Editors’ Note

Eighteen years before acquiring Wally Findlay Galleries International in late 1998, James Borynack purchased Wally Findlay Galleries in New York, having already been its Director and Senior Vice President. His relationship with the company began in 1972, when he was hired as a salesman after having served as a partner in De Noyer, a boutique specializing in European high-fashion imports. He has also worked in various government-related positions, including Cultural Attaché and Ambassador for Republicans Abroad International. Additionally, he served as North American President of the auction house Phillips Sons & Neal, and worked for RE/MAX of New York in franchise sales and marketing. He is an alumnus of New York’s Parsons School of Design.

company brief

An art dealer serving individuals, institutions, and corporate collectors, Wally Findlay Galleries International, Inc. (www.wallyfindlay.com) was founded in 1870, when William Wadsworth Findlay opened his City Art Rooms in Kansas City, Missouri. In 1919 his eldest son, Walstein C. Findlay Sr., became its President, and a third generation was added when Walstein (Wally) C. Findlay Jr. joined the firm. During its history, Wally Findlay Galleries has represented numerous schools of art, from Barbizon to postmodernism. Today, with galleries in New York and with affiliates in London and Paris, in addition to its flagship premises on Worth Avenue in Palm Beach, Florida, it specializes in Impressionist and Postimpressionist masters, and is considered one of the leading dealers in paintings by the school of Rouen (France).

Have you been happy with the strength of the business in 2007, and what is your outlook for growth for Wally Findlay for the coming year?

Actually, our revenue for 2007 surpassed projections by 30 percent. The substantial increase was generated by the global activity in art awareness, and press coverage of monthly world records for all sectors in the art marketplace. Our projection for 2008 is to have stronger results reinforced by additional sales generated in the recently opened Barcelona gallery, our affiliation with a private international art fund, and a new presence in Moscow with a joint-venture: a private, art-advisory syndicate.

Wally Findlay has a major presence in the U.S. market. Is the U.S. market strong and do you see continued expansion for the brand in North America?

Our presence in the U.S. market enjoys a 138-year history. This instrument allows us to build on the future. We are heading into a formidable challenge with the economy being undermined by the real estate and banking crisis. Of course, the window of opportunity to profit from these kinds of investments existed, but the rush is over. On the other hand, the real art buyer, first-time and otherwise, is still there. This will require us to choreograph our expansion differently.

Wally Findlay recently entered the market in Spain. What made you feel that this market was important for you, and could you highlight your plans for the brand in Spain?

Barcelona has a depth to its art scene. It is one of the most important international playgrounds, which had a renewal in 1992, generated by the Olympic Games. Art continues to play a vital role as the city and its neighborhoods realize a new museum, galleries, hotels, and cutting-edge restaurants favored by five-star ratings. All of this activity has created an immense interest in art in a city that is more than 2,000 years old, yet it is still host to up-and-coming art venues. Our history of representing Spanish painters continues to be recognized. We plan on advancing our visibility with both group exhibitions and prominent solo exhibitions by internationally recognized artists.

Across all industries, leaders focus on China, India, and Russia as the key markets for future growth. Do you foresee opportunities for Wally Findlay in these countries?

We are involved with operations in Moscow with a very selective private advisory service. China is an old friend of Wally Findlay Galleries – we are the first American gallery to represent contemporary Chinese art on a commercial basis since 1978. We are also currently negotiating with a major Chinese conglomerate to establish a presence in strategic cities with fully operational galleries, featuring an international stable of contemporary artists. India hasn’t come up in our files yet. I’ll leave that development for the next regime at Wally Findlay Galleries.

You are known as a luxury brand in a competitive marketplace. How do you define what makes Wally Findlay unique in the market, and is it difficult to differentiate from your competitors?

Our standard is quality with an uncompromising commitment to providing artistic excellence with our stable of contemporary artists, as well as specializing in the finest examples of art from the 19th- and 20th-century masters. The global art market has become a behemoth, with the major auction houses selling and the museums buying and receiving art work in the order of billions of dollars per year. Galleries are opening at a staggering rate, with the hopes of establishing their eye as the standard in the milieu. All of this competition, along with the hype of investment, has all the players jumping in.

Our clientele and first-time buyers come to Wally Findlay because we are renowned, we are visible – $1.8 million is our advertising budget – and because we provide service with each and every work of art that we offer for sale. Our clients are accustomed to the best, and we provide it by applying our expertise in a personalized effort, tailored to the sensibilities and needs of every single client.

What roles are technology and the Internet playing for the brand, and are you able to drive sales through the Web site?

New technology has provided us with an opportunity to educate our clients. The market-place has changed and clients are now able to compare and cross-reference value almost instantly. When your product represents quality and value, an educated client is your best asset. Our commodity demands that the client actually sees the art to experience it in its totality.

The actual operation of the gallery and the crucial interaction with the client has also benefited from the advent of computer graphics and e-mail. We offer a variety of services, such as our virtual hangings, which take full advantage of these tools to make the experience of acquiring art enjoyable and personal, regardless of the distance.