Thomas Reinshagen

In a recent interview, I had the privilege to delve into Thomas Reinshagen's background and his journey. With over 30 years of international experience in the fields of art, luxury goods, and auctions, Thomas Reinshagen has carved a niche for himself as an independent international consultant. As the son of the legendary Maria Reinshagen, a true powerhouse in the art world, Thomas' upbringing was shaped by the indomitable spirit of his mother.

Maria Reinshagen's remarkable career as an art advisor and auctioneer resonated across the industry. Her pivotal role in orchestrating significant auction and private sales, including the historic bidding war for Vincent van Gogh's iconic "Portrait of Dr. Gachet," which achieved a remarkable $75 million hammer price in May 1990 (now estimated over $180 million), firmly established her as a force to be reckoned with. She also planted numerous seeds for museum exhibitions showcasing hidden gems from private collections; invention of the “Swiss sale” in Zurich and her friendships with titans of the modern and contemporary art world; Robert Motherwell, Helen Frankenthaler, Sam Francis and Dieter Hall among others, left an impact during Thomas Reinshagen’s upbringing.

Dimitria: I am wondering, how was it being raised by such a powerful mother that pushed the envelope for women exploring new territories, unreachable to many?

(such as being appointed Vice President of Christie's Switzerland in 1992 and later in 1996 appointed as the Vice President of Christie's Europe. She was also the first woman ever to make it onto the board of directors of what was then Schweizerische Bankgesellschaft, now UBS.)

Thomas Reinshagen: It was a great yet challenging combination of admiration and pressure to emulate my mother's strong professional career. This is why I chose to study economics and work for internationally renowned companies, as I didn't want to simply follow in my mother's footsteps immediately. Watching her journey was inspiring, and I learned valuable lessons early on that I could implement in my subsequent roles.

“My sister and I are grateful for the time and attention we were granted by our mother raising her children alone with her limited time.”

D: What was it like growing up surrounded by world-renowned art and cultural heritage? How did it shape your early experiences and understanding of appreciation of art?

Sam Francis in his studio with art advisor Maria Reinshagen

Sam Francis in his studio in Malibu with Maria Reinshagen during a studio visit in 1968.

T: I remember well how our mother encouraged us to visit gallery exhibitions, museums, and even the auctions she organized. Initially, I had different interests, but over time, I developed a growing fascination for this captivating field. We had the privilege of visiting exceptional collectors, as well as highly intriguing artists like Robert Motherwell, Sam Francis, Jim Dine, and Helen Frankenthaler, in their studios and private homes. This experience was both a privilege and a starting point for me to truly appreciate art.
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We received a comprehensive education in art from an early age through our hands-on experiences and interactions with the artists themselves. In addition, my mother discovered and supported local artists in Zurich, such as Dieter Hall, who have now become family friends. We proudly possess artworks from these artists that we enjoy every day.

D: How did your upbringing influence your own interests and aspirations which later crossed paths with the art dealing industry in 2019, as the Head of Sotheby's Zurich, a rival of Christie’s.

T: I was offered this opportunity by Sotheby's and thus seized it with high motivation. I was able to tap into my network of collectors and add value through various innovative approaches to drive business, such as consigning an important NFT collection to Sotheby’s London. Despite being seen as a 'rival' to Christie’s, there was always a friendly relationship.

My upbringing laid the foundation for my involvement in the art market. Even at a later stage, I dedicated my time to being a significant player in the art world by connecting buyers and sellers for a wide range of artworks. I have always been interested in seeing, verifying, and valuing art—a passion that aligns with the demands of a professional job.

“My exposure to diverse thinking has consistently proven valuable in my role as the head of Sotheby’s Zurich.”

D: You've been involved in auction history and landmark sales. How do you approach high-stakes auctions, and what goes into preparing for such significant events?

T: These prestigious events, often involving double-digit amounts of millions of USD, require meticulous planning, careful organization, and attention to detail. The process encompasses various crucial stages: curatorial selection and research, including authentication and provenance verification of the artworks. Additionally, cataloguing, documentation, valuation, and establishing reserve prices (the lowest price at which an artwork will be sold) are key components.

Effective marketing and promotion play a vital role in generating excitement around the auction. In today's digital age, digital campaigns and social media platforms reign supreme as they attract potential buyers and generate interest in the showcased artworks.

Preceding the auction, there is usually a period during which prospective buyers and art enthusiasts can view the artworks in person. This allows potential buyers to assess the condition of the artworks and make well-informed decisions.

“It needs perseverance, time and also emotional intelligence.”

Client Relationship Management is also a significant aspect. For high-stakes auctions, the challenge lies in persuading and advising the right and capable clients. Auction houses collaborate with clients to develop effective bidding strategies that align with the client's budget and desired artworks.

Auction houses employ advanced bidding technology and systems to facilitate real-time bidding from various locations. This includes ensuring seamless online bidding platforms and responsive customer support.

High-stakes art auctions demand a blend of expertise, marketing prowess, logistical coordination, and technological infrastructure. The ultimate goal is to create an environment where buyers feel confident in their purchases while achieving optimal outcomes for both sellers and auction houses.

Five printed CryptoPunks on Paper created by Larva Labs, for sale at Sotheby’s in London

Installation of “Sealed CryptoPunks: Five Punks on Paper”. Courtesy of Sotheby’s.

D: Throughout your decades-long career, storytelling and digital technological adoption have been a consistent element. I am bridging this to the “Sealed CryptoPunks: Five Punks on Paper”, the first NFTs auctioned off at Sotheby's in London. I would be interested to know more about your involvement in orchestrating this auction, which is considered to be a milestone in bridging art with NFTs (foreshadowing the big boom of 2021), together with Georg Bak, and also your thoughts on NFTs and digital adoption through blockchain technology.

T: I had known and admired Georg Bak for a considerable period of time, and we've maintained a strong relationship. He noticed my keen interest in NFTs and approached me about the possibility of Sotheby's venturing into offering NFT art. Given the booming market for NFTs at that time, Georg and I collaborated to develop a robust concept for showcasing the 'Five Punks on Paper' collection. Working alongside the team at Sotheby’s in London, we orchestrated a successful sale that yielded remarkable results—price levels that may not be attainable in the immediate future. Leveraging my background in digital marketing, my embrace of new technologies, and my comprehension of NFTs as a concept, I contributed to the establishment of a prosperous sale.

D: With the growing interest in art as an alternative investment, how do you navigate the fine line between appreciating art for its cultural and aesthetic value versus its potential monetary gains?

T: A very good question. Indeed, monetary gains are important to sustain and finance the business, but what encourages me most is that I personally appreciate the objects I am able to find for valuation or sales. Currently, I am more involved in making valuations rather than dealing with art, so the focus is less on monetary gains.

"After all, once art is sold, it goes to a new owner who certainly appreciates it. Or to a dealer who finds a new owner who appreciates it."

D: How do you keep up with market trends and stay current in the art industry?

T: Maintaining communication with experts, artists, dealers, gallery owners, and museum heads is crucial for fostering mutual exchange. Additionally, standard newsletters to which I am subscribed offer the latest trends and news. Key sources of information include Artnet, Art Daily News, and for research and valuations, Artprice is a great tool too.

D: How do you see the art world evolving in the next 5 to 10 years?

T: There is continuous evolution driven by changes in technology, societal shifts, and cultural developments. Predicting with certainty is challenging, yet several trends and changes are likely to shape the art world over the next 5 to 10 years:

- Digital Transformation: Online art marketplaces, virtual exhibitions, and augmented reality experiences will become more common, enabling artists and collectors to engage in new and innovative ways.

- NFTs and Blockchain: These have already disrupted the art world by enabling digital ownership and provenance tracking. This trend is expected to continue, with more artists exploring NFTs and blockchain technology for authenticating and selling their work.

- Decentralization and Globalization: Art is becoming more decentralized as artists from various regions gain prominence and access to global markets. This may lead to a more diverse range of artistic styles and influences.

- Sustainability and Social Responsibility: Artists and art institutions, including museums and galleries, are emphasizing sustainability and social responsibility. Eco-friendly practices, ethical material sourcing, and artworks addressing social and environmental issues will become more prevalent, extending also to companies committed to corporate social responsibility (CSR).

- Virtual Reality (VR) and Art: VR will offer new avenues for artists to create novel experiences beyond traditional art forms. VR exhibitions and interactive installations will become more common, catering to the emerging Generation Z that will grow up in this digital environment.

- Artificial Intelligence (AI) and Creativity: The convergence of AI and creativity is gaining momentum, challenging human and machine creativity. Artists and technologists will collaborate to explore the creative potential of AI-generated artworks. Nevertheless, challenges remain, particularly in pricing such "artworks" and their acceptance in the artistic community.

- Hybrid Events and Experiences: Art events will likely adopt hybrid formats, blending in-person exhibitions with virtual components to reach broader audiences and cater to varying preferences.

- Environmental Considerations: Artists and institutions will increasingly adopt eco-friendly practices, encompassing the use of sustainable materials and reducing the carbon footprint of exhibitions and installations (utilizing logistics, virtual shows, etc.).

- Changing Collecting Patterns: Collector preferences may shift towards more accessible and affordable art, with a focus on pieces that hold personal significance and cultural relevance. Emerging artists and themes like "Black Lives Matter" and LGBTQ representation will also play significant roles.

- Collaboration Between Art and Science: Artists and scientists are likely to collaborate more frequently, exploring intersections between art, technology, and scientific innovation.

- Artificial Intelligence in Curation and Discovery: Algorithms could play a role in assisting curators in discovering new artists and artworks, potentially reshaping the curation of exhibitions.

- Art Market Transparency: Technology has the potential to enhance transparency in art transactions, making it easier to trace provenance, ownership history, and pricing.

- Virtual Galleries and Museums: Virtual spaces will continue to evolve, offering fresh ways to experience art and interact with artists and curators.

It's crucial to note that the art world is shaped by a complex interplay of factors, and the mentioned trends are not exhaustive. The next 5 to 10 years are likely to present both exciting opportunities and challenges as the art world navigates an ever-changing landscape. Lastly, the development of the art world is intricately connected to the overall progress of our broader society.

D: Can you share any anecdotes or memorable stories from your experiences in the art world that have left a profound impact on you personally or professionally?

T: Indeed, I once had the opportunity to meet a collector of modern art who invited me to his home to view his collection. He was an elderly, rather shy, and modest person. After touring his collection, I was thoroughly fascinated. He even went on to show me his impressive AAA wine and car collection.

Additionally, I recall the dinners my mother hosted to promote Swiss art sales in Zurich. These dinners were attended by renowned collectors engaging in discussions about art. I distinctly remember one incident where my mother took off her shoes to feel more comfortable. However, a dog took away her shoes, and she became quite nervous about finding them when everyone got up after dinner. This incident showcased her natural, fun-loving personality and her ability to create unforgettable moments.

Allow me to share a couple of intriguing anecdotes from the art world that you might find engaging:

Banksy's Auction Prank:

In 2018, the street artist Banksy executed a prank at a Sotheby's auction. His artwork "Girl with a Balloon" self-destructed moments after selling for over £1 million. The canvas had been secretly rigged with a shredder, stunning the audience and leaving a partially shredded artwork hanging from the frame.

The "Salvator Mundi" Discovery:

In 2005, an art dealer purchased a painting at an estate sale in the United States for just $1,175. This painting turned out to be an original Leonardo da Vinci artwork titled "Salvator Mundi" (Savior of the World). Subsequently authenticated, it was sold at auction in 2017 for an astonishing $450 million, becoming one of the most expensive artworks ever sold. There have been some rumours regarding the authenticity of the artwork since then.

These anecdotes highlight the captivating and occasionally unexpected turns that take place within the art world, ranging from the rediscovery of lost masterpieces to audacious thefts and remarkable artistic pranks.