As the Federal Reserve lowers interest rates for the first time in nearly a year, market sentiment is shifting—and so is the art world.
In a recent ARTnews article “The Fed’s First Rate Cut in Nearly a Year Could Encourage Collectors to Get Off the Sidelines” Anita Heriot, President of the Americas at The Fine Art Group, shares insights on how reduced borrowing costs could encourage collectors to reengage with the market. While the rate cut may not create new buyers overnight, it opens the door for strategic art lending and opportunistic acquisitions. Read more about how this economic shift could influence collecting behavior and unlock liquidity in the art market.
Read the full article on ARTnews here.
Media contacts:
Caroline McKinley / Mason Wright / Barbara Escobar
thefineartgroup@resnicow.com
While many assume the art market takes a long summer break after June’s major sales, the truth is far more dynamic. Summer brings blockbuster museum exhibitions, key regional fairs, and steady private sales — making it an ideal season for strategic collecting.
In our latest Quarterly Update, President of The Americas Anita Heriot shares why July and August are the perfect time to get your “art ducks in a row.” With a calmer pace and more opportunities for travel, collectors can explore new categories, conduct collection audits, and prepare for the fast-paced fall season of mega auctions, global fairs, and major exhibitions.
Summer, Anita notes, isn’t just for buying — it’s for thinking strategically, exploring fresh categories, and positioning your collection for the year ahead.
Li Jun Xian brings decades of expertise in art investment and financing to expanding divisions
LONDON / NEW YORK / HONG KONG – July 31, 2025 – The Fine Art Group, the world’s largest independent art and luxury advisory and financing firm, today announced the expansion of its Art Investment and Finance divisions with the appointment of Li Jun Xian as Senior Director, Art Investment in New York. Formerly serving in senior roles at Goldman Sachs and Emigrant Bank Fine Art Finance, Xian brings more than two decades of broad-reaching finance experience to her role, advancing the continued strength of the firm’s market-leading capabilities and building on its growth in asset-backed financing. In tandem with the divisions’ expansions, London-based Freya Stewart, previously The Fine Art Group’s Art Finance CEO, joins the Art Finance governance board, while continuing her other long-time role as Group General Counsel. Xian began in her role last month, reporting to The Fine Art Group’s CEO Ken Citron.
A pioneer in art investment and financing, The Fine Art Group has facilitated more than $2.4 billion in transactions and is the trusted partner of premier global banks and family offices. The firm has launched nine investment vehicles over the past 25 years, providing access to a range of investment funds and bespoke investment opportunities across the arts and luxury sectors—from underwriting auction sales with guarantees to acquiring businesses with significant art portfolios. The Fine Art Group is also one of the largest lenders in the art and luxury space, marked by tremendous growth over the past eight years. The firm’s global scale, stable capital structure, and client-first approach enables agile, discreet financing solutions, and it offers to investors a strong portfolio with consistent year-over-year growth and a track record of zero percent capital loss.
“The Fine Art Group has stood at the forefront of art investment since its inception and is now one of the most trusted art financing providers to private collectors, institutions, and family offices. The addition of Li Jun to the team reinforces our standing as we continue to bring exceptional expertise and financial acumen to a fast-evolving market,” said Ken Citron, CEO of The Fine Art Group. “It also reaffirms The Fine Art Group’s position as one of the most dynamic and exciting places to work in today’s global art market.”
Bringing more than 20 years of experience at leading financial institutions Goldman Sachs and Emigrant Bank Fine Art Finance, Li Jun Xian works acrossThe Fine Art Group’s investment initiatives and Art Finance division. Her broad-reaching knowledge encompasses an array of asset classes and investment vehicles. During her tenure at Goldman Sachs, she guided clients and projects across a range of industries and business models in the Credit Risk Management & Advisory Department, where she conducted analyses and advised corporate entities on their capital structures associated with mergers & acquisitions, new debt raises, and re-organizations. She was also responsible for assessing risk on a portfolio of hedge fund counterparties. Prior to joining The Fine Art Group, Xian was a Partner at Emigrant Bank Fine Art Finance, a leading provider of art financing solutions, where she oversaw management of Emigrant’s loan portfolio, client relationships, and business development.
“I’m thrilled to join The Fine Art Group and contribute across its investment and lending businesses,” said Xian. “Asset-backed financing is a dynamic space with immense potential, especially as more collectors and institutions recognize the strategic value of unlocking capital from their collections. Being part of a global team with such deep expertise transforms what is often a complex process into a seamless, white-glove service that meets the evolving needs of clients.”
Freya Stewart, who initiated the Art Finance division at The Fine Art Group in 2018 as its CEO, has played a key role in its strong track record and ongoing growth. In her elevated role in the Art Finance division, effective immediately, Stewart’s responsibilities will expand to remain closely involved with the Art Finance business at the governance and board level, while continuing her other long-time role as Group General Counsel.
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About Lending with The Fine Art Group
The Fine Art Group offers world-class, comprehensive services across advisory, private sales, art finance, art investment, appraisals, and philanthropy, working with 350 family offices in 28 countries and managing over $20 billion of assets annually. As part of the firm’s suite of financing solutions, The Fine Art Group delivers bespoke and flexible asset-secured loans for collectors, family offices, the art trade, and other owners of high-quality works of art and jewelry to release capital while preserving a collection’s store of value. Through the firm’s renowned art, finance, legal, and logistics experts, the entire process is managed in-house—from collateral appraisal to loan processing—enabling efficient and discreet funding available from $1 million to $200+ million. Operating globally with offices in 15 major international cities, The Fine Art Group’s tailored solutions extend to borrowers in a variety of regions, unlocking new opportunities and empowering clients to realize the full potential of their collections.
About Li Jun Xian
Li Jun Xian has over 20 years of experience in art and passion-asset financing. Prior to joining The Fine Art Group, Xian was a Partner at Emigrant Bank Fine Art Finance, a leading provider of art financing solutions, where she oversaw management of Emigrant’s loan portfolio, client relationships, and business development. Applying her expertise across numerous industries and business models, Xian was previously an Analyst in the Credit Risk Management & Advisory Department at Goldman Sachs, where she conducted analyses and advised corporate entities on their capital structure. She was also responsible for assessing risk on a portfolio of hedge fund counterparties. Li Jun graduated with Honors from Dartmouth College with a major in Economics and a minor in Art History.
About Freya Stewart
Freya Stewart joined The Fine Art Group in 2015 to launch and scale the firm’s lending and finance operations. Previously, Freya was Senior Legal Counsel at Christie’s, where she oversaw legal aspects of its art finance business and advised on auction and private sales, including complex financial arrangements and guarantees. Earlier in her career, Freya spent a decade as an international finance lawyer at Linklaters LLP and Barclays Capital, advising on structured finance, derivatives, and regulatory matters across New York, London, Hong Kong, and São Paulo. Freya earned a First Class BA in History from Manchester University and completed her legal qualifications at the Oxford Institute of Legal Practice.
Media contacts:
Caroline McKinley / Mason Wright / Barbara Escobar
thefineartgroup@resnicow.com
To download the full press release, click here.
In a recent article from Bedrock, “In Conversation With: Philip Hoffman on Bridging the Worlds of Art and Finance” Bedrock’s Art Specialist, Cecile Canton, speaks with Philip Hoffman, Founder and Chairman of The Fine Art Group.
From turning down a $35M deal to advising families across the globe, Philip Hoffman shares the values, lessons, and vision behind building a trusted art advisory firm. Discover how he brought financial discipline to the art world—reshaping how collectors and investors approach art as an asset.
Read the full article on Bedrock here.
Bedrock is an award-winning multi-family office with locations in London, Geneva, and Monaco, dedicated to managing the wealth and assets of a select group of families and institutions.
Michael Macaulay Joins Executive Team, Signaling The Fine Art Group’s Ongoing Global
Expansion and Industry Leadership Across the Art and Luxury Sectors
NEW YORK – May 27, 2025 – The Fine Art Group, the world’s largest art and luxury firm with
services across advisory, financing, appraisals, investment, and private sales, today announces
the expansion of its executive team with recognized leaders in art, luxury, and business. Continuing
its strategic investment in talent and global infrastructure, the firm additionally welcomes new
specialists based in Dallas, Miami, London, and Brussels, joining a team of more than 80
specialists across the United States, Europe, and Asia and expanding the firm’s unparalleled
international advisory network. The new appointments mark a transformative moment in the firm’s
trajectory, solidifying its unmatched role as a single, independent, and comprehensive resource for
major collectors, investors, and family offices, as well as a destination for top industry talent.
Ken Citron has been appointed CEO, effective immediately, with Founder Philip Hoffman
continuing to serve as Chairman. Bringing more than 20 years of leadership experience across the
art, media, and global business sectors, Citron joined The Fine Art Group in early 2024 as its Chief
Operating Officer. With Hoffman, he has spearheaded the company’s growth in markets around
the world, as well as the trajectory of The Fine Art Group’s robust and rapidly growing art financing
and lending businesses.
In his new role, Citron will oversee the delivery of The Fine Art Group’s world-class, comprehensive
services across advisory, private sales, art finance, art investment, appraisals, collection
management, and philanthropy, working with 350 family offices in 28 countries and advising on
over $20 billion of assets annually. The transition enables Hoffman, in his ongoing role as Founder
and Chairman, to expand his focus on strategic growth and deepening client relations.
Together, Citron and Hoffman will lead the high-profile executive hires that underscore the
company’s accelerated growth. Executive appointments include Michael Macaulay, who will take
on the role of Executive Vice President, Head of European Art Division, beginning in December.
Macaulay joins the firm after a distinguished tenure at Sotheby’s, where he served as Deputy
Chairman, European Head of Contemporary Art.
“After a period of exceptionally rapid growth, it is a pivotal moment for The Fine Art Group to solidify
its leadership position as the most comprehensive and independent resource in the global art and
luxury ecosystem. I am pleased to welcome so many exceptional new executives to The Fine Art
Group, each of whom has demonstrated outstanding leadership in their areas of expertise and will
further advance our industry leadership. I especially look forward to continuing my work with Ken
Citron, whose business expertise and cross-market understanding has already fortified and
enhanced our global reach, resources, and ability to service clients,” said Hoffman. “I am
confident in Ken’s commitment, and that of our executive team, to continuing our client-first
mandate—providing the most strategic, expert solutions to clients, without the underlying
pressures, motivations, or costs that often drive traditional advisories, dealers, banks, and auction
houses.”
“I joined The Fine Art Group last year because of a deep admiration and excitement about its
incredible scope and potential for scale. It is a unique model in the industry—one that attracts top
talent and offers unparalleled opportunities for growth in this changing market. Innovation has
been the hallmark of Philip’s leadership and reputation, and I look forward to developing the
business with him, building on the firm’s legacy and continuing to deliver exceptional results for
our clients. What sets The Fine Art Group apart is our ability to combine the personalized, agile
service of a boutique agency with the reach, expertise, and resources of a global platform. The Fine
Art Group’s pioneering leadership in art financing and lending is a particularly significant area of
focus and growth in the coming years—one I’m eager to continue developing,” said Citron.
“I am absolutely thrilled to be joining The Fine Art Group later this year as EVP, Head of the
European Art Division. The commercial art world is currently undergoing the most significant
transformation that I have experienced in the past 20 years. Navigating the challenges and seizing
the opportunities of this paradigm shift require rapid innovation and dynamic adaptability. These
competencies define The Fine Art Group to its core, and it is extremely exciting to join
the leadership of an organization that is bringing together the most talented and experienced
operators from across the industry. Building on their distinguished track record—and working
together in a thriving coalition characterized by trust, confidentiality, and dedication—our
unwavering commitment will be to provide the best possible service to our clients across the full
spectrum of this fast-evolving art market,” said Macaulay.
Macaulay joins on the executive team Marisa Kayyem, Senior Director, Global Head of Business
Development, who joined The Fine Art Group in early 2024, following more than a decade at
Christie’s and roles as an independent art advisor; longstanding executive Anita Heriot, President
of The Fine Art Group, The Americas, in the recently launched Rockefeller Center, New York office;
and Freya Stewart, CEO of Art Finance & Group General Counsel, in the Mayfair, London office.
As The Fine Art Group deepens its global presence and network, the company continues to bring on
a range of additional art advisors and business developers in key markets. New hires include
Alejandra Rossetti, a collections advisory expert previously with Sotheby’s who brings nearly three
decades of experience to her new role as Senior Advisor for Business Development in Miami;
Jessica Phifer, who, following 15 years at Christie’s, joins the team as Director of Business
Development and Art Advisory in Houston; Pauline Haon, Director, Benelux – International Post-war
and Contemporary Art Specialist, based in Brussels, who recently joined The Fine Art Group
following her role as Director and Senior Specialist in 20th/21st Century Art at Christie’s; and Joanna
Hattab, Director, Art Advisory, based in London, who joins the firm on October 1, after more than a
decade at Christie’s. These new hires bring deep expertise, trusted client relationships, and an
insider understanding of both regional markets and global trends, advancing the firm’s mission to
deliver tailored, client-first, and forward-thinking solutions. They join The Fine Art Group’s team of
advisors across the firm’s already active markets including New York, London, Hong Kong,
Brussels, Los Angeles, Palm Beach, Miami, Charleston, San Francisco, Houston, Philadelphia,
Dubai, and Sydney.
About Ken Citron
Ken Citron, CEO, joined The Fine Art Group in 2024 as the Chief Operating Officer with more than
20 years of leadership experience spanning the art, media, and global business sectors. He
previously served as the Chief Operating Officer for Christie’s, where he was instrumental in
developing and executing the firm’s global strategy, modernizing its infrastructure, and launching
its e-commerce platform. He later joined Sotheby’s as Executive Vice President of Operations and
Chief Transformation Officer, where he led enterprise-wide initiatives in logistics, client services,
and technology—contributing to the company’s successful private acquisition. He steps into his
new role as Chief Executive Officer with a distinctive blend of strategic insight, operational
excellence, and deep expertise in the international art market.
About Michael Macaulay
Michael Macaulay is a leading specialist and executive in the international art market and a trusted
advisor to an extensive array of international private collectors, museums, and institutions. He
brings to The Fine Art Group more than 18 years at Sotheby’s London and New York, in positions
ranging from Deputy Chairman and Head of Contemporary Art, Europe; Senior Vice President,
Head of Contemporary Art Evening Auctions; and Director of Client Coverage, Global Fine Arts. At
Sotheby’s, he was integral to many of the most celebrated auctions of the past two decades and
was also consistently one of the firm’s top private sales experts. As an auctioneer since 2016, he
personally conducted a number of Sotheby’s top tier Evening Auctions, as well as numerous highprofile sales across various categories internationally. He is a passionate benefit auctioneer who
has helped raise tens of millions of dollars for a variety of extraordinary causes through his
voluntary work. Macaulay holds a First-Class Honours degree from the Courtauld Institute in the
History of Art, and was also awarded the Institute Prize for his final year dissertation on fifteenthcentury Florentine ceramics.
Media contacts:
Caroline McKinley / Mason Wright / Barbara Escobar
thefineartgroup@resnicow.com
To read more click here.
Paris-based Chinese artist Alexandre Zhu (b. 1993) creates strikingly hyper-realistic works using only charcoal, gesso and varnish. His large-scale compositions are imbued with depth and texture, achieving an almost sculptural presence despite their two-dimensional form. Recently, Zhu’s atmospheric seascapes and introspective portraits have garnered attention, with exhibitions at Paris Internationale, NADA Paris, Victoria Miro in Venice, and Art Basel Hong Kong—signalling his growing recognition and market potential.
One chilly February afternoon, Advisory Coordinator Margaret Rand had the pleasure of speaking with Zhu over Zoom to discuss his practice and upcoming exhibitions.
Spending his childhood between Shanghai and Paris, Zhu initially became drawn to charcoal during his first year of art school at École Nationale Supérieure des Arts Décoratifs (ENSAD) in Paris. Drawn to its tactile nature, describing the charcoal as “simply dust,” Zhu developed his distinctive technique—sanding layers of handmade gesso to create the ideal ground before applying his charcoal and varnishing the surface for a velvety texture.
These monochrome compositions feature imagery from his personal memories or photos, cropped to emphasize the soft curvature of machinery, the glimmering crests of waves, or the delicate wrinkles in his loved ones’ clothing. These enlarged forms envelope the artist as he works, challenging his perception and understanding of form to such an extent he must “rest [his] eyes every fifteen to twenty minutes.” Employing unconventional materials such as makeup sponges and bubble wrap, Zhu shifts and moulds the “dust” to conjure his nostalgic, ashy memories that reveal few—if any—traces of hand or gesture.
Zhu’s early charcoal series started around a specific narrative, capturing Shanghai’s changing environment where he grew up. His first series Leviathan (2022) features close-up images of the machinery tied to construction sites. These works root themselves in Zhu’s personal history, traveling frequently between Paris and Shanghai, and witnessing the fast-paced urban transformation of China. In our interview, Zhu revealed how he “wouldn’t recognize the places [he] once knew,” infatuated by the rapid reinvention of his hometown. This investigation into China’s urbanisation is a prevalent theme throughout Chinese art over the past several years, similarly investigated by notable contemporaries like Liu Wei, Ding Yi and Zhang Ruyi. By enlarging and cropping this machinery, Zhu isolates the ambiguous fragments, often fleeting and overlooked, within the greater process of building. Stripped away from any recognizable function and detached from any specific context, this raw imagery of metal and steel relies on feeling, rather than clear representation, to invoke meaning.
The soft dust particles and subtle shifts in grey tones are accentuated by the artist’s intentional use of a limited black-and-white palette, intended to create distance between the artist and the work. To Zhu, “colour means choosing, sometimes emotions.” By deliberately limiting his palette, the artist leaves the power in the viewer’s unique experience of the work. This deliberate limitation in colour and form, along with his photorealistic style, reflect Zhu’s broader artistic approach, focusing on the raw impact of his composition.
While investigating Zhu’s work, I noticed that most of his series are named after mythological creatures or gods. His Leviathan series is named after the primordial sea serpent from ancient mythology, known to symbolize world destruction, alongside reconstruction and renewal. This duality mirrors the rapid transformation Zhu observes in his own city, a process of continuous upheaval and rebirth. It is this very duality that Zhu evokes in his fragmented images. By isolating and obscuring parts of machinery by focusing on extreme close-ups, he seeks to recapture their forms as if they were alive— “sometimes tender, sometimes aggressive”—evoking the shifting, dynamic essence of these objects in the context of change.
This dualism is further seen in Zhu’s later series of seascapes. The artist’s 2024 Hadal Series is named after the Greek god of the dead and king of the underworld Hades. Here, Zhu continues to capture the core sentiments of the changing world around him within these seemingly “neutral images.” These seascapes serve as a larger metaphor for the simultaneous beauty and ominous quality of the ocean. His velvet-like surfaces soak up the viewer into their lush, glistening waves, while the deep black charcoal overwhelms, perhaps akin to the overpowering radiance of Yves Klein’s Blue. According to Zhu, “the closed and tight cropping is meant to remove information and context, evoking [his] gaze of a fleeting moment and trying to leave the viewer in his own perception of a personal memory, through [his] own.” Similar to the machinery in Zhu’s Leviathan Series, these seascapes deliberately lack any time zones or specific contexts. Rather, they are driven by the all-encompassing textural elements of each body of water, captured in the large-scale composition.
In his most recent works, Zhu has transitioned toward more personal subject matter, focusing on intimate portrayals of his loved ones from behind. This unique perspective builds on the artist’s Leviathan and Hadal series, honing into detailed fragments of his subjects. This new body of work was first exhibited at the Paris Internationale fair, concurrent with Art Basel Paris Plus, with Shanghai-based Gallery Vacancy. The titular work Ma (2024) is a close-up of the artist’s mother, featuring solely her left shoulder and part of her hair. Her blouse’s floral design folds in rhythm with the fabric’s wrinkles and bulges, while delicate strands of hair sweep down, framing the upper right section of the canvas. Zhu became tired of working in series and felt a strong need to tap into more personal subject matter as he began to work on multiple, different images at the same time, blending intimate portraits alongside his urban and natural landscapes. It is here that Zhu has begun to turn back to more narrative compositions, revisiting personal memories based on images of loved ones to accompany his charcoal environments. As such, simultaneously on display to his new series at Paris Internationale were Zhu’s seminal seascapes at NADA Paris with London-based Night Café Gallery.
Another piece from this new body of work, They’ll never know (2) (2025) is currently on view in Vacancy’s booth at Art Basel Hong Kong. Here, Zhu continues to play with the relationship between title and composition, capturing the balance between intimacy and anonymity. The title They’ll never know adds an emotional weight to the work, hinting at the unspoken moments and unshared connections that exist behind closed doors. The blurred details of the figure, combined with Zhu’s meticulous charcoal technique, evoke a sense of longing and memory, inviting viewers to project their own experiences onto the ambiguous scene. This exploration of private moments against the backdrop of Zhu’s signature charcoal landscapes marks a poignant evolution in his work, as he moves away from abstract forms and towards a more direct, emotional connection with his subjects.
Zhu’s transition away from rigid series and toward more varied compositions suggests a maturing artistic vision, one that is both timeless in his investigations and innovative in his unconventional materiality. With continued exposure at key fairs and galleries, we are eager to see how Zhu’s artistic practice will continue to develop.
Paris Internationale 2024
Art Basel Hong Kong 2025
We are delighted to welcome Alejandra Rossetti as Director, Senior Advisor at The Fine Art Group!
Alejandra joins us with an exceptional 27-year career at Sotheby’s, where she spent over a decade leading the Private Client Group in New York and four years as Head of the Miami office. She is a globally recognized art advisor, known for her expertise and dedication to client service.
Based in Florida, Alejandra will work closely with collectors and institutions worldwide, providing bespoke advisory services across the art market. Her extensive experience and deep knowledge will further strengthen our commitment to world-class expertise and personalized guidance.
We are thrilled to have her on board and look forward to the insights and leadership she will bring!
Observer’s 2024 Business of Art Power List has named Philip Hoffman as a leading authority on transforming art into a serious asset class, shifting how collectors and investors view the market.
Observer’s Power Lists are among the most coveted and sought-after recognitions across industries. Observer’s Business of Art Power List honors the visionaries who wield outsized influence on art’s present and its future.
PHILIP HOFFMAN & THE FINE ART GROUP
Since founding The Fine Art Group in 2001 and pioneering the first-ever asset-backed art investment fund, Philip has transformed how the world views art—not just as a cultural treasure, but as a powerful financial asset. Reflecting on his journey, Philip shared with Observer: “Many collectors, including my initial backers, thought art was merely a cultural asset, not a financial one.”
Two decades later, Philip has proven that art can rival blue-chip stocks in both profitability and complexity, solidifying his place as a leader in art investment and advisory.
Click here to read the full article in Observer.
In a recent ARTnews article, “It’s Too Early to Know if Fed’s Interest Rate Cut Will Revive a Flagging Art Market, Experts Say” Philip Hoffman, founder of The Fine Art Group, weighed in on the Federal Reserve’s half-point interest rate reduction. While Hoffman acknowledges the move as positive, he suggests that a further one to two percent drop is needed before significant corrections in the art market occur. He describes the upcoming auction season as a “chicken and egg” situation, with cautious buyers and sellers waiting for better economic conditions and clarity on future tax policies.
Read the full article on ARTnews here.