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The Myth of the Mega Advisory

The art advisor business, always a boutique concern, has not kept pace with the growth of mega-galleries and global auction houses. The obstacles speak volumes about the quirks of scaling a very white glove business.

richard Serra, Sandy Heller, Shala Monroque Larry Gagosian
A mega-advisory has yet to emerge, but that’s not to say firms aren’t growing: Sandy Heller (second from left), perhaps the premier art advisor of his time, has added partners. Photo: Billy Farrell/Patrick McMullan/Getty Images
Marion Maneker
February 14, 2025

A few years ago, I was having a casual conversation at a party with an art-collecting hedge fund manager—a thoughtful guy who engaged seriously with the art world, and happened to work with an advisor whom I found abrasive. Our host, who is even more blunt than I am—can you imagine?—made a comment about the advisor’s challenging personality and inquired, “Why do you work with that person?”