Art & Finance Report 2023 - 8th edition

The 2023 Art & Finance Report arrives amidst economic, environmental, and geopolitical uncertainty, emphasizing the need for adaptation and innovation in the art and finance industry. Our goal, as in previous editions, is to showcase the industry's evolution during both prosperous and challenging times, offering insights for all stakeholders in the art, culture, and finance ecosystem.

The Deloitte Private Art & Finance initiative fosters collaboration at the intersection of art business, culture, and finance. By enhancing transparency and awareness, we aim to catalyse dialogue, inspire innovative models, and amplify culture's role in improving society.

The 2023 G20 summit in India highlighted the societal value of cultural sectors, providing wealth managers an opportunity to strategically engage with art assets. Since 2008, the industry has transformed, with an estimated US$2.174 trillion associated with ultra-high net worth individuals' art and collectibles in 2022, projected to reach US$2.861 trillion in 2026. Luxury assets are increasingly integrated into wealth management, with 63% of surveyed managers incorporating art.

We extend gratitude to contributors and survey participants. Despite ongoing challenges, the industry is positioned to benefit from the global wealth transfer and a finance industry focused on holistic wealth management. As we reflect on 12 years of findings in 2023, the report provides a comprehensive understanding of the art and finance ecosystem. Additionally, we are thrilled to see the Swiss Insights in this report.

The contribution by our Swiss Experts

Wealth management trends: We examine pivotal factors influencing the global wealth management industry today, including technology's role, innovation, adapting to evolving client preferences, and engaging a younger demographic.

By Jean-Francois Lagasse Partner, Financial Services Industry Switzerland and Global Wealth Management Leader and Dr. Christoph Künzle, CFA Director, Monitor Deloitte, Wealth and Asset Management Industry Switzerland

From storerooms to blockchains: How Web3 and NFTs can unleash your art collection’s untapped potential.

By Paul De Blasi, Partner, Head of Deloitte Legal & Private Romandie; Fabien Lopez, Innovation Director and Alberto Lenzi, Innovation and Web3.

Art & Finance Report 2021 - 7th edition

Deloitte Private and ArtTactic Art & Finance report 2021 – 7th edition – Download the report

The 2021 edition of the Art & Finance report arrived at an uncertain and tumultuous time, amid COVID-19, climate change and other global challenges. The question is, what role can art and culture play in tackling many of these challenges? On 2021, the G20 Ministers of Culture agreed for the first time on a G20 Declaration on Culture, which firmly positions culture as an engine for sustainable socioeconomic impact.

In its modest way, the Deloitte Art & Finance initiative aims to be part of this change and transformation. Uniquely positioned at the intersection between art business, culture and finance, its goal is to elevate the dialogue between stakeholders; encourage new models around finance and sustainable investment in art and culture; and amplify the role and importance of culture in improving our lives and society. This seventh edition of the report, in collaboration with ArtTactic, demonstrates how our understanding of the art and finance ecosystem has greatly evolved.

Art & Finance Report 2019 - 6th edition

Since launching the initiative in 2011, we have seen the global art market ebb and flow: from the aftermath of the financial crisis to the peak of the market in 2016. In parallel, we have also monitored how the wealth management sector is increasingly responding to competitive pressures in its own industry, and the role art and collectible wealth are playing in the transition to a more holistic wealth management model.

Since our last report in 2017, external factors such as increasing political and economic uncertainty, rapid technological progress, climate change, and social inequality have dominated the headlines on a daily basis. We live in a changing world, fraught with uncertainty. This is the context in which we should view the global art and finance industry—the crucial intersection between culture and wealth.

We hope that this report will help to raise awareness of the developments and initiatives that have emerged within the art and finance industry over the past couple of years. Transparency, regulation, and technology trends will play an important role in the future of the art and finance industry. However, a collaborative approach between all stakeholders (art professionals, collectors (young and old), and wealth managers) is essential if we are to address the pressing issues and challenges we face, particularly as regards increasing trust in the art market today and in the years to come.