In the News
Session I: Big Data & New Technology: Applicants in the art world
Demystifying Art Lending: 9 Things Collectors Should Know
While the practice of art lending — using a work of art as loan collateral to extend credit — has roots in the earliest development of the modern art market, it has grown significantly in recent decades. As collectors increasingly manage their art collections from an investment perspective, they are increasingly open to art lending as a tool to re-deploy capital across their balance sheets. (…)
Athena uses art market pricing data analysis primarily as a risk-management tool, relying on data sets to help evaluate price and liquidity trends among artists. This type of analysis assists Athena in determining which artists’ works are eligible as collateral and how much credit can be extended to a given artwork. Moreover, the rise of platforms such as Lobus — whose mission is to provide both qualitative and quantitative assessment of an artwork’s value within the context of an artist’s career — can help further enrich the data analysis performed by Athena and facilitates overall confidence in its risk decisions. (Read More)
NPR Here & Now
More Companies See 'Neurodiverse' Job Candidates As Untapped Talent Pool
For many young people, a job search is fraught with anxiety — what to wear, what to say. But for candidates with neurological differences like autism or obsessive-compulsive disorder, difficulties like making eye contact, fidgeting or an unusual speech pattern can make the task even more challenging.
Now, an increasing number of companies are reaching out to include "neurodiverse" candidates who they say can offer unique talents.
Among them is Microsoft, which through its Autism Hiring Program is trying to address an under- and unemployment rate for people with autism of about 80 percent, says Neil Barnett, who leads inclusive hiring and accessibility at the company. (Read More)
How Dynasties Secure Their Fortunes in the Trump Era
Imagine, if you can, that you’re one of the richest people in the U.S., in the top 0.1 percent or so, with a net worth measured in the tens or hundreds of millions. Now picture your wealthy self sitting in a conference room. The tangle of Midtown Manhattan rises outside a window. Frosted glass hides you from a hallway. Sitting across a stone-and-wood table, your trusted advisers deliver the good news: You’ve received a very thoughtful gift from the U.S. government.
The new tax law, signed by President Trump in December 2017, gave a number of goodies to rich families like yours, starting with doubling the amount you can pass on to heirs without triggering the estate and gift tax. If you’re single, you get $11.2 million to dispense with, while married couples can play with $22.4 million. (Read more)
Companies tap into an underused but highly capable workforce
Oliver Willcox was always an excellent student. He earned an A in honors physics and a master’s in applied math from Loyola University Chicago. But when he started applying for jobs, Willcox, who has ADHD and a speech and language disorder, got nowhere. In interviews, he could be socially awkward, fidgeting nervously and not looking people in the eye.
At one bank, after Willcox had aced the data analyst test, hiring managers told him about their tradition of drinking Scotch on Fridays. But Willcox, his mother noted, is not a Scotch Friday kind of guy. And sure enough, the bank ended up rejecting him, as many other employers did, because he wasn’t a good “cultural fit.” (Read more)
Rockefeller ‘Premium’ Draws Billionaires to $646 Million Auction
Billionaires from around the world fought for a chance to own Peggy and David Rockefeller’s art trophies, sending paintings by Henri Matisse and Claude Monet to record prices at Christie’s in New York on Tuesday.
The evening sale of 44 lots of 19th and 20th century art from the collection tallied $646.1 million, surpassing the low estimate of $484 million. Every lot sold. Five more live auctions from the estate will take place this week as well as an online sale that runs through May 11, offering more than 1,500 items, including porcelain, silver and furniture. The estate’s proceeds will benefit 12 institutions selected by the Rockefellers. (Read more)
Why Guarantees Are Actually Good for the Art Market
Collectors are sometimes terrified to sell works of art at auction—and not without reason. Maybe the object will fail to sell, becoming tainted or “burned” in the eyes of the marketplace. Maybe the estimates the consignor agrees to are too low, and the work sells for a song. But selling at auction also exposes the work to the largest number of potential buyers, increasing the odds it will sell for the best price possible. Small wonder cognitive dissonance is a common affliction among auction consignors. (Read more)