TD: Muys, it’s so great to see you again. One of the last times we saw each other was during Art Basel Miami, and there was a lot of uncertainty in the art market at the time. Since then, I’ve continued to see headlines about volatility in the art market. Is that still the case as we head into the May sales? What are your takeaways from New York Art Week that are important for advisors and family offices to note?
MS: May is one of the most exciting times on the global art calendar. Art fairs like TEFAF and Frieze, alongside major day and evening auction sales, offer key insights into the current state of the market. These events serve as important barometers, especially since so many transactions today occur privately, behind closed doors. In the auction sphere, we're seeing more tightly curated sales that prioritize quality over quantity. While there are fewer lots, the focus is on well-priced, blue-chip works with strong provenance—conditions that continue to excite serious collectors even in a softer market. Even
in times of uncertainty, highly curated sales from esteemed collections tend to perform well. Provenance remains a critical factor when buying on the secondary market, and there’s still strong appetite for works from outstanding collectors. This season, we’ve seen a noticeable pullback in ultra-contemporary works—especially those by artists born after the 1980s and 1990s. The speculative boom of 2022 has cooled, and this
segment has contracted accordingly. A notable exception was the curated selection donated by NFL player and philanthropist Malcolm Jenkins to Phillips’ Modern & Contemporary Art Day Sale. Jenkins contributed six works that highlight the Black experience—including pieces by Tavares Strachan, Dominic Chambers, and Yoyo Lander—with proceeds supporting arts education through the Malcolm Jenkins Foundation.
TD: You have firsthand experience in the auction world. What is your background in the auction
industry? Do you have a favorite auction experience?
MS: Absolutely. I gained valuable insights into managing risk appetite and tolerance from both the collector and auction house perspectives during my time at one of the world’s leading international auction houses. At auction, consignment appetite is always present, but strategic placement of works is essential to success. Techniques like in-house guarantees or third-party guarantees are often used to offset financial risk—especially during high-profile evening sales. Each auction has its own rhythm, but the energy and anticipation are always palpable. There are also unforgettable, once-in-a-lifetime sales—like the Yves Saint Laurent or Rockefeller collections—or individual masterpieces like Salvator Mundi by Leonardo da Vinci. One of my personal highlights was the sale of Princess Margaret’s collection. It featured exceptional jewelry and exquisite furniture and drew global attention. It was early in my career, before today’s data-driven approach, and I still remember the public queuing for days just to view the lots. Collectors flew in from all over the world. During the auction, we had rows of phone bidders
and stayed on the lines well into the night—once even concluding around 2:00 AM!
TD: Is there a strategy to buying at auction?
MS: There absolutely is. Before making any purchase at auction, it's essential to do your
homework—or work with someone who can. Start with works that resonate with you. While art can offer strong returns, that’s never guaranteed—and markets and tastes evolve. Aside from a discerning eye, proper due diligence is key. This includes reviewing condition reports, provenance, and factoring in the buyer’s premium. Patience and a solid understanding of market dynamics are also essential. A well-informed acquisition strategy begins with knowing your risk tolerance and your mindset for collecting.
TD: Say all goes according to plan and you end up with the winning bid. What happens after the auction—is the work automatically insured?
MS: Generally, if you have an existing fine art and collectibles policy with Private Client Select, new acquisitions are automatically covered for the first 90 days. You’ll need to submit the invoice within that timeframe to add the work to your policy. That said, we always recommend checking with your broker or carrier, as coverage terms can vary.
At Private Client Select, our Art Services team provides ongoing professional guidance to help collectors care for individual works and entire collections. This service is available to all of our policyholders through their brokers.
TD: Once the artwork arrives at your home (ideally via a specialized fine art transportation service), what measures do you take to keep it protected?
MS: Every artwork is unique and requires tailored care. For example, if you’ve acquired Nam June Paik’s Global Groove (1994), you’d want to engage a digital art conservator to ensure the work remains functional and valuable. Digital artworks, especially aging pieces, are vulnerable, so multiple data backups and thorough documentation of the hardware, software, and system processes are essential. Contrast that with a Donald Judd steel and plexiglass stack, which would require a completely different conservation and installation team. Regardless of medium, regular appraisals are critical to ensure the work is insured to its proper value. At Private Client Select, we maintain a vast network of specialists—appraisers, conservators, transportation providers, and storage
experts—to support our clients.
TD: Who is one of the artists that stood out to you from this season’s auctions and fairs?
MS: Olga de Amaral. The Colombian artist has been on the rise since around 2019, and her market momentum has continued. This season, we saw strong examples of her work across multiple houses. Montaña 38 (2014) sold at Christie’s, and Imagen Perdida 27 (1996) sold at Phillips for a record-setting $1.2 million—nearly four times its estimate. Her work was also well-represented at TEFAF. We’re seeing a broader market trend where female textile artists are finally being recognized and included in top-tier sales. The 2024 Venice Biennale played a key role in spotlighting these artists, whose work with fiber and textiles has historically been categorized as craft or Outsider art. The ICA Miami currently features a major retrospective of Olga de Amaral’s work, previously
shown at Fondation Cartier in Paris. That kind of institutional recognition helps fuel momentum in the secondary market. Private Client Select has supported ICA Miami for the past four years, particularly in its exhibitions of young emerging female artists like Sasha Gordon. It’s great to see established artists like Olga de Amaral also getting their long-overdue recognition.
TD: Lastly, how does Private Client Select support family offices in the collections space?
MS: While collecting can be a joyful and fulfilling experience, new collectors often don’t realize how much ongoing care is required. Our Art Services team has decades of experience—from museums to the commercial art world—and offers a comprehensive suite of services to support collectors at every stage. For highly seasoned collectors, we also have a Complex Account Practice (CAP) that specializes in serving hyper–net-worth individuals. Private Client Select supports collectors wherever they are in their journey, offering referrals, guidance, and services that include support for institutional lending and transportation—ensuring that their artworks are protected for longevity and future generations.