Originally scheduled to take place in Dubai, the took place in Luxembourg on 21 November 2023. During the conference, the eighth Deloitte Private and ArtTactic Art & Finance Report was presented by Anders Petterson, managing director of the research company ArtTactic, and Adriano Picinati di Torcello, director at Deloitte Luxembourg and global Deloitte art & finance coordinator.
Delano received a of the 430-page report, during which the two experts highlighted trends such as fractional ownership of artwork, “skewness” in the art market, the role of art and luxury collectibles in wealth management strategies, motivations for purchasing art and what the next generation of collectors are looking for.
Macro-trends transforming the industry
In his introductory remarks to the conference, Picinati di Torcello touched upon the macro-trends transforming the art and finance industry, such as cultural diplomacy, digitalisation, the soft power of culture, culture as an economic driver, an expanding class of ultra-high net worth individuals, the new generation of collectors, risk management, art-secured lending, philanthropy and sustainability. “This is a unique moment in history,” he said.
Three interconnected sectors in the “ecosystem” are covered by the art and finance report: the financial sector (family offices, private banks, insurance companies); the visual arts sector (which consists of players like auction houses, galleries or digital art companies); and the cultural sector (large public museums, corporate collectors, public authorities). This last pillar is “where we love to engage with decision-makers at the level of city, region or country that look at culture and the creative industry as an economy,” said Picinati di Torcello, and how it can bring positive social impact. Art and finance is truly “transversal.”
More than just investment
“When we talk about art, finance and wealth management, we don’t focus only on investment,” noted Picinati di Torcello. The “four pillars of wealth management activities” are covered in the report: accumulating, transferring, protecting and converting wealth.
The report includes eight sections--wealth and the global art market; art and wealth management survey; art wealth protection, estate planning and philanthropy; culture and social impact investment and sustainability; art-secured lending; art and investment; art and technology; risk management and regulation--and its presentation at the conference was followed by a panel discussion and a dialogue on ESG.
The panel, which focused on family offices’ best practices for collection management and the opportunities offered by new technologies and fractional ownership, was moderated by Andrea Circi (Deloitte Italy) and featured input from Italo Carli (Arte Generali Italy), Masha Faurschou (Artrium), Thomas Galbraith (Barker), Monica Heslington (Goldman Sachs Family Office) and Sophie Perceval (Wondeur).
Carli and Roberta Chilardi (Deloitte Italy) then had a discussion on ESG and social impact measurement in art and culture, as well as new possibilities for social impact investing.
Conference attendees had the opportunity to network both before and after the speeches and panel.
Find the 2023 Art & Finance Report .