She feels comfortable among works of art, but also among finance and the most exclusive business circles. Perhaps that's why Elisa Hernando (Madrid, 1973) always wanted to straddle both worlds. She is a professor of art economics, appraisal, and cultural management at Antonio de Nebrija University, and also the founder of Red Collectors and Arte Global, two consultancies designed to help clients know how and when to invest. The former is designed for individuals. The latter, for businesses. Among the organizations she advises are groups such as Uría Menéndez, Repsol, and Idealista, where the interview took place.
- Do businesses collect differently than individual customers?
- A. The private client is more passionate and emotional. They fall in love with the work and want to own it. Businesses, on the other hand, tend to pursue other goals. There's an investment component, more related to heritage than sales. There's also a corporate social responsibility component. And finally, the image they want to project. There's less emotional weight in companies.
- Do you know how to collect a law firm or a large energy group?
- A. The important thing about these collections is that they have a common thread, because Uría's corporate interests are not the same as those of Santander or Repsol. Every collector is unique, but so is every company. Their objectives are different, and each must project something unique. We adapt to each client's profile and make proposals, but keeping within the same thread, because a well-coordinated collection is more valuable than a disjointed one. Furthermore, if it's well-articulated, it has greater capacity for growth. We curate, defining the lines to follow, and then we make the proposals. In the case of Idealista, the founders are sensitive to social, economic, and political issues and are interested in photography. That's why the works we've acquired fit into that narrative.
- Isn't there a risk that art will remain in closed and very specific circles?
- A. The prices for corporate collecting in Spain aren't very high. Companies don't spend as much as, for example, US companies. We also don't have the same tax benefits as other regions. And there's no law that favors corporate patronage, which is something we need. We can't talk about elitist corporate collecting because our companies don't invest large sums in art, so I don't think that risk exists.
- Is it possible for companies to buy solely based on marketing?
- A. It's corporate image, pure marketing, no doubt. The thing is, that concept, like investment, looks ugly in the art world. But really, what's the problem with a company doing that for image? Marketing isn't bad, and if it helps boost the art market, we should welcome it with open arms.
- The art market is often associated with a certain elitism. What's your opinion?
- A. It may seem that way, but it's usually because people always talk about the highest prices, and that distorts the sector. It's one of the reasons we launched Red Collectors, to encourage clients who wanted to buy and who perhaps didn't have large sums of money. For 500, 600, or 1,000 euros, you can acquire good, promising art. You don't have to spend a fortune. For 500, 600, or 1,000 euros, you can acquire good, promising art.
- What do you think about those people who buy with only the investment or the intention of showing off?
- A. It's rare for someone to buy art thinking only about profitability. Very few people buy with the intention of selling it within a year or two. Art has an added enjoyment, emotions, feelings, the desire to own and delight in a work... It's true that if you buy a piece and it later appreciates in value, you're happy, but the people who buy solely with that in mind are a minority. As for showing off, that varies from person to person. Some people have a very large house, a very large car, and a very large painting, but I think it's better to buy for yourself, not with the intention of projecting it abroad.
- The market is moving more and more money. Is there a risk of a bubble?
- A. It's a growing sector, and although it's affected by economic cycles, I don't think there could be a major bubble, at least at the industry level. I'm more concerned about one with certain artists for whom exorbitant sums are being paid.
- For example?
- R. Jeff Koons, who in my opinion is overrated. The prices behind his works make no sense, and you have to be very careful. Not all artists or all works, even those by well-known artists, are a good investment.
- Can the work of one of these artists be devalued?
- A. The difficulty for an artist is that they always have to release work that's better than the previous one, something that only the industry can validate. For that reason, it's very difficult to be a successful artist. It's a long-distance race, and an artist can burn out and stop growing. The best remain, and for that to happen, someone has to fall.
