Exclusive | Goldman Sachs brings art advisory service to Asia’s ultra-rich
Bank’s private-wealth division helps clients navigate ‘high degree of complexity’ in the world’s second-largest art market
Goldman Sachs has begun providing advice on art and collectibles to ultra-wealthy people in Asia, including Hong Kong and mainland China, which together form the world’s second-largest art market.
The US investment bank’s private wealth management (PWM) division started its art and collectibles advisory service in the US in 2019, expanded to Europe three years ago and rolled out in Asia last year. The division has around 16,000 clients globally who put an average of US$70 million worth of assets with the bank. Ultra-high-net-worth individuals are defined as those with more than US$30 million in net worth.
“We serve many clients who transact in passion and luxury assets, and we want to help them think more strategically about the markets for these assets, which are sometimes not very transparent,” Monica Heslington, head of art advisory in Goldman’s PWM division, told the Post in an exclusive interview in Hong Kong.
“Art and collectibles have a higher degree of complexity, and people need the right experts to help them through the process.”
While clients in Asia and the West are similar in terms of their passion for art, the infrastructure surrounding the market differs across the two regions, according to Heslington.
In the US, many people rely on art advisers for negotiations, research and education, and they hire specialised lawyers to review contracts, she said.