I'm currently a first year investment banking analyst at a top BB, however I find that I don't really like the work at all and though I'm going through buy-side recruiting, I don't think it's something I truly want to pursue. I'm more interested in art, particularly the art financing or art investing industry. I know it's a very niche industry, but does anyone have any advice for such a transition? I've been trying to network with professionals but I haven't been getting many responses compared to the response rate I have when networking with the buy-side. Additionally head-hunters don't really know the industry either. How difficult is it to get into a different industry? Thanks for any responses
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Try getting in touch with family offices (particularly in Europe) that invest/buy art for wealthy individuals. Might be what you're interested in.
IB for Art Industry? (Originally Posted: 03/22/2008)
Hey, I don't know if anyone on this forum shares my love for art, but have any of you had any experience, or have heard of, IB in the field of art - whether for Sotheby's, Christie's, a fine arts museum, etc.? Maybe M&A work, anything related? A few months ago I was referred to an artist who also has his personal financial advisory service, and I was so excited until I realized what a scam artist this guy was. Thanks for your help in advance. Cheers
http://www.citibank.com/privatebank/aas/index.htm
Think it's more private banking though.
My friend who graduated a few years ago was at GS banking for 3 years. SHe now works at this place called "Fine Art Capital" and helps them do financings for art acquisition (clients are usually museums or private clients). She absolutely loves it as she minored in art history in college. It's a paycut though, but definitely can be done.
Also, I know the Metropolitan museum of art and probably others have a financial advisory group which helps with the acquisitions of art pieces and stuff (the ones of course that are not donated or on loan).
Thanks, fp175 and HerSerendipity, I really appreciate it your advice. HerSerendipity, do you know what kinds of tasks your friend does? I understand the firm helps liquidity and gives different types of financings, but what different jobs do people that work there do?
We're Italian, "WACC" means something else to us.
From what I know, it's similar to debt financings you would provide for any sort of acquisition. I'm not super clear on her role, but i would guess that she does some of the modelling and presenting one on one to the clients about different ways they can finance their new art. It's definitely not as demanding as banking and probably way more interesting.
As fp175 mentioned earlier, a few of the banks' PWM groups deal with art advisory services for their high net worth clients. I would imagine this is more along the lines of finding good/worthwhile pieces to invest in.
I have some friends who have gone onto work for studios and entertainment companies either looking at acquisitions or doing financings or something similar. I would imagine this is probably a bit more intensive than what HerSerendipity's friend is doing, but it would still be pretty nice to work in Hollywood on this sort of stuff (at least, assuming it's anything like Entourage :).
Another point to consider: I read awhile back that fine art prices have actually climbed more in the past 20 years than either real estate or stocks, primarily due to rich hedge fund guys paying ridiculous amounts for art. That could be an interesting field of work to get into, though as with real estate, the bubble could pop rather quickly as well.
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