David Schrader on New Secondary Market Gallery and the Great Wealth Transfer

David Schrader, who previously served as the Head of Private Sales at Sotheby's, has teamed up with Emmanuel Di Donna and Pace Gallery to establish Pace Schrader Di Donna Galleries. This new 7,000-square-foot venue, which will focus on secondary market transactions, is set to launch its inaugural exhibition next spring in Di Donna's former location on the Upper East Side. Schrader expressed concerns regarding the market's contraction, mentioning that only five or six dealers are functioning at a comparable level. He remains doubtful about the anticipated Great Wealth Transfer, referencing a Deloitte report that estimates nearly $1 trillion in art transfers over the next ten years. He believes only 10 to 20 percent of his recent transactions involved new collectors and sees potential in classical artists, noting increased seller confidence. Artists like Picasso, Warhol, and Basquiat are currently in high demand.