Art & Finance Report 2016 - Deloitte

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Art & Finance Report 2016

4th edition

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Art & Finance Report 2016 3

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Art & Finance Report 2016 5

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P R OT E C T I N G A N D G R OW I N G YO U R W E A LT H FO R F U T U R E G E N E R AT I O N S

Private Banking

CONCORDIA - INTEGRITAS - INDUSTRIA

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Art & Finance Report 2016 7

© SUMO/I Don’t Worry ‘Cause I Know, 2015, Acrylique et aérosol sur toile, 140 x 100cm

Deloitte’s services within the art market’s ecosystem

01/

02/

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Traditional consulting for art-related companies

Public sector, museum, cultural institutions strategy

Private wealth art-related services

Product development

• Strategy & operations

• Strategic planning

• Tax

• Art investment

• Finance

• Art-secured lending

• Art & collectible funds

• Marketing

• Impact analysis & feasibility study

• Art enhancement

• Tax

• Finance

• Strategy, operations and risks management

• Global outsourcing and shared services centers

• AML and forensics

Deloitte Luxembourg contacts Vincent Gouverneur Partner - Art & Finance Initiative Leader +352 451 452 451 [email protected]

Adriano Picinati di Torcello Director - Art & Finance Initiative Coordinator +352 451 452 531 [email protected]

www.deloitte-artandfinance.com

© 2016 Deloitte Touche Tohmatsu Limited © Vincent van Gogh, Boomwortels/Tree-roots, Van Gogh Museum, Amsterdam (Vincent van Gogh Stichting/Foundation)

(i.e., art funds, art financing models)

• Education

Table of contents

Foreword

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Deloitte US

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Introduction

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Key findings

15

Priorities

21

1. The art market

24

2. Art and wealth management survey

52



Art & finance services—future directions

60



A. Private bank and family office survey findings

60



Art-secured lending

78



B. Art professionals & collector survey—key survey findings 2016

94

3. Art as an investment

102



Art investment funds

111



Survey findings

117



New developments

118

Challenges

4. Art and technology

119

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New developments

130

5. Regulation

138

Highlights

140

Introduction

141



Survey results

142



Other issues affecting trust

143

Art & Finance Report 2016 9

Foreword

Deloitte Luxembourg and ArtTactic are pleased to present the Art & Finance Report 2016, the 4th edition of the report. This year’s report comes at a challenging time for both the art market and the wealth management industry. With 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 geo-political uncertainty, the picture is becoming more complex and unpredictable. Maybe it is exactly this uncertainty that draws people toward art, and as this report shows, th