“Fitzgerald had said, ‘The rich are different from us.’ Hemingway had replied, ‘Yes, they have more money.’”
As it turns out, that famous exchange never took place. It did turn up in an F. Scott Fitzgerald short story (“Rich Boy,” 1926), but it was based on another conversation. No matter the context, from my experience of dealing with ultra-high-net-worth individuals and families, I can assure that their behavior is different in many ways beyond having money.
My business as the founder/president of a global art gallery devoted entirely to rugs woven during the “Golden Age of Persian Weaving” (ca. 1800 to ca. 1910) has allowed me to work with some of the world’s wealthiest people (more than 75 of my clients are Forbes List billionaires). What have I observed?
By and large, because of their financial position, status in society, lifestyle and their exposure to rare objects, they expect a standard of service and a “product” unknown to everyone else. I have experienced, correspondingly, that by approaching my interactions with them as both an information exchange and an educational process that I am developing many lifelong clients.
This has created for me a very specific approach to and understanding of how to manage the “sales” process that we employ, which I believe is applicable to any endeavor whose clients are among the ultra-high-net-worth (UHNW) individuals and families. My business presents antique Oriental rugs that are both rare art and precious tangible assets, valued in the $20,000 to more than $500,000 per piece range. Yet many of my clients who are the leaders of large, multi-national corporations and old-wealth families have remarked to me how our understanding of client behavior in our market segment is one of the central things that make them extremely comfortable in working with us.
First, there is the recognition that for the extremely wealthy, time is their most valuable commodity. Second, we believe ultra-high-net-worth clients place a premium value on having access to products and services that are both valuable and “under the radar.” In other words, they want to acquire items that have intrinsic and unique importance, as opposed to being expensive but already “discovered” and widely available. Third, UHNW clients value a trusting relationship as paramount in the process. And fourth, while price or value is always a consideration in any transaction, I find that ultimately the price is secondary to the object of their desire.
To have reached the pinnacle of success that my gallery, Claremont Rug Company, has achieved is based on these principles and understanding that my clients are used to obtaining what they desire. I’ve found that success in working with clients at this level of wealth is dependent upon building a trusting relationship, having intimate product knowledge and recognizing that the relationships are not really about selling something. Rather, we work extremely closely with clients to uncover what they desire and help them understand what they are acquiring. We act as intimate consultants to help and guide them to explore their passions.