Nearing the end of 2023, we at Heather James Art Advisory are reflecting back on the year. Deloitte and market research firm ArtTactic recently released the 8th edition of their biennial Art & Finance Report analyzing the art market according to collectors and wealth managers.
Today around 90% of stakeholders believe art and collectibles should be a part of wealth management offerings, up 10% from 2021.
Collectors: Which of these art wealth management services are the most relevant to you?
Art Professionals: Which of these art wealth management services are the most relevant to your clients?
Art & Finance Report
Deloitte & ArtTactic found that 60% of collectors felt that an art advisory was a relevant wealth management service to them. The report noted that average client allocation of wealth associated with art and collectibles was a significant 10.9%, based on the survey of wealth managers. These statistics highlight the growing importance of support in establishing and managing an art collection as an asset and investment.
The report highlighted the importance, both to collectors and art professionals, of advisory services, collections management, market analysis, valuation, and financial services, all of which Heather James Art Advisory offers our clients. Notably, only 24% of the collectors surveyed by Deloitte & ArtTactic had a long-term plan for their collections. Issues such as these, that face not only a collector but also future generations, are at the core of our advisory services. Addressing all your art-related needs, we consider ourselves stewards of our clients’ vision and work to help them meet their goals.
If you’d like to learn more about Heather James Art Advisory and our holistic approach to collecting and managing art, visit us at https://www.heatherjames.com/advisory/ or email us at [email protected].
