As the global ultra-rich snap up trophy artworks and build collections scattered around many homes and storage facilities, art services are becoming an increasingly important part of wealth professionals’ offering to help these collectors manage their financial lives.
A Thursday panel at Deloitte’s U.S. Art & Finance Conference at The Armory Show featured five art and finance professionals discussing the evolving relationship between art and financial services.
It launched with Philip Hoffman, founder, and CEO of The Fine Art Group, harking back 18 years to when he was planning the launch of his art investment fund, The Fine Art Fund. Hoffman recalled how at the time, “everyone said it was very crude” to approach art as an asset class, since “art was about passion.” Fast-forward 18 years and now everyone’s doing it, he said, ticking off the names of banks with art services departments.
By Anna Louie Sussman