Consultant on art trade

Veteran art advisor Thea Westreich courts Korean collectors

By Kwaak Je-yup

She tells the world's wealthiest what to buy, how much to spend and how much to resell it for.

Such is the life of Thea Westreich, one of the world's most authoritative art advisors. She works from her office in SoHo, Manhattan, helping clients build an art portfolio and making sure they get what they want.

With 30 years of experience and clients like the Pritzker family and Robert Soros, son of George, she is a commanding presence at the world's biggest art fairs like Art Basel as well as in the front row of auctions at houses like Sotheby's.

"You (as a collector) want somebody on your side. That helps define and refine objectives, and helps you build a great collection," says Westreich.

Aided by research, market knowledge and her renowned instinct, she can make informed decisions on her clients?behalf, which often seem audacious to most but end up highly profitable.

Her deals tend to make art-world headlines, even legends. In 1986, she purchased "Jim Beam J.B. Turner Engine" by American artist Jeff Koons for just $18,000. Last year, it sold for $2,322,500 at a Sotheby's auction.

Around the same time, Westreich, along with her business partner and now-husband Ethan Wagner, bought one of American photographer Richard Prince's works for a paltry sum of $2,000. Now, his works could go for a million dollars, an auction record-breaker for photographic works. She recognized the talent in now-superstar British artist Damien Hirst around the same time, acquiring one of his medicine-cabinet works for $25,000. Now the asking price for that particular piece is close to $20 million.

She is also noted for establishing the first important collection of film and video art.

Conventional players like art dealers, galleries and auction houses claim they are able to provide a similar level of expertise, having played a similar role for centuries.

"We take pride in our track records and high level of credibility," says Son Yee-chun, spokesman at a top Korean auction house K Auction. "We have specialists who can guide even the first-time buyers through the (art collection) process."

But Westreich says their level of objectivity can suffer from having to serve buyers and sellers simultaneously.

"We as advisors are serving our clients' interests exclusively," she says. "This is not the case with dealers or auction houses whose job is to support their artists and sell their inventory. Our job is to get the best for our clients, build them great collections that are recognized internationally."

Success stories like Westreich's have attracted new entrants chasing the per-purchase commissions usually ranging from 10 to 15 percent. But she urges caution.

While the art market is unregulated, there are no certifications or specific qualifications other than an art history degree and first-hand experience. Westreich claims a trustworthy art advisor is virtually the only defense against the market's nontransparent nature.

"Anyone can present themselves as an advisory. But it does not mean that they are equipped to provide the complete range of professional services that will enliven the clients experience as collectors, protect him or her from the wide variety of misinformation that is diverting, and finally, offer the client opportunities to enjoy to the greatest possible extent the pleasures and pride of collecting art both personally and for business interests."