When contemporary art rainmakers Yuki Terase and Amy Cappellazzo left their prominent auction house roles in 2021 to launch Art Intelligence Global (AIG), the art world took notice. With offices in both Hong Kong and New York, the new advisory firm signaled global ambitions from the outset.

Four years on, while economic headwinds have many in the art market pulling back, AIG is doing the opposite. The firm has been steadily growing its team — most recently bringing on Sebastian Fahey as Chief Operating Officer in Asia. Fahey, who previously ran Global Fine Arts at Sotheby's, joins Matt Bangser, the former BLUM Managing Partner, who came aboard earlier as Senior Director.

It's a curious moment to be expanding. With galleries closing, auction results softening, and collectors turning cautious, what does Terase see that others might be missing? The Value caught up with her and Fahey to discuss their contrarian approach — and what they're observing across Asian markets, private sales, and the evolving landscape of art finance.

The global economy has faced significant headwinds in recent years, and the art market has been equally unsettled. Yet AIG has chosen this moment to expand — bringing on major figures like Matt Bangser and Sebastian Fahey. What kind of opportunities did you see in the current climate that led you to grow against the tide? 

Yuki Terase: Despite the perceived troubles currently facing the wider art market, AIG has continued to grow year-on-year, particularly in Asia. With the addition of Sebastian to the senior leadership in Hong Kong, we are poised to capitalize on the tremendous growth opportunities we are observing in the region.

It is also important to note that Sebastian is one of the very few seasoned art market executives who has operated in Asia, Europe, and America — he is perfectly suited to meet the firm’s global perspective. We are also pleased to have brought in Alexander Gardiner from New York, who is playing an important role in bolstering the expertise necessary for high-level transactions.

Our experience over the last two years is not representative of the more negative press coverage that has befallen the Asian market recently; we are on track to post a record year and there is no indication that collectors here will play anything but a central role in the market for years to come. With this comes a growth in demand for our expertise and ability to offer tailored, holistic strategies across both primary and secondary markets. 

Sebastian Fahey: The art market is cyclical, and periods of contraction often reveal the sharpest opportunities. This was a key reason I was drawn to AIG: Yuki’s long-term vision and conviction that this was a moment to expand. We want to be positioned to turn market uncertainty into a source of advantage for our clients.

How has AIG evolved since its founding four years ago? As you look ahead, what’s the long-term vision for the next five to ten years? 

Yuki Terase: Since founding Art Intelligence Global (AIG) with Amy in 2021, the business has grown from a boutique advisory into a powerhouse in art market intelligence, navigating a complex and evolving landscape. We have seen an uptick in demand from collectors with multi-faceted needs seeking sophisticated solutions, and our provision of services has expanded to accommodate these requirements.

This has been particularly noticeable in Asia, with collectors in the region grasping the value of independent advice from experienced market experts. Looking ahead, AIG aims to continue to redefine art advisory by integrating global market access and transactional expertise with best-in-class collection management focused on serving the next generation of collectors.

With this in mind, we have also recently added Matt Bangser as Senior Director in New York, a seasoned gallerist from Blum with deep ties to a global network of collectors, galleries and primary artists. 
 

Sebastian Fahey previously led Sotheby’s financial services and played a key role in developing their art lending business. Now that he’s joined AIG, will lending be a strategic priority? And more broadly, how do you view the future of art finance? 

Yuki Terase: Art finance is rapidly evolving as more collectors treat art as part of their overall wealth strategy. As such, we need to be primed to offer world-class expertise in this strategy.

With Sebastian’s experience pioneering Sotheby’s art finance business across Europe and Asia, he is the perfect advisor to guide AIG’s clients through this process and secure the best possible terms for each individual situation. This is a prime example of AIG’s role: the provision of high-level, independent advice from experienced market experts.

Family offices have become a major topic of interest across the wealth management world. Can you tell us more about your role in working with these clients, and how their collecting habits differ from those of traditional collectors? 

Yuki Terase and Sebastian Fahey: Family offices are a cornerstone of our client base, reflecting their growing influence across wealth management. What distinguishes AIG is our ability to serve them holistically and discreetly in both Asia and the West — taking into account art’s position both as a treasured cultural artifact and as a valuable component of an asset portfolio.

Often this means integrating art into trusts or foundations, aligning collections with philanthropic goals, and ensuring intergenerational continuity. 

There’s been growing concern about a downturn in the art market in recent months, with headlines pointing to gallery closures, auction slowdowns, and staff reductions. How do you view the current state of the market? 

Sebastian Fahey: To me, the current environment is less of a sudden shock and more the culmination of pressures building since the post-pandemic peak in 2022. Today, the market feels like it's shedding excess from years of speculative buying in a historically low-interest rate environment.

That said, I see this as a healthy recalibration rather than a growing concern and an opportune moment for collectors to reprioritize long-term value over short-term hype. 

If this isn’t a full-blown downturn, what shifts are happening beneath the surface? 

Sebastian Fahey: Subtle shifts are reshaping collector behavior in ways that are easy to miss. Gallery sales remain active, though at a slower pace. At auction, supply is increasingly driven by estates and established collections rather than speculative consignments — with sustained demand for quality works. At the very top end, many discretionary sellers have moved quietly into private sales, where a healthy flow of significant transactions continues.

Taken together, these trends point to a collector base that is more cautious, diversified, and financially sophisticated — shaped by economic uncertainty, generational transition, and evolving priorities.

Are the same trends playing out in Asia, or are you seeing something different? 

Yuki Terase: Asia is predominantly a market with a far shorter collecting history for Western art. As such, on the supply side, sales tend to be discretionary and are driven less by the estates that have dominated Western marquee auctions in recent years. 

However, it is absolutely the case that Asian collectors are acting with ever greater sophistication. Largely gone are the instances when buyers would act on impulse, driven by the fear of missing out. Instead, as we have seen in the West, collectors are demanding more time to research and carefully consider their purchases, and are increasingly recognizing the value brought by experienced and trusted advisors. 

Some suggest that traditional auction houses and galleries are struggling to keep pace with how the market is evolving. What do you see as their biggest challenges today? 

Sebastian Fahey: Just as the art market is cyclical, it also tends to soften during times of global economic and political uncertainty, which have been particularly prevailing of late. Couple this with higher operational costs, changing collector demographics, rising cost of debt, competition from alternative investments and digital disruption, it’s unsurprising that some weaker or overexposed players will stumble among these challenges.

That said, opportunities abound for collectors and demand is often much stronger than the current headlines suggest.    

Private sales have become increasingly prominent, often preferred by high-end collectors over the public auction route. Is Asia following the same trend? And within the modern and contemporary art market, are Asian collectors gravitating more toward blue-chip artists or emerging names?

Yuki Terase: Compared to the last decade, and even in the four years since we founded AIG, private sales have become a more accepted form of transacting in Asia, particularly as they develop trust and confidence in the established advisory firms that conduct a large proportion of the transactions in the region. 

Where previously Asian collectors were often drawn to younger emerging artists with high market volatility, we are now seeing a greater focus on blue-chip names.

This has been hastened by the recent softening in the so-called ‘ultra-contemporary’ segment of the market; blue-chip artworks by artists with a proven place in the art historical canon and an established market track record provide safer, long-term options for collectors.

Recent auction results seem to reflect a trend: traditional fine art categories are softening, while luxury segments are growing. Some attribute this to changing tastes among younger collectors, particularly Gen Z. Do you see it that way? How do you interpret this shift? 

Sebastian Fahey: While younger demographics are indeed collecting over a broader array of categories than their predecessors, the results are also a factor of the investments the auction houses are making in broadening their offerings in the luxury categories. The rise of the circular economy in the luxury good sector and a growing secondary market demand across all age groups is also contributing to these comparisons.

Hong Kong continues to position itself as a leading art hub in Asia, with the latest policy address outlining ambitions to become a world-class high-end art trading hub on par with New York. From your perspective, is the city’s infrastructure – such as tax policy, cultural institutions, logistics, and government support – keeping pace with the evolving needs of the art market? 

Yuki Terase and Sebastian Fahey: Hong Kong will continue to be Asia’s art hub. No city in the region can rival its provision of the logistical and financial infrastructure necessary to conduct a world-class art market business. Collectors also benefit from advantageous tax policies, and steps are clearly being made to boost the visibility of cultural institutions like M+.

That said, one challenge is talent. The depth and breadth of art-world expertise across Asia still lags behind established Western markets, and addressing this will be critical if Hong Kong is to fully realize its aspirations.