In 2023, after parting ways with Sotheby’s, Patti Wong launched her own firm Patti Wong & Associates. In just over two years, the total amount of transactions of this art advisory firm has exceeded US$1 billion.
In 2025, the former ‘Queen of Auction’ has once again broken new ground. Teaming up with Edward & Alex Dolman (Dolman Partners), Brett Gorvy (Lévy Gorvy Dayan), and Philip Hoffman (The Fine Art Group), she founded the New Perspectives Art Partners (NPAP). This art advisory firm sets its sights on the art markets of Asia, Europe, the Americas, and even the Middle East, sending shockwaves throughout the industry.
What sparked the idea for this star-studded line-up, almost like the Avengers, to come together? What opportunities do they see amidst the rapidly changing art market? What are the needs of their target clients - family offices? What is the state of the globally watched Middle Eastern market?
Patti Wong herself addresses these questions in an exclusive interview with The Value.
NPAP’s star-studded founding line-up, from left to right: Brett Gorvy, Philip Hoffman, Edward Dolman, Patti Wong, Alex Dolman
NPAP’s formidable founding team is unmatched in the art advisory world. What opportunities have these big names seen in today’s art market?
It all began much like today. The four of us were chatting over coffee, exploring whether there was room for collaboration in art advisory. We all come from major auction houses, enjoy teamwork, and, despite past rivalries, we have always respected each other over the years.
Two years ago, I founded Patti Wong & Associates (PW&A). Philip established The Fine Art Group back in 2001, Brett runs his own gallery, and Ed has just launched a consultancy with his son Alex. Since we all have our own thriving businesses, we decided to continue our respective operations while collaborating in a roundtable manner, for example, meeting weekly to discuss work plans, and thus, NPAP was born.
The opportunity we see lies in the art market’s seismic shifts in recent years. Large-scale or complex collections, such as those managed by family offices or an estate, especially demand comprehensive art advisory services. Each of NPAP’s founders maintains their regional networks spanning Asia, the Middle East, Europe, the Americas, almost covering all global needs.
Though NPAP’s launch was announced just recently, numerous collectors have already reached out, seeking NPAP’s assistance in managing significant collections.
‘Family office’ has become a buzzword in recent years, with major global cities vying to capture this market. Yet, discussions about management and investment of family office collections remain scarce. As compared with private collectors, what are the special needs of family offices in this regard?
Take Hong Kong as an example. As of early 2024, the city hosts over 2,700 family offices, with 885 managing assets exceeding US$100 million. Hong Kong’s highly competitive tax regime is a key factor in attracting such a concentration of family offices.
In terms of asset management, these family offices prioritise diversification, and art often serves as an important investment category. Yet, most family offices lack in-house art specialists, so they seek external support.
Besides buying and selling, they also demand data analysis, valuation, and other collection management services, such as insurance, logistics, maintenance, and so on. Auction houses cannot fully address such needs. Who, then, will provide these services? This is the business opportunity that NPAP seizes.
If they need someone to manage real estate, investments, and other assets, why should art be any different? Indeed, collecting may start as a hobby, but when a certain sum of money has been invested into this hobby, the expertise of art advisors becomes necessary.
‘Family office’ has become one of the hottest buzzwords recently
Insurance, logistics, and maintenance are also integral components of collection management
When a significant artwork goes under the hammer, auction houses invariably highlight whether the piece has been or will be featured in major exhibitions. But what influence do public exhibitions wield on private collections?
Facilitating the display of clients’ art collection in museums worldwide or at pivotal moments is a crucial aspect of collection management.
On one hand, as the saying goes, ‘a joy shared is a joy doubled.’ It is natural that clients want to share the joy of their art collections with others. On the other hand, the exposure and recognition of artworks must be carefully managed. Having a private collection exhibited in a prestigious art museum, which allows scholars from around the world to study it in depth and introduces the public to the collection’s composition and theme, is certainly beneficial in every way.
Take the Fondation Louis Vuitton as an example. Its 2023-24 Mark Rothko solo show deepened the public’s sense of connection with this abstract artist. The ongoing David Hockney exhibition is a focal point in the art market, and Gerhard Richter, who will be featured in the upcoming retrospective, is a much-admired artist in Asia.
Top-tier museums wield immense influence on individual artworks, artists, and even an entire culture. That’s why I often encourage them to hold exhibitions featuring Asian artists.
One of the emerging trends in the art market is the growing prominence of financial services, yet even seasoned collectors may not be able to grasp a full picture. Following its establishment, what services will NPAP offer in this regard?
From its inception, PW&A has maintained a sister-like partnership with The Fine Art Group. Ranking the top in the fields of art investment and finance, they now play similar roles at NPAP, providing legal and financial support.
Among financial services, one that has gained popularity in recent years is financing, i.e. leveraging artworks for loans, which is an area The Fine Art Group excels in.
Take Sotheby’s Financial Services for example. When offering loans against artworks, their valuations are based on auction estimates. As everyone knows, auction estimates fluctuate and may cover a wide range. For instance, a high-value artwork might have an estimate of $50 million to $100 million.
You might wonder: with such a broad valuation range, does the loan-to-value (LTV) ratio also fluctuate greatly? The answer is yes. Meanwhile, the return on investment for providing loans is another key attraction for clients.
Opened in 2014, the Fondation Louis Vuitton has drawn millions of visitors each year
The Fondation Louis Vuitton is holding a solo exhibition for David Hockney
In the financial world, the threshold of certain top-tier investment institutions are often insurmountable for the average individual. Does NPAP, assembling art world luminaries, set specific thresholds?
From Western oil paintings to Chinese paintings and calligraphy, and even fine jewelry, PW&A typically handles works at the very apex of the market. This has led some to assume that PW&A has a high threshold—‘Unless your work is worth over a hundred million, it’s better not to bother them.’
In fact, PW&A does not have such a threshold. We wish to serve clients with our expertise, such as representing sellers in negotiations with auction houses and directly making requests for promotion.
NPAP does not have a monetary threshold. The advantage brought by our founders’ collaboration is the ability to provide global and diversified solutions for structurally complex collections, such as those managed by family offices or estates, and for artworks with special requirements. Whenever such needs arise, NPAP is committed to providing service.
The NPAP founders share a common background. They were all once influential figures in the auction world before branching out to establish their own art-related businesses. For them, what distinguishes the roles of auction houses and art advisory firms?
Auctions undoubtedly hold their own value. Take, for instance, the recent Paris auction where the unique handbag achieved a record-breaking price*. As we all know, such astronomical figures cannot be achieved through private sales.
Yet, the auction industry has faced numerous challenges in recent years, leading to a shift in its role. Since the onset of the pandemic, there has been a significant shift towards digital platforms in the industry. While this has undoubtedly streamlined transactions, it has also led collectors to question: if things can be done online, is there still a need for attendance in person? With auctions occurring weekly and the variety of lots rapidly expanding, do auctions still hold the grandeur they once did?
Whether founding PW&A or now co-founding NPAP, my goal has always been elevating the standards of art advisory services to address clients’ needs comprehensively.
In the past, large-scale collections were entrusted to leading auction houses. We are optimistic about NPAP’s roundtable-approached collaboration, hoping to invigorate the stagnant market and introduce some fresh dynamism.
*Editor’s Note: The bag referenced by Patti Wong was the prototype Birkin that went under the hammer at Sotheby’s. For details, please refer to: ‘The most expensive handbag ever: Jane Birkin’s original Hermès Birkin sells for US$10m to Japanese collector’
Patti Wong and Daryl Wickstrom co-founded PW&A
The original Birkin custom-made by Hermès for Jane Birkin recently achieved a record-breaking price at Sotheby’s
The Middle East is a vast market that garners global attention, yet it remains shrouded in a veil of mystery, making it difficult for outsiders to discern the actual state. Among NPAP’s founders, Edward and Alex Dolman are particularly active in the Middle East. What exactly is the current state of its art market?
An increasing number of countries now recognise the importance of the art market and integrate culture and arts as core pillars of their economies, and the Middle East is no exception.
Over the past 10 to 15 years, Middle Eastern buyers have emerged as frequent participants in the art market, often engaging in high-value transactions. Whether in Qatar, the UAE, or Saudi Arabia, art collections were initially led by the state or royal families, such as national museums and royal collections.
As observed by NPAP co-founders Edward and Alex Dolman, the region is seeing a surge of a new wave of collectors—not as state representatives, but as private collectors, which is an encouraging trend.
Having discussed the current state of the Middle Eastern art market, what business opportunities does it present?
Forty to fifty years ago, Sotheby’s and Christie’s noticed the growing participation of Chinese and Asian collectors in Europe and American auctions, and recognised the potential for business in Asia, which led them to start hosting auctions in Hong Kong.
Over long years of hard work in Hong Kong, the two auction houses have profoundly influenced and contributed to the local market, fostering a virtuous cycle - Hong Kong has transformed into an international art trading hub, while Asian collectors have become increasingly active in international auctions and expos.
The Middle East now finds itself in a similar position to Hong Kong. After the appearance of Middle Eastern collectors in European and American auctions, both Sotheby’s and Christie’s started to expand their operations in the region. Currently, the Middle Eastern art market requires support from overseas investment and development, while the international community hopes that local collectors will further engage in the global art market, which is a stage that Hong Kong has already experienced.
The Saudi Arabia Museum of Contemporary Art held a special exhibition last year focusing on Arab and Chinese cultures
Sotheby’s held its first international auction in Saudi Arabia earlier this year
In 2024, China’s Central Economic Work Conference outlined nine key tasks for 2025, with ‘vigorously boosting consumption, enhancing investment efficiency, and comprehensively expanding domestic demand’ topping the list. Against the current global political and economic backdrop, Patti Wong holds a similar view on the art market, though her focus extends to ‘domestic demand’ across the entire Asia.
While we are keen to know the developments in the Middle East, collectors from the region, as well as those in Europe and the Americas are equally eager to discern the next steps for Asia.
Asia boasts a vast population, and the transaction volume of artworks is steadily increasing. Given today’s global political and economic instability, the Asian art community should pay closer attention to its own Intra-Asia* opportunities.
*Editor’s Note: While ‘Intra Asia’ directly translates to ‘within Asia’, in trade contexts, it typically refers to Central, Southeast, and South Asian countries. Geographically, the Middle East, though part of Asia, is generally not included.
The art market has been facing headwinds in recent seasons, while the luxury sector performed relatively well, thriving against the economic backdrop. Patti Wong and Lisa Chow (PW&A’s Managing Director) are both key figures in introducing European and American jewelry to Asian markets. What insights do they have on the current state of the jewelry market?
Auction houses have frequently mentioned the booming jewelry market in recent years. Yet, closer analysis reveals that the most sought-after pieces are antique jewelry and vintage signed pieces (those bearing the maker’s or jeweler’s names).
This trend is deeply tied to the ongoing ‘Great Wealth Transfer’. Eighty years have passed since the end of World War II, and the baby boomers or those who began collecting at that time have reached an age where surviving collectors are actively making arrangements for their collections, while heirs are overseeing - or selling as estates - collections of those who have passed away.
Many exceptional private collections were released to the market as a result.
These jewelry pieces, treasured for decades, include numerous masterpieces, such as those from the heyday of French jewelers, whose craftsmanship and design are astonishing, are rarely seen in the market. In the past few auction seasons, such treasures have achieved excellent results, selling for 5 or 10 times their estimated prices.
Patti Wong suggests that the Asian art community should now pay closer attention to Intra-Asia opportunities
Lisa Chow, Managing Director of PW&A, is also a seasoned expert in the jewelry market