4 NYC Pros You Need To Know To Grow Your Portfolio This Year

Wealth management means so much more than merely managing the market these days. From financial advisers to curators for your collections, here are the pros you need to know now.

THE WHO

“Our specialists track the market and understand the evolution of pricing and trends in different regions and demographic groups, so we can advise on both short- and long-term strategies,” Sotheby’s Worldwide Chairman, Wine & Spirits, Jamie Ritchie says. “Understanding when wines will come to maturity, how they are perceived today and where their reputation is going are all important factors.”

THE WHY

“It only makes sense to invest in wine and spirits if you have an interest in the subject and want to understand and learn about the market and what drives value and performance—whether your reward is either financial or found in the enjoyment of drinking the bottles,” says Ritchie. “Consuming wine and spirits is fun and life-enhancing, especially when sharing a unique experience with friends—a truly liquid asset.”

One of the world’s leading wine auctioneers, Jamie Ritchie joined Sotheby’s in London in 1990 and has been responsible for opening Sotheby’s wine auctions in New York in 1994, Hong Kong in 2009, and France in 2021, as well as Sotheby’s Spirits category in 2019.

THE TAKEAWAY

“Take time to understand the market dynamics, as well as the financial model—what is the total acquisition price including tax and shipping, what are the annual storage costs, what are the potential resale fees,” suggests Ritchie. “Evaluate what is important when buying wine and spirits, such as provenance, authenticity, condition; the perceived quality of region, vineyard, producer, vintage; what are the historic returns; what do you like to drink and where do you like to travel to. Essentially, you should have an interest in learning, drinking and enjoying the wines and spirits that you buy, so some you will drink and some you will store and may sell.”

THE WHO

For both serious and new watch collectors alike, Wempe has long been the ultimate spot to source that special timepiece. “We provide our clients with best-in-class knowledge about the various watches we carry, from their heritage and craftsmanship to the special attributes unique to each piece and brand to help round out their collections,” says Ruediger Albers, president of Wempe USA.

THE WHY

“What you see is what you get with Wempe,” explains Albers. “All of our watches are sold at the retail price set by the manufacturers, and each comes with various warranties. Wempe has been in business for over 140 years, and we have a world-class service center inside our Fifth Avenue boutique and are always here to help and guide clients with their purchases.”

THE TAKEAWAY

“At Wempe, our focus is to encourage clients to purchase a watch they love, that will best complement their lifestyle and one they will want to wear for years to come, and less on what makes the best investment,” says Albers.

Founded by Lisa Schiff in 2002, SFA is an art advisory specializing in modern and contemporary art serving a select group of dedicated collectors around the world.

THE WHO

As one of the world’s leading art advisers, NYC-based SFA Advisory founder Lisa Schiff specializes in contemporary and modern art. Today, with offices in New York, Los Angeles and London, Schiff and her team assist select collectors around the world build their collections, “by educating them on the aesthetic and critical value of the work, including its historical relevancy first and foremost and explaining that no art is liquid and that transactability windows are brief,” explains Schiff. “I don’t work with people who are investing to cash out. If they are investing as a long-term held asset, that is fine, but you never win if you are purely investing. You have to buy with passion. As such, collectors have power in creating value.”

THE WHY

Schiff says she works to make the art world more transparent “by explaining the above and by making sure that my clients understand that I work for them, not the galleries and not the artists. I can work to buffer them from too much contact or connect them for full contact— each collector is different. What I will try to do, however, is try to create a positive experience of the art world and so might leave out some unseemly details about waitlists and offensive demands and such unless they truly need to know or ask.”

THE TAKEAWAY

“Don’t invest—collect. If you think you might need to cash out at cost at the very least, don’t buy art,” advises Schiff. “It is highly illiquid. Buy for love and passion, and then you will create an investment in the long run. You can make money buying and selling art, but you can make a fortune holding.”

THE WHO

“At the center of OFFICIAL’s value proposition lie two critical elements,” explains Nicole Oge, co-founder and chief growth officer at OFFICIAL. “One, the world’s most experienced agents, both at OFFICIAL and within our network of affiliate agents. Two, an unwavering commitment to data—historic, present and predictive analytics. For clients interested in real estate opportunities during more volatile times, there is no greater benefit than working with an agent who has deep experience in the local market (i.e., a career professional who has been through more than one real estate cycle) and the empowering objectivity provided by the strongest market data.”

THE WHY

“For those building a real estate portfolio, the key is to focus on regions you are familiar with and become a true student of the market dynamics,” says Oge. “Your agent’s ability to provide the highest and best service will be dependent on how structured your approach is.”

THE TAKEAWAY

“Mature superprime markets like New York City, Miami, Palm Beach, Aspen and the Hamptons have proven resilient over the span of multiple decades and periods of economic volatility,” says Oge. “We advise clients to consider historic precedents as the prime indicators of future market strength when it comes to high-end real estate.”