‘Social Value’ Important Reason to Buy Art

The Art Newspaper:  Ultra-rich will spend $2.7 trillion on art by 2026 says Deloitte

The fifth Deloitte Art & Finance Report, released today at the firm’s conference in Milan, forecasts that the ultra rich will spend $2.7 trillion on art by 2026. It also raises questions over trust and transparency in the art market, as 48% of collectors say lack of standards is a major concern, yet found that collectors, wealth managers and art professionals were overwhelmingly in favour of self-regulation over government intervention.

The authors, Adriano Picinati di Torcello, the director at Deloitte Luxembourg and global art and finance coordinator, and Anders Petterson, the managing director of the research firm ArtTactic, observe an “increasing convergence between collectors, art professionals, and wealth managers on the role of art in a wealth service offering, as well as a convergence of different stakeholder initiatives when it comes to improving art market transparency.”

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