Cadell+Co a new art advisory has launched. It is the first specialist art advisory firm to be regulated by the UK Financial Conduct Authority.
The firm has been founded by Luke Dugdale, Richard Camber and Richard Bagnall Smith. Dugdale is head of wealth management, Camber partner responsible for expertise and Bagnall-Smith is head of client management and sales.
Cadell has also launched a database that allows trustees to see that their portfolios are monitored. It will also provide quarterly portfolio management reports.
“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,” said Dugdale. “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. Trustees responsible for art as part of their portfolios often do not get the appropriate tools or guidance to manage their collections properly.”
The firm is targeting trustees, family offices, banks, insurers, lawyers and accountants.
Many trustees have concerns about the current value of the art collections they’re responsible for”
“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,” said Bagnall-Smith. “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.”
Dugdale launched RBC’s art advisory group, set up Deutsche Bank’s art lending group and was an executive director at UBS. Camber was president of ArtBanc International, and formerly a senior director at Sotheby’s. Bagnall-Smith was global chief marketing officer and head of business development at Christie’s.