NEW Art & Finance Report 2023 – 8th edition
The 2023 edition of the biennial Art & Finance Report arrives during economic, environmental and geopolitical uncertainty. Being able to adapt and innovate under these circumstances is more important than ever, and the search for purpose and asset diversification is even more acute.
As with previous editions, our goal is to highlight the continued evolution of the art and finance industry during both good and difficult periods, opening our readers’ eyes to possible pathways that can benefit all stakeholders across the art, culture and finance ecosystem.
The Deloitte Private Art & Finance initiative encourages collaboration between stakeholders at the intersection of art business, culture and finance. We believe that, by providing more transparency and awareness around motivations, obstacles, needs and drivers in the art and finance industry, we can catalyze and improve dialogue, inspire new models and solutions, and amplify the role and importance of culture in improving our lives and society.
The 2023 G20 summit in India reassessed the economic significance and societal value of the cultural and creative sectors to support inclusive growth, decent work, and Sustainable Development Goals (SDGs). Wealth managers dealing with art and collectible assets have an opportunity to strategically engage with art and cultural heritage assets and in new conversations with clients about leveraging their art and cultural wealth to achieve both financial and societal value.
Since the Art & Finance initiative was established in 2008 and the first report published in 2011, the industry has changed immensely. In 2022, ultra-high net worth individuals’ (UHNWIs’) wealth associated with art and collectibles is estimated at US$2.174 trillion. This year’s report predicts that this figure could grow to an estimated US$2.861 trillion in 2026, due to the increased number of UHNWIs across the world and their increased allocation of wealth to art and collectibles. As luxury assets become part of the art and finance landscape, a larger portion of wealth will be managed by the sector. Approximately 63% of surveyed wealth managers have already integrated art into their wealth management offering.
We want to thank the experts for their invaluable contributions and survey participants and art market stakeholders (wealth managers, collectors and art professionals) that continue to share their views and opinions with us. In this edition, 55 leading experts shared insights through 31 articles and interviews (13 from 9 different Deloitte offices) and 435 art and finance stakeholders (ranging from art professionals, family offices, wealth managers, to collectors and representing locales across the world) were surveyed.
In 2023, we take a 12-year retrospective look at our findings. Despite continued challenges in transparency, regulations and business practice modernization, the industry continues to innovate and evolve. It is well-positioned to reap the benefits of the coming global wealth transfer and a finance industry increasingly oriented to holistic wealth management.
We hope this report will give you a richer understanding of the complex nature of the art and finance ecosystem, the key change agents and the role you can play in shaping its future.