Sotheby's Acquires Art Agency, Partners

On January 11, Sotheby's announced the acquisition of Art Agency, Partners, the art advisory firm founded by Amy Cappellazzo and Allan Schwartzman. The firm will be part of a new division for Sotheby's that will provide advisory services to clients who seek to grow their collections.

The acquisition is part of a broader strategy to improve Sotheby's position at the higher end of the Contemporary and Modern art market through the strengthening of private sales and advisory services.

Sotheby's CEO, Tad Smith stated, "AAP's profitable business helps drive initiatives that are imperative for Sotheby's growth -- improving our leadership position at the high end of the fine art market, bolstering our private sales capability, giving us new growth opportunities in advisory services, and reinforcing the client-first culture in all we do. The AAP leadership team is widely known for its expertise in fine art of the past two centuries, especially in the realm of post-war, contemporary and modern art. The principals maintain deep relationships with top collectors around the world, and are unsurpassed at executing the complicated financial transactions that are integral to today's art market. Most important, however, is AAP's unique approach to client service in all areas of its advisory work, from art consulting and private purchases and sales to art-related estate planning, museum development, and art investment. All of these practices have joined consignment advisory and auction services as important strategic growth areas for Sotheby's."

Congratulations to Amy Cappellazzo and Allan Schwartzman. Read the full Sotheby's Acquisition Statement.