In 2015, Jay Rutland set out to change the contemporary art scene. Just five years later, Maddox Gallery is an international champion of contemporary art, dedicated to supporting and showcasing the work of emerging, established and blue-chip artists. It has five gallery locations in London, Los Angeles and Gstaad. We caught five minutes with the businessman and former banker to ask how Centtrip supports his organisation.
Hi Jay, the art world is truly international. Can you tell us how that affects Maddox Gallery?
We buy works from artists, dealers and galleries around the world. We also attend art fairs in major art centres like New York, Miami, Hong Kong and Bahrain. As a result, we regularly make payments in US dollars, Hong Kong dollars, euros, Swiss francs and nearly every other currency. From the beginning, I knew that foreign exchange could be a significant cost for the gallery. Working with banks’ exchange rates can get expensive.
Was it simply better rates that attracted you to Centtrip?
Not just rates. If you're dealing with your bank, you're just another caller on the line. They take ages to answer, then they don't get back to you with an answer. But, with Centtrip, we have a personal relationship manager. If we need anything, we call or email him and he gets it sorted straight away. Sometimes we need to move quickly when there’s an opportunity to acquire an interesting work of art, but traditional banks sometimes miss the need for urgency. That’s where Centtrip’s personal touch makes a huge difference. They’re always on the ball and never too busy to deal with you.
Does working with Centtrip make a significant difference to Maddox Gallery?
To have Centtrip do Maddox’s foreign exchange was a no-brainer. It's crazy to think how many people just pay things direct from their bank account and don't think about the cumulative effect of exchange rates and fees. Our CFO, Craig [Garratt], says that with Centtrip we get the best exchange rates he’s seen.
Today, we process more than £16 million a year in foreign currency payments using Centtrip. If we save 2.5% on every transaction, that’s equivalent to £400,000 per year.
Jay, thank you for your time.