The internationally recognized Deloitte Art & Finance Report is a barometer for the steadily evolving art and finance industry, highlighting key trends and developments at the crossroads of business, finance and the arts.
Adriano Picinati di Torcello, Director and Global Art & Finance coordinator at Deloitte, and co-author of the report will speak about the global art market and share the Report’s latest insights.
The event is the closing forum for the 2018 DBA (Doing Business As) exhibition at ArtServe, which includes works by graduates of the Artist as an Entrepreneur Institute, a program that provides artists with business and management skills to operate in the marketplace.
This free event is presented by Broward Cultural Division at ArtServe in Fort Lauderdale (1350 E. Sunrise Blvd.). Seating is limited and RSVPs are strongly advised.
Among the Deloitte Art & Finance Report 2017 findings:
Services related to art and collectibles are increasingly converging with wealth management as the industry moves toward a more holistic asset management model; 88 percent of wealth managers surveyed (up from 78 percent in 2016) think art and collectibles should be included as part of wealth management solutions.
The art market outlook for 2018 remains cautiously optimistic despite heightened geopolitical and economic risk. The ArtTactic art market speculation barometer is up 17.7 percent from January 2017, which suggests that experts believe the current art market recovery has reintroduced more speculative behavior.
A majority (86 percent) of art professionals surveyed said their clients buy art and collectibles for emotional reasons but also focus on investment value; 54 percent of wealth managers see art as a way to safeguard value (up from 51 percent in 2016). With more wealth expected to be allocated to art and other passion assets in the next decade, a more sophisticated and dynamic approach to managing art related wealth will be needed.
Technology is increasingly playing a key role in the evolution of art services as art sales continue to grow and social media is increasingly influencing the creation of art and marketing and distribution channels. Technological innovations are improving art market transparency and the infrastructure around the management of art and collectible wealth.