Art Business
The Authorities Transforming Art as an Asset Class
By some estimates, the world’s private art collections are worth between $2 and $3 trillion, but the role of art in investment portfolios has tended to be ambiguous. As more collectors focus on financial gains, prominent innovators in and outside of finance are creating clarity and transforming art’s place in the modern portfolio.
Art has always been an asset but until recently, art funds were not particularly popular. “Despite the potential for strong returns and low correlation to the stock market, global art funds have been struggling to attract investor interest,” Barron’s wrote in 2019, pointing out that the assets in these funds slid from $2.1 billion in 2012 to $830 million in 2017. The thinking used to be that if you wanted art to diversify your portfolio, you could just buy a painting, hang it on your wall, have your friends ogle it and otherwise enjoy the collector experience.
Read more: https://observer.com/list/the-authorities-transforming-art-as-an-asset-class/
It was back to school for the UK art world this week at the annual Art Business Conference in London (10 September), which gathered some of the industry’s leading market specialists and professionals.
Gloomy statistics
Ahead of the meeting, Sotheby’s and Christie’s had released reports of auction sales plunging in the first half of 2024 by 25% and 22% respectively, leading to gloomy speculation for the rest of the year. Guillaume Cerutti, the chief executive of Christie’s, opened the conference by saying that the market’s downturn reflects the three “M”s: macro environmental factors, such as political instability; money factors, including high interest rates and low liquidity; and the mood, since sales of art are often pushed by desire and passion.
Yet despite the gloomy statistics, Cerutti offered glimmers of hope. He reported that while auction sales have dropped, the first half of 2024 had been Christie’s best six months for private sales. He added that particularly promising areas of growth for art sales could be found in Hong Kong and Saudi Arabia.
Read more: https://www.theartnewspaper.com/2024/09/13/uk-art-market-art-business-conference-2024-london
In today’s dynamic business environment, continuously innovating to enhance workplace culture and support employee well-being is more important than ever. Incorporating art into the workplace is a strategy gaining traction—not only does it beautify workspaces, but it can also boost employee mental health and creativity.
My path to integrating art into our workplace at Mosaicist Inc. began from recognizing how transformative art can be. Our specialty in crafting mosaic designs in pools showed me how art changes spaces and atmospheres. This inspired me to bring the same transformative energy into our work environments to energize and inspire our team.
Sotheby’s Institute master’s degrees in London, New York City, and online combine an in-depth study of art with a powerful set of professional skills to start or enhance a career in the art world. Choose from master’s programs in Art Business, Contemporary Art, Fine and Decorative Art and Design, Historic Art and Design, or Luxury Business.
Five key reasons to take your next step in the art world journey:
Read more: https://hyperallergic.com/868286/study-art-business-education-sothebys-institute-of-art/
