Deloitte ArtTactic Art & Finance Report 2013
Deloitte Luxembourg and ArtTactic is delighted to present the 2nd edition of the Art & Finance Report 2013. A joint effort, in which Deloitte and ArtTactic analyzed the industry’s development over the last 14 months.
This year’s report confirms that the global art market is on the rise and the increasing attention being paid to the concept of art as an asset class, are fostering the development of a new type of professional services in the art and finance industry.
The highlights of the report include:
- Increase in confidence among wealth managers in the development of the Art & Finance industry
- Economic uncertainty is increasing client demand for alternative investments: portfolio diversification is more important than investment returns for wealth managers collectors and art professionals surveyed
- The role of art in wealth management is changing from client entertainment to art wealth management services. The increasing value of art is creating a need for banking services to protect, enhance or monetise this value
- The global art investment fund market increased by 69% to US$ 1.62 billion in 2012 driven by Chinese demand for art investments, but it remains a nascent market
- A new Freeport in Luxembourg scheduled to open in 2014 is likely to be a major attraction for the wealth management and art investment fund industry. and is likely to become a major draw for bringing art and collectible assets to Luxembourg
- The Art & Finance industry is set to benefit from greater transparency and more liquidity: new online transaction platforms add liquidity to the lower end of the art market, and will broaden the scope and depth of art market data available, which in turn will improve the valuation of art
- Online education is set to play an increasingly important role in building confidence in the art market.