In what ought to have been the quiet lead-up to the summer break, the art world was rocked by a flurry of announcements that hinted at deeper structural shifts. As several prominent gallerists confirmed their departures, a new partnership emerged among a cadre of seasoned market experts. New Perspectives Art Partners is the latest advisory venture to make headlines, launching with both broad ambitions and a tight focus on the very top end of the market. The powerhouse alliance brings together Edward and Alex Dolman of Dolman Partners, Brett Gorvy of Lévy Gorvy Dayan, Philip Hoffman of The Fine Art Group and Patti Wong of Patti Wong & Associates—all art world heavyweights with deep roots in the auction business and extensive experience navigating the global market. Collectively, they aim to reshape the landscape of high-end art advisory, united by a shared belief in the urgent need for a paradigm shift.
We spoke with each partner to better understand the structure, strategy and vision driving the venture. “We’re in a market that’s shifting in real time, and it’s happening in complex, layered ways,” Brett Gorvy tells Observer during a long and in-depth conversation that touched on the main challenges plaguing today’s art market and how the new alliance hopes to stake its position within a rapidly evolving landscape. “We’re all still trying to fully understand the impact, because it’s not just one factor but rather a convergence of many.”
Philip Hoffman, founder and CEO of The Fine Art Group and formerly CFO at Christie’s, has long seen the need for a fundamental reset. “The way things were done in the past has largely outlived its usefulness,” Hoffman explains. “What’s needed now is innovation, greater scale and a more integrated approach.” While The Fine Art Group provides expertise across five key areas—investments, lending, advisory, valuation and private sales—Hoffman still felt something was missing. For him, New Perspectives Art Partners is the dream team the industry has been waiting for. “Between the six of us combined and the resources that The Fine Art Group can offer in terms of operations, we can probably reach most of the major collectors in the world, because each of us has been in the market for at least 30 to 35 years, if not more.”
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The structure of the venture is notably unconventional, quite unlike a traditional gallery or advisory and instead modeled after top-tier management consultancies like BCG. The partners function as a senior network, each retaining their independent businesses while collaborating in a shared framework. “I’d describe us as the McKinsey of art market consultants,” says Hoffman, who began his career at KPMG. “We sit down with the next generation and those facing major wealth transfers and say, ‘Before you rush into any decisions, take a moment. Think about the history of art. Think about what it means to inherit a $100 million collection and what kind of legacy you want to leave.’”
“We aim to act like a management consultancy coming in to assess a project,” confirms Gorvy. “They dissect the issues, identify both the challenges and opportunities, and ultimately deliver the best possible advice.”
The partners’ individual specializations and their combined global reach when it comes to sourcing works and placing them on the most strategic platforms offer a clear competitive edge. “We could pick up the phone to probably 1,000 or 2,000 of the world’s top clients,” Hoffman says, only half-joking. “We’ve got warehouses and operations in every country.”
Ed and Alex Dolman bring decades of experience and deep ties in the Middle Eastern market. Patti Wong offers extensive expertise in Asia. Brett Gorvy anchors the group’s strength in contemporary and modern art, especially in the U.S., while Hoffman, through The Fine Art Group, provides the operational engine, supporting services that span from investment and lending to legacy planning and the logistics of collecting.
Still, each partner emphasizes separately that what truly sets the project apart is the group’s commitment to neutrality and transparency. Their counsel is fully independent—not only from each other’s ventures but also from any of the commercial pressures that typically drive the trade. “The auction houses just want you to sell or buy. It’s about trade volume,” Hoffman says. “Galleries are the same. What’s missing is an advisory that understands the market in every territory.”
That independence is enabled by a structural lightness. “We don’t carry the same overhead, but we do have access to everyone who matters. That means we can offer clear, impartial advice without the pressure to push a sale or direct clients toward a particular deal,” Hoffman adds, underscoring the ethical dimension at the heart of their approach.
Gorvy reinforces the importance of confidentiality and discretion—qualities he sees as essential in contrast to the visibility and machinery of the auction world. “The very nature of an auction house involves immense scale, high expense and a lack of confidentiality—factors that stand in stark contrast to what we offer,” he says. “Each of us comes from established companies, and we’ve put strict protocols in place to ensure we handle client information with the utmost discretion.” All the partners agree that at this level, the art business is built on trust.
Market power plus proven expertise
New Perspectives Art Partners has a clear target: top-tier collectors and leading institutions, with a focus on the highest-quality blue-chip art. Still, Hoffman and Gorvy are quick to clarify that the mission doesn’t exclude newer entrants who are ready to engage seriously with the market. Whether it’s the entrepreneur who’s just sold a company and wants to begin actively acquiring art, a museum in the process of formation or a member of the next generation who has inherited a collection and doesn’t know what to do with it, the group is ready to offer tailored guidance. Their model also extends to fiduciaries—lawyers, trust officers, private bankers and estate executors who find themselves responsible for artworks and might otherwise assume their only option is to call Sotheby’s or Christie’s.
According to Gorvy, the value of New Perspectives Art Partners lies not only in the partners’ proven track record of selling masterpieces but also in their having been present when some of the most important artworks and collections were first brought to market—and in knowing exactly where those works are now.
The work, they insist, is rooted in long-term thinking: assisting clients with foundations, institutional donations and broader strategies for stewardship. Advisory, in their view, extends far beyond transactions. Every engagement is customized, with thoughtful roundtables grounded in listening, collaborative reasoning and plans that align with each client’s priorities. “What we’re really talking about is how to maximize the value of a collection, whether you’re selling it or preserving it for the future. It’s about making the most of all the possibilities and opportunities the market offers, with a global perspective,” explains Gorvy.
While the model may echo certain aspects of auction house operations—bringing together expertise across categories and regions—the distinction lies in how that knowledge is deployed. “It’s really about how you provide the best possible service to a client and the tools or strengths you have in your arsenal that allow you not just to deliver that service, but to operate at the highest level,” he says. “While you can’t exactly replicate that kind of dynamic, you can multiply it by bringing in people with equivalent levels of expertise and deep experience, each offering a different perspective, a distinct area of knowledge or a unique role at the table.”
Confronting generational and global shifts
One of the most significant shifts facing the art world today is generational, according to Gorvy, and New Perspectives Art Partners intends to be a part of what is often referred to as the Great Wealth Transfer. “The older generation of collectors is reaching the end of their collecting years, and we’re seeing a transition to a new wave of buyers with different priorities and perspectives,” he says, adding that they are witnessing this arc unfold in real time. “The clients we started with early in our careers, many of whom went on to build some of the most significant collections in the world, are now in their 80s and 90s. The generational handover is no longer theoretical; it’s here.”
The other shift is geographic, though here, too, it’s a matter of fluidity rather than fixed direction, and the group seems intent on maintaining its global focus. “A lot of the conversations we’re now having with collectors focus on geography—not just what to sell, but where to sell. Where’s the strongest demand? Where’s the next market coming from?” says Gorvy, underscoring how, as the market recalibrates, location is playing an increasingly strategic role.
While the pull toward Asia may have been stronger two years ago, the region remains a vital force and is an area of particular focus for Patti Wong, who now leads Patti Wong & Associates following her departure as International Chairman and Chairman of Sotheby’s Asia in 2023. Her independent firm, Wong tells Observer, “generated a total transaction value for our clients in excess of $1 billion since our launch in January of the same year” in what she says is a clear indication that the Asian market is still active, even if no longer operating at the inflated levels seen in its most fevered years.
Wong says she will continue to serve her clients through her established advisory business, but the partnership with New Perspectives Art Partners represents a meaningful opportunity. “We are already seeing great interest from many of our clients in accessing the experience and global reach accessible via the partnership,” she says. “When clients in the region would benefit from the unique skill set gathered within New Perspectives, Patti Wong & Associates will engage the partnership on their behalf.”
One of the most notable shifts Wong has observed in recent years is the evolution of client needs. “As collections have become more valuable and a more active part of a client’s portfolio, the services and support they require have become more varied and complex,” she explains. “Clients today need a team that can do everything. We are not just transactional partners, like an auction house or a gallery. It’s about collaborating with them in terms of the strategy and the long-term arc of the collection.”
Increasingly, clients are seeking guidance on how to think beyond the initial building phase and position their collections for the future. “We are also working with a number of family offices whose advisors might need help understanding the market, how their client’s collections fit into their overall portfolio and related collection management needs such as conservation, insurance, storage and other logistical challenges,” she says, confirming that the joint venture is targeting family offices and fiduciaries involved in wealth and estate planning at the highest levels.
At the same time, attention on the Middle East is intensifying. Auction houses have begun holding their first sales in the region, and Art Basel recently announced a new edition in Doha. According to Edward Dolman, while the Middle East has a strong and growing collector base, he believes it is poised for exponential expansion over the next decade. Much of the momentum, he says, is rooted in a long-standing regional interest in art and art history that has existed quietly for years and is now gaining visibility and velocity. “At the same time, growth is also being driven by the Gulf states’ substantial investment in culture and the cultural sectors of their economies—an area where many of them have shown strong and sustained commitment,” Dolman adds.
Qatar, the UAE and Saudi Arabia have all placed culture at the heart of their soft power agendas, using art and heritage as anchors of global positioning and influence. State-led initiatives have fueled this rise in museum construction, funding education programs and underwriting landmark acquisitions. Alongside this, as Dolman notes, there is a wave of private individuals overseeing or participating in these projects who are also serious collectors. “We’re now seeing significant education initiatives across the region focused on art, art history and the broader importance of cultural appreciation, laying the groundwork for a deeper and more informed collector base,” he says. “I think the art market has always been shaped by new waves of buyers—collectors entering the scene with the ambition to build significant collections and compete on the international stage for important works of art.”
While the substantial government funding behind these cultural projects is the primary catalyst, Dolman is focused on what comes next. Beyond the state, he sees a truly significant and fast-growing class of private collectors driving momentum. “I’m certain we’ll see private museums emerge in Saudi Arabia and across the region,” he adds. New Perspectives Art Partners intends to serve those, too.
The U.S. stays strong, not just for selling but also in its enduring buying power
Despite political tensions and financial uncertainty tied to the American administration’s policies, Gorvy sees a renewed gravitational pull back to the U.S. “If you look at the sheer number of collectors concentrated within just a five- or six-block radius in Manhattan, it’s still exponential,” he notes.
The U.S. has long held its position as the art market’s most powerful geographical player thanks not only to the sheer volume of collectors but also to the depth of their engagement and education. There is a distinct culture of visibility here; collectors are more likely to open their holdings, host viewings and share acquisitions in a way that is less common in Europe and other regions. That transparency creates a clearer picture of where key works reside. Just as critically, the American market thrives on competition, which Gorvy says “drives momentum at the top end of the market.”
He’s also quick to point out that this resurgence isn’t solely about the legacy collectors nearing the end of their collecting years. A new generation of U.S. buyers is emerging, with different values and sensibilities, but with equally significant buying power. “Every generation produces its new wave of collectors. We’re already seeing that shift with the arrival of figures like Jeff Bezos, Laurene Powell Jobs and Ken Griffin,” says Gorvy, adding that the top end of the market is evolving. When he first arrived in New York in 2000, it was the era of the hedge fund collectors—a much smaller and more insular group. Steve Cohen was a standout, along with others like David Ganek, who played influential roles at the time.
“With each season, new wealth is created, and the key question is whether that wealth is being channeled into art in the same way it was before,” Gorvy says. In his view, today’s top-tier buyers aren’t fundamentally different from those of previous generations. “The approach may be slightly different—perhaps more contemporary or data-driven—but the fundamental behavior is the same: acquiring masterpieces at the highest level,” he explains. “These works continue to circulate among top collectors.” For Gorvy, this moment doesn’t signal the death of the traditional art collector but rather the arrival of new faces and voices. “With that comes a shift, because different generations connect to art in different ways,” he emphasizes.
Equally important, he notes, is the distinction between collecting and trophy buying, though the two often intersect. “In any market driven by extreme wealth, there’s always a segment focused on acquiring top-tier assets, whether that’s rare real estate or museum-quality artworks.” He sees this as one of the most dynamic corners of the market, defined by a small number of individuals pursuing an even smaller number of true masterpieces. “At the top, that’s where the energy is most intense and where the market remains most vital.”
One of the most pressing challenges, Gorvy asserts, is not a lack of buyers or capital but rather a widening disconnect between buyers and sellers. “Sellers aren’t under pressure. They don’t need to sell,” he explains. Much of what’s coming to market is opportunistic or estate-driven works appearing simply because their owners have passed away. Unlike in 2008 or 1991, there’s no financial distress compelling sales. That sense of urgency is absent.
The result is a kind of stalemate at the top: exceptional works remain in private hands, while today’s highly selective buyers hunting only for triple-A material are left waiting. “While buyers remain incredibly active at the highest level, they’re not necessarily finding the artworks they’re looking for,” Gorvy says. “And at the same time, sellers aren’t accepting the discounted prices some buyers expect. There’s a disconnect; demand is strong, but expectations aren’t aligned.”