Vastari at the 12th Art & Finance Conference in Monaco
I had the pleasure to attend the 12th Art & Finance Conference organised by Deloitte on the 14th October in Monaco - and what a fantastic event!
The panels focussed on “New collector trends in Art & Finance” covering a range of topics including estate planning when it comes to structure an art collection, art on yachts, collection’s management and safety through technology and trends & impacts of Virtual Reality on the creation of private museums.
The panel about the transformation of the art market by 2030, which aimed to address opportunities and challenges for art collectors, made it for an interesting debate, but the real highlight of the day was the presentation of the 6th Deloitte & ArtTactic Art & Finance report.
Having such a deep analysis of the art market is essential for the sustainability of the industry - which is still quite opaque and unregulated in many aspects despite the tech developments such as blockchain. “Lack of trust”, “transparency”, “due diligence” and “lack of track record” were recurring terms in all panels, and thus the question that remains is: Does the art world want consensus? Is the industry really seeking transparency?
The report shows the importance of a more collaborative approach between all stakeholders, from collectors, to art professionals, wealth managers and governments to increase trust in the art market. If collaborations are essential, promoting dialogues between all industry players is extremely valuable, so congratulations Deloitte and other contributors for such a high level debate - and report!