What inspired the creation of the Creators + Collectors service, and how does it uniquely cater to luxury assets and passions?
Our clients approach their passions and collections with the same bold innovation that they approach their businesses. We reframed our existing luxury assets to reflect this and to fully embrace how our clients work with us to direct their creativity or their collections. The shift is from the static to the dynamic - luxury assets - creation or ownership of collections is no longer seen as simply a fixed acquisition but a potential opportunity to explore fluid cross overs between the philanthropic, commercial, and educational. This properly reflects the broad spectrum of expertise and legal services that we provide our clients, and what they need and expect.
Our legal offering across the firm is diverse and is handpicked to match the needs of our client specific to the project. By way of example, a party could come to us with an art collection that they may use as a creative catalyst for a fashion brand collaboration, work with an artist, an academic research project, and to generate a series of publications. This creative and entrepreneurial approach requires bespoke holistic legal support with an eye for the overarching vision, this is where a specialist team covering art law, tax, intellectual property, commercial and reputation can add value for our client.
How does Creators + Collectors support and enhance philanthropy and sustainability projects?
With many projects whether assisting landed estates or other approaches to existing collections - the narrative and objectives have changed. This may be prompted by intergenerational shifts and/or a wider recognition of the different landscape we now operate it. Collecting practices and purposes have moved on - no longer is it simply about a holding of objects. Clients want to ensure that charity and education are also part of their legacy. This may be achieved through digitisation to ensure a global reach or more conventional outlets to educate and engage debate.
What legal challenges do creators and collectors commonly face, and how does your unique service assist them?
The challenges faced by collectors, creators, and third parties involved in any such projects are as various as the collections and projects in which we assist, such as due diligence practices around classic cars, art, and jewellery. Knowledge and expertise in the specific markets and sectors is key in order to anticipate and avoid problems or to potentially unravel issues.
Legacy planning
One recent development and challenge for creators and collectors is legacy planning. We work with families, family offices and their advisors on the intergenerational wealth transfer. Between a founding wealth creator and subsequent generations there may be a divergence of objectives on collections and ownership, and related structures. This situation does not need to lead to discord - we prefer to see it as an opportunity to help families create new strategies for future development. We therefore work with parties to assist on management, acquisition, deaccession, reputation, governance and commercial opportunities (as wide as security backed lending, sale through to commercial opportunities around the intangible assets).
What are some of the unique services that come under the umbrella of Creators + Collectors?
The breadth of our expertise includes everything from islands, vodka, dinosaurs, handbags, aardvarks, art foundations, moving polo ponies round the globe to work with established art collections.
In summary and touching upon some of our work in this space:
Creators
- Corporate governance and regulatory advice
- Contractual advice, negotiation and preparation.
- Intellectual property and trade-mark protection.
- Dispute resolution and strategy and reputation protection.
- Brand development
Collectors
- Acquisition advice including contractual work and due diligence
- Collection management including holding structures, collection movement, security backed lending and tax advice.
- Art Philanthropy
- Advisory work around creative and commercial collection spin-offs, and projects
- Legacy and succession planning
- Reputation protection and strategy
What would your advice be to someone starting out in the world of luxury collection or creation?
Regardless of your area of interest, the foundations of good due diligence of who you are doing business with, and in what you are looking to acquire are fundamental. If you already have a wider vision on a creative innovative project-don’t lose sight of your North Star, it can be easy to be side-tracked or diverted and it goes without saying - always seek good independent advice!