These people are not the current owners, nor the proposed
purchasers, but something in between: agents, advisors, introducers, dealers,
and often not quite sure themselves.
They are sole traders whose only capital is their art market
connections. They usually see themselves as being on the side of the buyer or
seller, but sometimes both or neither.
They might be part of a chain of such people that will link the buyer
and seller, or they are to one side of the chain. Rarely will the art pass through
their hands, either physically or by ownership.
Their interest is in some percentage or lump sum, but from whom, under
what obligation and in what circumstances can be unclear.
No one knows the identity of everyone involved. Parties
prefer to be confidential, and for a link in the chain to introduce the links
on either side to each other would risk the in-between link being bypassed. The
work of art is usually known, and so there is probably an owner ready to sell,
but no one is sure if the ultimate buyer is in place, or still being
sought. If in place, unknown alternative
chains might already be forming between the buyer and seller.
I can be asked to help to get the deal off the
ground. A lawyer’s ‘letter of intent’
seems to make an impression, because I am often asked to do one. However, the letter will be carefully drafted
to avoid any commitment, and all it really shows is that a lawyer has been
brought in, which I suppose indicates some level of intent.
More often, I am brought in at a later stage when the
concern is that the proposed deal is falling apart, or an actual deal is being
breached. Given all the vagueness and
obscurity, the work required can be quite a challenge.
