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Art portfolio advisory service for wealth managers launched

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A new specialist art portfolio adviser,  Cadell+Co, has launched today, aiming to provide portfolio preservation and enhancement services for art held in trust.

Cadell+Co is the first art advisor in the market to carry FCA approval. The firm explains that the art in trust market has boomed in the past decade, and total assets for the industry are estimated at a surprising USD1.5 trillion internationally, according to a recent Deloitte report. The same report stated that, on average, art holdings make up 9 per cent of the net assets of wealthy individuals.
 
The firm writes: “This surge in assets has increased the focus on trustees and wealth managers responsible for preserving the value of art held in trust. Price escalation of top brand names and price divergence amongst the middle market has further increased the level of risk to Trust professionals, at a time when clients are more protective than ever of the value of their assets. Cadell’s unique offering is designed to support these trustees by giving visibility to all the portfolio’s art assets, enabling informed decision-making that ultimately preserves and enhances the long-term value of their clients’ portfolios.”
 
In order to preserve and enhance the value of art portfolios, Cadell provides a bespoke database, management and reporting service – the CMP database. This service is designed to give trustees confidence that the values of their portfolios are being constantly monitored and managed, as well as providing quarterly portfolio management reports for Trustee/Beneficiary review. These regular valuations play a central role in supporting the active management of the portfolio.
 
In addition to providing the up to the minute valuation needed for trustees to perform their fiduciary duty, Cadell’s FCA licence allows them to provide transparent and independent management guidance and transaction advice in a market that has, to this point, been completely unregulated.
 
The firm will provide this range of services to trustees, family offices, banks, insurers, lawyers and accountants – and has already secured significant interest from leading International Wealth Management, Trustees and family offices, and endorsement from major art institutions.
 
Cadell’s founding partners combine art and finance industry expertise covering investment banking, art, communications, auction house and asset management sectors.
 
Luke Dugdale is Head of Wealth Management, overseeing advisory and strategic services. As a former investment and private banker with 30 years’ experience in international financial markets, Luke is one of the leading bankers globally to specialise in art in finance. He set up Art in Wealth Management at RBC, the art lending operation at Deutsche Bank and was an Executive Director and Desk Head at UBS.
 
Richard Camber is the Partner responsible for Expertise, in charge of sourcing the world’s leading authorities in each specialist sector. Before joining Cadell, Richard was President of ArtBanc International, and formerly Sotheby’s Senior Director of the Works of Art Division.
 
Richard Bagnall-Smith is Head of Client Management and Sales, responsible for Cadell’s Client relationships and for negotiating art transactions. Richard is the former Global Chief Marketing Officer and Head of Business Development for Christie’s, where he was responsible for the business development, marketing, digital, e-commerce, publishing and corporate communications departments.
 
Luke Dugdale, Cadell+Co’s Head of Wealth Management, says: “The art market went from being a modest, private world of passion, to becoming a significant proportion of high net worth wealth portfolio. The emergence of art as a mature mainstream asset has not been matched by the regulatory framework around it especially where it is held in trusts. Due to that, trustees responsible for art as part of their portfolios often do not get the appropriate tools or guidance to manage their collections properly.”
 
“The goal of Cadell+Co is to bring professional support to those trustees who want to know the value of what they own, and how to maintain it in the long term. Our expertise centres around considered preservation and enhancement of art portfolios.”
 
Richard Bagnall-Smith, Cadell’s Head of Management & Sales, added: “Many trustees have concerns about the current value of the art collections they’re responsible for. Works of art held in trust have often been in the owner’s possession for decades, and in that time, the value of individual pieces may have fluctuated dramatically; some may not have been valued at all.”
 
“Our role will be to guide trustees and wealth managers in staying informed on the current and future valuation of their collections, to ensure they make the best decisions for clients. Our FCA approval means that trustees can have total confidence that the advice we give them is truly independent, transparent and supported by robust reporting. That is at the very heart of our offering.”
 

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