Evan Beard, a figure with a unique background spanning naval intelligence, finance, and the art world, has announced his departure from Masterworks to establish his independent art gallery, Beard & Co. This new endeavor, located on New York's Upper East Side, seeks to offer a bespoke, private banking approach to art collecting. Beard's journey from a post-industrial Midwest town to an art market innovator highlights a shift in how expertise and background contribute to success in the evolving art landscape, moving beyond traditional art dealer archetypes.
Beard's career trajectory is anything but conventional. Hailing from Youngstown, Ohio, he first served as a naval intelligence officer from 2006 to 2011, during which he was involved in bilateral negotiations in the Middle East and later worked as an Israel desk officer at the Pentagon. Following his military service, he pursued economics at Oxford, where he developed a keen interest in the art market's behavioral economics, fascinated by the motivations driving art acquisition. This unique blend of experience laid the groundwork for his eventual foray into art finance. From 2012 to 2016, Beard was instrumental in developing art financing operations at Deloitte, subsequently moving to Bank of America in 2016. There, he became a managing director of national art services, eventually leading specialty segments. His tenure at Bank of America involved assisting major U.S. collectors in leveraging their art collections for capital to invest in various business ventures and facilitating auction placements.
In 2022, Beard joined Masterworks, an online investment platform co-founded by tech entrepreneur Scott Lynn, as executive vice president. At Masterworks, he spearheaded the establishment of Level & Co., a secondary market gallery launched in 2023. This gallery, named after the French art collector André Level, focused on high-value artworks, functioning as an "art market merchant bank" and showcasing works by prominent artists such as Jean-Michel Basquiat, Joan Mitchell, and Andy Warhol, alongside contemporary figures like Alex Katz and Yayoi Kusama.
Beard reflects on his experience at Masterworks, noting that while Level & Co. proved to be a profitable dealer and advisory model, his practice ultimately diverged from Masterworks' core business of self-directed retail investment. This realization prompted his decision to launch Beard & Co., aiming to cater specifically to collectors seeking a more personalized, private banking-style service. His new firm plans to offer advice on art loans, auction guarantees, consignments, and estate planning, leveraging Beard's extensive network and knowledge of collectors' holdings to discreetly source artworks for clients.
He emphasizes the high-contact nature and intrigue of the art world, drawing parallels to his past experiences in football and intelligence. Beard's approach is distinctly analytical, focusing on the historical value and investment potential of art while also understanding the desires of collectors who seek both aesthetic enjoyment and financial returns. He observes a current market trend favoring canonized art with established secondary market histories over speculative ultra-contemporary pieces, particularly after a period of rapid growth following the 2008–2009 financial crisis. This shift reflects a move towards greater rationality in the art market, with consolidation among galleries and a re-evaluation of high-cost global infrastructures.
Beard is actively seeking new clients, particularly from the next generation of private equity and hedge fund professionals, and individuals with significant wealth in less traditional art hubs like Oklahoma, Colorado, and Texas. He aims to demystify the art world for these new entrants, speaking in accessible language rather than "art-speak," and ensuring they make informed decisions. He deeply respects established dealers like Larry Gagosian, Robert Mnuchin, and David Schrader, learning from their diverse approaches to the market. He also highlights the collaborative nature of the secondary market, where dealers often partner to facilitate transactions, creating a dynamic ecosystem where competition and cooperation coexist to serve the complex needs of the art community.
The establishment of Beard & Co. signifies a dynamic evolution in the art market, reflecting a growing demand for personalized, financially astute art advisory services. Evan Beard's unique background positions him to bridge the gap between traditional art dealing and sophisticated financial management, appealing to collectors who view art as both a cultural asset and an investment. His venture represents a modern interpretation of the art dealership, emphasizing data-driven insights and a client-centric model, while navigating the complexities of a continuously transforming global art scene.