chairman and an investor in fine art marketplace LiveArt, which launched in June 2021.
Booming Asia
«It quickly becomes clear the level of impact AIG is likely to reap at the upper echelons of the blue-chip market in both the U.S. and Asia,» said «ArtNet» in a newsletter on Thursday, noting the «booming business that high-level art advisors have experienced over the past couple of years.»
Asia's art market is now the second-largest globally after the U.S., fuelled by young buyers from the fields of technology and entertainment, according to «The New York Times.» Sotheby’s sold a record $330 million of Western art in Asia this year, almost triple the amount sold last year.
«Asia is really at the point where it can originate this kind of world-class success and expertise in the region, not something that’s imported from Western organizations,» Terase told the newspaper. «It’s become such an important market to determine even how you structure New York sales.»
