Art & Finance report
A closer look at the growing Art & Finance industry
This Art & Finance report aims to act as a barometer for the emerging art and finance industry and highlights the main trends and developments in the art market.
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 arrives at an uncertain and tumultuous time in our recent history. The world continues to feel the brunt of the COVID-19 pandemic as well as the effects of climate change, social injustice and gender inequality, to name just a few global challenges.
The question is, what role can art and culture play in tackling many of these challenges? On 30 July 2021, the G20 Ministers of Culture agreed for the first time in history on a G20 Declaration on Culture, which firmly positions culture as a major engine for sustainable socio-economic recovery in the wake of the COVID-19 pandemic.
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 these 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.
Since the Deloitte Art & Finance initiative was established in 2008, we have enjoyed an insightful journey with many significant moments and encounters. In 2011, we presented the first Art & Finance report during the fourth Deloitte Art & Finance conference in Miami, Florida.
After publishing seven editions of the report in collaboration with ArtTactic, our understanding of the art and finance ecosystem and its developments have greatly evolved.
We want to thank all the experts and their invaluable contributions over the years, and all the survey participants and art market stakeholders (wealth managers, collectors and art professionals) that continued to share their views and opinions on the art and finance industry. What started 10 years ago as an initial investigation into the role art could play within wealth management has gained significant momentum over the years.
We have now reached a stage where most wealth managers accept and understand the importance of art and collectibles as a strategic component of their holistic wealth management service offering. The emotional and financial value associated with art helps wealth managers create a deeper and more human relationship with their clients, allowing them to address personal, emotional and financial concerns around art and collectible wealth.
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.