Daniel Dornan-McGowan, Senior Trader at Vorto Trading, discusses the ways in which foreign exchange specialists like Vorto can assist with international art purchases and sales
Vorto Trading have always been keen to work with the up and coming hero’s of tomorrow, not matter what their chosen field of expertise. We have worked with professional sports people, raised money for charities and have recently been supporting an initiative to help up and coming artists navigate the pitfalls of the changing art and business world.
Be Smart About Art is an organization that works with artists by offering networking opportunities, advice and support in all areas of the art world: from mentors to setting up an exhibition to eventually selling their art and help with the way business works. At Vorto, we work with individuals and companies buying and selling art from overseas, so it seemed a good fit for us to look at how we could be involved with Be Smart About Art and assist these young and early stage artists in any way we could.
Not limited to working specifically with artists, Be Smart About Art and Vorto Trading also work with dealers, collectors of art and international organisations involved in art world. At points during each of these careers, the need to transfer or receive funds from abroad will arise and working with Vorto as a guide through the difficulties and catches of the finance world is a great way to ease the pressure.
I will soon be speaking at a masterclass organised by Smart About Art. My goal is to introduce a stress free and cost effective way to exchange currencies for artists when the need arises for individuals and organisations. I take a personal and proficient approach to my work, building long lasting professional but friendly relationships. By building an understanding of my client and their needs, I am able to help improve rates and reduce fees where possible for their foreign exchange transactions.
Dealing art internationally doesn’t have to be a scary ordeal. There are ways in which Vorto can assist when it comes to paying for art from overseas or paying to host at overseas events, such as The Other Art Fair in New York. You can cast your net far and wide, without worrying, using a foreign exchange specialist like Vorto.
Buy or Sell Art, Save Money.
There are a few different ways in which we can help artists and dealers with their overseas transactions. For instance:
Paying for art in another country’s currency:
If a dealer finds a piece that they wish to buy from the US, for example, then they would have to pay for that piece in USD. We would arrange the exchange of GBP to USD and we would then send the USD on to the seller. This helps the buyer because the cost of the exchange would be reduced in comparison to a bank and any of the additional fees which a bank would levy are reduced or eliminated.
Paying for a stand in an overseas art show:
The same would go for an artist wishing to display and sell their pieces in an overseas art fair as they have to pay for their stand in the local currency. For instance, at The Other Art Fair in New York, artists will have to pay for their stands in USD. By engaging Vorto for the transaction, the artist is able to manage exchange rates and fees to achieve the best possible result.
More information about dealing art can be found at the Art Dealers Bootcamp by Be Smart About Art. This is aimed at new dealers and is designed to provide them with all the knowledge necessary to help them on their journey through the world of art. Vorto Trading are very proud to be working with the organisation and be able to offer valuable business advice.
To find out more the organisation, visit: https://www.besmartaboutart.com/