649: Entering the Auction Room | Martin Nolan, CFO, Julien's Auctions

Had Martin Nolan studied engineering instead of accounting, his career path would likely never have entered the worlds of Marilyn Monroe, John Lennon, and Michael Jackson. Still, Irish-born Nolan is quick to point out that it was a Green Card lottery, not his accounting degree, that facilitated his relocation to New York City, where he would meet and ultimately team up with Darren Julien of Julien’s Auctions, the world’s leading entertainment auction house. Before the two men met, Nolan had traveled a remarkable distance from his early days in New York, where in the early 1990s—Green Card in hand—he had landed a job working at the front desk of the New York Hilton. In the years that followed, the determined Irishman had networked his way up into a string of Wall Street jobs, where he found success as a stock broker and investment advisor at such firms as JP Morgan Chase and Merrill Lynch. “Darren was doing a Johnny Cash auction when I met him—he was a marketing guy who needed a finance guy, so I joined him,” explains Nolan, who met Julien in 2004 and the following year signed on with the auction house as CFO. By 2010 Nolan had become an equal partner in the business. “When I resigned from Merrill Lynch in 2005 and told my colleagues that I was joining Julien’s Auctions, there were looks of dismay—they would say: ‘Why auctions? It’s such a different business. It’s so risky …,’” says Nolan, who pointed out to his colleagues that the buying and selling on the floor of the stock exchange was no different than what takes place inside an auction hall. Fifteen years later, he continues to wield a healthy appetite for risk, a prerequisite for any CFO daring enough to enter the ebb-and-flow of the auction business. For Nolan, the risks are best hedged by using a mix of financial best practices and good humor. Says Nolan: “Darren wakes up in the morning and checks Google and asks: ‘Are we in the news?’ I wake up and check the bank accounts and ask: ‘Are we still in business?’” However, there’s one risk that Nolan may fear more than any other: that a finance career hatched by a lottery win could put Wall Street in its rearview and still someday be deemed as ordinary. – Jack Sweeney