Art before the crowd: How galleries sell 80% of their works before the opening

This scenario repeats itself in galleries worldwide, from Gagosian in Paris to David Zwirner in New York. Private sales—those discreet transactions that precede the official opening of exhibitions—have become the invisible engine of the contemporary art market. They allow galleries to secure their revenue, collectors to access rare pieces, and artists to see their work validated even before the public discovers it. But behind this well-oiled machinery lie sophisticated strategies, networks of influence, and financial stakes that redefine the relationship between art and money.

The preview: a spectacle for others

The preview is no longer what it once was. Once a key moment when collectors discovered works and made their decisions, it has transformed into a carefully orchestrated performance. "The public preview has become a showcase," explains Emmanuel Perrotin, founder of the eponymous gallery. "The real decisions are made beforehand, in the intimacy of private viewings."

At Thaddaeus Ropac in Pantin, teams begin working on an exhibition six months before its opening. As soon as the works arrive from the artist’s studio, they are photographed from every angle and sent to a select list of VIP collectors. "We organize previews in small groups, often with the artist present," details Julia Peyton-Jones, director of the gallery’s London space. "The idea is to create an exclusive experience, almost initiatory."

These viewings take different forms. Private dinners: At Almine Rech in Brussels, collectors are invited to share a meal with artists like George Condo or Claire Tabouret in an intimate setting. Studio visits: David Zwirner takes his best clients to Neo Rauch’s studio in Germany to show them works in progress. Organized trips: Perrotin offers "artistic safaris" in Marrakech, where collectors discover JR’s new pieces while exploring the city.

The goal? To create a sense of urgency and privilege. "When a collector sees a work in the artist’s studio, with the chance to reserve it before anyone else, they feel invested with a mission," explains Sandra Nedvetskaia, founder of the Art Advisory Group. "It’s far more effective than an email with a photo."

Behind the VIP lists: who really gets access to the works?

All galleries maintain lists of VIP collectors, but their composition varies depending on their positioning. At Gagosian, the "Gagosian Private" list includes around 200 names—billionaires like François Pinault or Bernard Arnault, but also family offices and foundations. "We don’t sell to just anyone," specifies a gallery collaborator. "You need not only the means but also a long-term commitment to art."

At Hauser & Wirth, the H&W Circle program functions like a club. Members pay an annual subscription (between $5,000 and $20,000) that grants them access to exclusive events, studio visits, and priority purchase opportunities. "It’s a way to build collector loyalty," explains Marc Payot, the gallery’s president. "We offer them an experience, not just a work."

The criteria for joining these lists are strict. Financial capacity: Galleries verify that the collector can afford pieces priced in the six or seven figures. Commitment: Buying a work isn’t enough. They must show a genuine interest in art by regularly visiting exhibitions and participating in events. Network: Galleries favor collectors who can recommend them to other potential buyers.

"A collector like Mera Rubell is a gem," explains Julia Peyton-Jones. "She doesn’t just buy; she creates bridges between artists, galleries, and institutions. That’s the kind of profile we’re looking for."

The sales process: from the studio to the private collection

A private sale doesn’t happen by chance. It follows a precise protocol, often beginning even before the work leaves the artist’s studio.

Step 1: Selecting the works Galleries carefully choose which pieces they will offer privately. Several criteria come into play. Speculative potential: Works by rising artists, like Julie Curtiss (whose prices have multiplied tenfold in three years) or Louis Eisner, are prioritized. Rarity: Unique pieces or limited editions (like Takashi Murakami’s Flowers, produced in 20 copies) are reserved for VIPs. Thematic trends: Galleries anticipate market trends. In 2023, feminist art (Jenny Saville, Mickalene Thomas) and Afro-contemporary art (Julie Mehretu, Wangechi Mutu) were particularly sought after.

Step 2: Targeting buyers Galleries use databases like market data platforms or Artory to identify collectors based on their past purchases. "We know who bought George Condo last year, who is interested in abstract art, or who collects works on paper," explains a Parisian gallerist. "This allows us to send targeted proposals."

Digital tools play an increasingly important role. specialist online platforms Private Sales: A secure platform where galleries offer works in presale, reserved for registered collectors. VIP NFTs: Christie’s sold exclusive NFTs, like Beeple’s Everydays, through whitelists reserved for pre-approved buyers.

Step 3: Negotiation and transaction Unlike public auctions, where prices are displayed, private sales are often negotiated behind closed doors. Several methods coexist. Direct offer: The gallery proposes a work at a fixed price, with a 10 to 30% discount for VIPs. For example, a Julie Curtiss painting might be offered at $150,000 instead of $200,000. Private auctions: Sotheby’s Private Sales organizes "silent auctions" where collectors submit secret bids for works like Banksy’s Girl with Balloon. Exchanges: Some collectors trade works among themselves. In 2020, François Pinault reportedly swapped a Basquiat for a Warhol with another billionaire.

Logistics are just as crucial. Discreet transport: Specialized companies like Croesus or UOVO deliver works without public trace. Offshore payments: Some buyers use shell companies in the Cayman Islands or Luxembourg to avoid taxes. Certificates of authenticity: Galleries provide documents signed by the artists or rights holders (like the Wildenstein Institute for Impressionists).

The risks of private sales: speculation, opacity, and scandals

While private sales offer undeniable advantages, they also carry major risks.

Price manipulation Some collectors buy privately to inflate prices before reselling. This is known as "pump and dump." In 2019, KAWS’s works saw a price surge after collectors bought massively in private sales before reselling at auction for record profits.

"The art market has become a casino," laments Georgina Adam, author of Dark Side of the Boom. "Galleries and collectors play with prices like chips."

Opacity and fake records Private sales allow for artificially inflating the value of works. In 2017, a Basquiat was reportedly sold for $91 million in a private sale, a record never confirmed. "No one really knows how much these works are worth," explains an expert. "Prices are often overvalued to impress the market." Money laundering Private sales are a prime target for money laundering. In 2016, the 1MDB scandal revealed that works by Picasso and Monet had been used to launder embezzled funds. "Art is the last unregulated market," notes Thomas Seydoux, former director of Christie’s. "It attracts all kinds of fraudsters." Exclusion of small collectors Major works are increasingly out of reach. In 2023, 90% of the pieces at Gagosian were sold before previews, reserved for a handful of billionaires. "Museums can no longer compete," regrets a MoMA curator. "We’re losing works that should be in the public domain."

How do galleries justify this system?

Faced with these criticisms, galleries defend their model.

Essential support for artists "Without private sales, we couldn’t finance expensive exhibitions," explains Marc Glimcher, president of Pace Gallery. "Artists need this safety net."

In 2021, Christoph Büchel presented Barca Nostra, a controversial installation about migrants, at the Venice Biennale. The project, estimated at several million euros, was partly funded by private sales.

Stability for the market Private sales help avoid crashes. In 2008, as the art market collapsed, galleries like Pace or Hauser & Wirth maintained their revenue through discreet transactions.

"Private sales act as a buffer," explains Clare McAndrew, an art economist. "They smooth out market cycles."

A relationship of trust with collectors "Our VIP clients aren’t speculators," insists Emmanuel Perrotin. "They’re passionate individuals who support artists in the long term."

Almine Rech Gallery has accompanied Claire Tabouret since her early days, selling her works privately before she became a market star.

How to access private sales? Strategies for collectors

If you’re not a billionaire, all is not lost. Here’s how to join the exclusive circle of VIP buyers.

Build a network. Attend previews: Galleries notice regular collectors. "We pay attention to those who come back," explains a Parisian gallerist. "They eventually get invited to private viewings." Join clubs: Organizations like ArtTable (New York) or The Cultivist (London) offer privileged access to galleries. Participate in fairs: Art Basel, Frieze, or FIAC organize VIP events for new collectors. Work with an advisor A good advisor can open doors. But beware: some work on commission and may overvalue works. Choose an independent advisor: Companies like Art Advisory Group (London) or Fine Art Wealth Management (Singapore) offer tailored services. Avoid conflicts of interest: Some advisors are paid by both galleries and collectors. "Always ask how they’re compensated," advises Sandra Nedvetskaia. Buy early in an artist’s career The most profitable works are often those bought before the artist becomes famous. Example: In 2018, a Julie Curtiss canvas sold for $50,000. In 2021, it resold for $500,000. Target emerging artists: Galleries like Nathalie Obadia or Chantal Crousel bet on young talents before they explode. Avoid pitfalls. Check price histories: Platforms like market data platforms or Artprice allow price comparisons. Demand a certificate of authenticity: For established artists, institutions like the Wildenstein Institute (for Impressionists) or the Warhol Foundation (for Andy Warhol) issue certificates. Beware of hype: NFTs in 2021 or crypto art in 2022 experienced speculative bubbles. "Buy what you love, not what’s trendy," advises an experienced collector.

The future of private sales: toward more transparency?

Is the private sales model sustainable? Several trends could drive its evolution.

Blockchain and NFTs Technologies like blockchain could make sales more transparent. Christie’s launched Christie’s 3.0, a platform that records transactions on the blockchain. "This is a first step toward greater traceability," explains an expert. Regulation The European Union adopted the 5th Anti-Money Laundering Directive in 2023, requiring galleries to verify their clients’ identities. "It’s a step in the right direction, but there’s still much to do," says Thomas Seydoux. New financing models. Art co-ownership: Platforms like Maecenas allow buying shares of works, making art more accessible. Subscriptions: The Cultivist offers VIP gallery access for $2,500 a year. Institutional resistance Some museums refuse to participate in private sales. "We don’t want to endorse a system that excludes the public," explains a Centre Pompidou curator.

The final word: is art still a public good?

In 2024, the contemporary art market rests on a paradox: the more it becomes accessible online, the more it closes itself off to an elite. Private sales, once marginal, have become the norm. They allow galleries to survive, artists to create, and collectors to speculate. But they raise a fundamental question: should art remain a public good, or can it become a luxury product reserved for a few?

"Art has always been a mix of passion and business," recalls Emmanuel Perrotin. "The challenge is to find a balance."

For collectors, the key is to navigate this system without losing sight of what matters: art should speak to the heart, not the wallet. As Pablo Picasso once said, "Art washes away from the soul the dust of everyday life." The question is, do you have the means?