Feature Stories

April 26, 2019

Sotheby’s former CEO lauds new Nomura Art Award

Ikeda Hajime × Tad Smith Ikeda Hajime × Tad Smith

Sotheby’s former President and Chief Executive Officer Tad Smith has great expectations for the newly launched Nomura Art Award.

His company has been deeply involved in establishing the prize, with Art Agency, Partners, a Sotheby's subsidiary, serving as advisor to the project, and Allan Schwartzman, Founder and Principal of Art Agency, Partners, and Chairman of Sotheby's Fine Arts Division, also serving as a member of the Award's jury.

Smith was in Tokyo on the day Nomura announced the Award and met with Senior Managing Director Hajime Ikeda.

Drawing from his own experience with the Sotheby’s Prize which began in 2017, Smith noted the positive impact such awards can have within the company, including highlighting important corporate values and unifying the global organization around a common purpose.

Smith shared with Ikeda his impressions about the Award and offered advice to Nomura on entering the field of art.

Ikeda:What did you think when you heard Nomura was considering launching an art award like this?

Smith:Nomura has a long history and a great reputation, so for Sotheby’s and for me personally, I am thrilled. I think there is a unique and powerful role for Nomura to play because it is a firm that thinks about important values -- change, challenge, how the human experience develops and innovates.

The award and the jury behind it can be a representation of that experience in creative endeavors. And because of its significant size, it will have a profound influence on how people experience art. The jury is prestigious and independent, so I’m confident that it will be a very good experience.

Ikeda:Nomura’s founder was an avid supporter of Japanese traditional art, such as Noh theater, tea ceremony and gardens. This tradition of engagement with the arts is what led us to create the award.

Smith:I was aware of some of that history and I think it’s a wonderful tradition to carry forward. Sotheby’s also drew from a long history of sharing works of art to establish the Sotheby’s Prize, which highlights artists and exhibitions that would not otherwise be featured in museums. The thing I would say is that the amplification, and the expression of our values have been very powerful. It’s been good for our shareholders, the greater artistic community, and our employees. Your prize will have a significant impact. I am sure you will be pleasantly surprised by how the prize benefits Nomura, your communities, clients, shareholders and colleagues.

Ikeda:One of Nomura’s strengths is that we have deep roots in Asia. We are able to connect markets in the East and West. Being an Asia-headquartered bank with a global presence is an important part of our strategy. Also, many of our affluent clients are well-versed in art. We want to engage in the arts not only as part of our overall branding strategy and employee engagement, but also to send a message to our existing and prospective clients.

Smith:Yes, that’s a very good strategy. It’s a powerful conduit for client development. I often find that people who are left brain-oriented -- analytical, mathematical, tech people -- find art to be a unifying experience.

It can be very easy to start a conversation about art or the award with someone who likes art. It’s much easier than talking about business. It can be an entree. And then when you invite them to things that are about art, it’s an accessible way to have a conversation with them about something they’re passionate about, while you don’t necessarily have to be forward about business. I think you’ll find it very interesting, and we are honored to be your partner.

Ikeda:Do you have any advice for us as we embark on this new journey?

Smith:I think the best advice is to stay true to the principles that led you to create the prize – First, ensure that the transparency and focus of Nomura’s good business practices are maintained – something I know you are doing, and that we are committed to as well.

Second, be clear on just a couple of themes -- challenge, change, innovation, disruption, making people see things differently -- and be consistent in repeating them.

Third, create an opportunity to recognize artists -- some new, some more established in their careers -- and bring them to the world’s attention.

I would also point out the gravitas of the jury. You have retained a group of experts who are some of the greatest in the field. They scoured the earth to find artists who embody your themes. Artists with different experiences and something to say, and through the prize you have given them a megaphone to get their message across. And that is really powerful.

We are really pleased to be here today. On March 11 we celebrated our 275th birthday, and to partner with Nomura in this important year is very exciting for us.

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