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Art and finance report
A closer look at the growing art and finance industry
This art and finance report from Deloitte Luxembourg aims to act as a barometer for the emerging art and finance industry and highlights the main trends and developments in the art market.
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Art and finance report 2017
It is now six years since the first issue of the report was published and it has been exciting to follow and monitor how the art and finance industry has evolved over the years. In this anniversary report we have brought together and compared the findings and developments from the previous four editions with this year’s findings.
Increasing competition in the wealth management industry has put emphasis on a more holistic wealth management model, which has become a key driver and motivation for incorporating art-related wealth into the service offering.
A lot has happened since we launched the inaugural issue in 2011. One major change over these years has been a shift in the primary focus on art investment toward issues around the management of art-related wealth, including art-secured lending, estate planning, art advisory, and risk management.
What is particularly encouraging this year is that we are seeing both a confirmation of the increasing convergence between collectors, art professionals, and wealth managers on the role of art in a wealth management service offering, as well as a convergence of different stakeholder initiatives when it comes to improving art market transparency and the infrastructure around the management of art and collectible wealth. Many of these tools and services are mentioned in this report.
Previous years' reports
The 2016 art and finance report comes at a challenging time for both the art market and the wealth management industry. With the art market growth showing signs of slowing toward the end of 2015 and in early 2016, combined with slower economic growth, increasing volatility in the financial markets, and geopolitical uncertainty, the picture is becoming more complex and unpredictable.
Based on the findings of this report, the wealth management industry is clearly taking a more strategic view on art as an asset class and how it might be used as a tool to build stronger and deeper relationships with clients, in an increasingly competitive marketplace.
Since the first report, we observed significant shifts in perceptions of the role of art in finance, as well as the role of finance in art. What emerges from the 2013 report is a gradual convergence in the motivation and interests of key stakeholders in the art market and wealth management community as regards art as an asset class, and this trend is driven by the client.
This first report was focused on establishing a better understanding of the boundaries of the emerging art and finance industry, the concerns and motivations of its stakeholders and the potential of art as an asset class among the wealth management community.