Heidi Lee Art Advisory

NEWSLETTER                                                                                                           ARPIL 2009

Final Tulips

Dear
HL Portrait 
Spring is finally here and so is our inaugural newsletter! The last twelve months have been filled with exciting activity at HLAA including moving into our new office on Madison Avenue where we will be centrally located between Museum Mile and the Chelsea art galleries.

This year I had a chance to visit different art hubs including New Orleans, Moscow, Dubai and Seoul and witnessed the financial crisis' wave effect on the art market. Despite the market correction, it was apparent in each city however, that art appreciation is stronger than ever thus we are likely to see a new generation of creative geniuses emerge as a result. Now is as terrific a time as ever to keep up with your art collections!

This issue also includes a rare interview with the Met Museum's new director, Thomas Campbell, my new column for Whitewall magazine, "Art Expert", and our press mentions in Art in America and The Financial Times. I hope you enjoy our first issue and do not hesitate to share your thoughts!

Yours truly,
Heidi Lee

koons moscow
Jeff Koons, Baroque Egg with Bow
Gagosian Opening Night, Moscow

In This Issue
HLAA IN THE PRESS

WHAT'S NEW AT HLAA

ABOUT HLAA

HOTTOPICSHOT TOPICS
In the throes of today's cultural and economic climate, it is hard to tell exactly where and how the art industry has been affected. We've seen numerous gallery closings, reduced prices and hundreds of employees laid off. Will the approved $50 million funding for the arts, proposed arts legislation and new museum initiatives offset the effects of the recession or will they lead to further instabilty? Though the art world seems to be on a precipice artists have made some of their finest work during the most difficult of times. Some speculate that a new generation of artists will rise from the ashes. Below, HLAA highlights three relevant topics--arts funding, art copyright and law and new museum intiatives. 


Crop Tulip 
Obama's Stimulus Package
The NEA received $50M from the President's plan. In "House Bill Would Increase Funding for Arts and Humanities" Robin Pogrebin looks at the ways in which the NEA and NEH will be funded in the new administration. Countless reports legitimize the fiscal and social impact of the arts, which must be sustained in light of the economic downturn...Where will the money go?
 

shepard fairey 
Art Copyright & Law
Are copyright laws protecting or stifling artist's rights and creativity? Artist Shepard Fairey's contentious lawsuit raises questions about ownership, distribution and the authenticity of the artist...Watch Shepard talk about the AP on ForaTV
                                                                           
 
aaron young 2
Museum Deaccessioning
Is "smart" deaccessioning the wave of the future? Recent legislation has sparked controversy by prohibiting museums to sell artwork to cover operating expenses. The New York Times article, "Bill Seeks to Regulate Museums' Art Sales" takes a closer look...Read full article.
 
Attention arts advocates! Visit the Arts Action Center to voice your opinion and stay connected.
hlaaonthetownHLAA ON THE TOWN

Campbell and Montebello   
Thomas Campbell (left) and Phillipe de Montabello, courtesy
New YorkTimes/Don Pollard/Metropolitan Museum of Art
 
 
HLAA's Conversation with the Met Museum Director
At a recent conversation with Thomas Campbell, the newly appointed director of the Metropolitan Museum of Art, HLAA asked about his future plans for the museum. His responses were impressive and we found his good humor and approachability charming. Two of my questions that he specifically focused on were:

Q. Given that institutions do not take to change that easily, do you see the Met's responsibility as a museum adapting well to the ailing economy? If so, what aspects will be redefined or reinterpreted?

Mr. Campbell responded that the Met is a stable institution but not immune to what's going on right now in the economy. He said a few particular people within the institution are resistant to change, yet they have seen positive results with the implementation of new ideas.                                                                             
                                                                                                                 
For example, the Met's recent program, "It's Time We Met," invited visitors to post hundreds of photographs taken at and around the museum. It was the museum's first visitor-contributed photo contest. There was hesitation at first to follow through but it ended up being an overwhelming it's time we met - warholsuccess.
 
Moreover, he noted that the museum must be fair and consistent when making bold decisions, such as how to lay off 10% of their workforce. It must be across all departments and not single anyone out. The Met's endowment dropped from $2.9 billion in 2007 to $2.1 billion in 2008 and will continue to experience losses. As a result, he and his staff are taking measures to be as responsible as possible and to prevent the misappropriation of funds. Every little bit counts and even small donations to the museum matter.
 
Q. The Met's reputation precedes itself both here and abroad. What kind of initiatives are being put in place, if any, to develop its international presence or brand? Will it follow in the footsteps of the Louvre and the Guggenheim and go to Abu Dhabi?
 
Mr. Campbell stated that there are many untapped audiences all around the country to whom they have not yet reached. He thinks the Met should put greater efforts into capturing local audiences. According to a recent museum survey, 20% of the Met's visitors are recurring and 60% are first-time visitors or have visited only once. He believes the Met needs to find ways to get to reach out to potential first-time visitors and mentioned that Alice Walton's profound and committed local patronage for the Crystal Bridges Museum of American Art in Arkansas was museum of americaa great example of reaching out to lesser-known art communities in the U.S. While it is important to keep an open mind to new opportunities abroad, the kind of support the Met needs right now is here in this country.
                                                                

                                                                                                                     
                                                                                                                       The Crystal Bridges Museum 
                                                         



hlaainthepressHLAA IN THE PRESS


Finan Times

New Realism in Corporate Art
The Financial Times quotes HLAA principal on the current state of corporate art collections, "There's still a lot of activity in the art market..." Read full article by Melanie Tringham...


aaron young 2

Recession Impacts Secondary Market
 
The secondary market is seeing a flurry of recent activity.  Buyers are excited about opportunities to acquire hard-to-find pieces that might not have been available for sale during the bull market. Art in America quotes HLAA.  Read full article by Brook Mason...
 

aaron young 2  
Experts Watch - Katy Donoghue interviews HLAA

W. In our first interview at ArtBasel several months ago, you said you try to connect artists and collectors through Heidi Lee Art Advisory. In what ways do you do that? Do you encourage your collectors to be more active participants in the art world?
HLAA. Whenever there is a curator's talk, studio visit or any event of interest to my client we immediately let them know about it and extend an invite. Being a member of several museum groups and art associations helps to keep us connected to what's going on at any given time. Our clients know they can count on us to give them access to art and to keep them informed.
 
W. How do you think your approach differs from other advisory services?
HLAA. We try to get to know my clients on a deeper level in order to create the most meaningful experience possible. We believe every art collector is as unique as their own DNA. Therefore our aim is to fully understand what motivates them rather than prescribing a generic plan of action. We want them to trust us and know that we are putting their best interests forward.  Read full interview...

PAST PRESS
Lily Alexander interviews HLAA at ArtBasel MiamiBeach,
December 2008   Read more...
whatsnewWHAT'S NEW AT HLAA
 
Madison avenueOn The Move
We are moving on down...to Madison Avenue, one block from the The Morgan Library & Museum. We are now conveniently located between Museum Mile and the Chelsea art galleries. Once the renovation is completed please stop by to view the art or browse through the library. Our new address is: 244 Madison Avenue, Suite #PHE, New York, NY 10016

 
HLAA Internship Program
Heidi Lee Art Advisory has retained a dynamic team of interns in the past year. Sondra Loewenstein, Brittany Johnson and Laura Melvin each reported to HLAA associate, Jessica Lantos. They added extraordinary value to the company and have put their experience to good use in their respective art careers. 
abouthlaaABOUT HLAA
Founded in 2002, Heidi Lee Art Advisory provides comprehensive art consulting services for corporate and private collectors. Core services include art acquisition programs, collection management, exhibition planning, and fine art appraisals. Specializing in Modern and Contemporary art, HLAA can access and evaluate top quality art for clients.

heidi photobooth
Heidi Lee
Principal
 
Ms. Lee received a master's degree from Christie's Education in Modern Art, Connoisseurship and the Art Market. After graduation she worked at VIART Corporation where she helped manage art collections for Fortune 500 companies including, Merrill Lynch, Goldman Sachs, Capital Group and Davis Polk.

She is a certified USPAP art appraiser and is a member of the Guggenheim Museum's Acquisitions Committee, the Whitney Museum's Contemporaries, the Independent Curators International (ICI), the International Association for Professional Art Advisors (IAPAA) and the Appraisers Association of America (AAA).

She was recently re-elected as Chairperson of Christie's Education Alumni Society, to help grow the organization and provide quality resources for over 500 alumni. They are currently planning panels focused on leadership and entrepreneurship.

Jessica Lantos
Associate
 
Ms. Lantos merges her passion for art and entrepreneurship at HLAA. Her dedication, hard work and intelligence have been an invaluable asset to HLAA. Her responsibilities at HLAA are comprehensive and include developing client proposals, art research, and coordinating art installations.

She studied Art History and Economics at Boston College. Her dual interests in finance and art led to positions at the Neue Galerie and Sotheby's. Prior to landing in the city, she received her M.A. in Art History at the University of Texas, Austin. Committed to both scholarly and artistic endeavors, she regularly attends lectures and art events around the  city. Jessica plans to obtain her Appraiser's Certificate in the near future.
 

"In a few short years Heidi Lee Art Advisory has guided clients in building first-class international collections of contemporary art. " Michael Gitlitz, Director, Marlborough Gallery

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Image Credit: Alex Katz, Tulips, 1967. Oil on canvas, 36 x 71 1/2 inches. Private Collection, Sotheby's, Fischbach Gallery.