Art Wealth Management (eBook)

Managing Private Art Collections

Alessia Zorloni (Herausgeber)

eBook Download: PDF

2016 | 1st ed. 2016
162 Seiten
Springer International Publishing (Verlag)
978-3-319-24241-5 (ISBN)

Infos

This book offers an overview of how to manage private art collections, providing essential insights on art wealth management, art investment, art governance, and succession planning for art assets. It offers practical recommendations on sound art collection governance, but also examines the background of art markets and price building, including the influence of fashion and trends. Throughout history, art patronage has played an important role in the wealth of ultra-high-net-worth families and led to private museums funded by philanthropist collectors in order to celebrate their own tastes and leave a lasting legacy. Today, as a result of the growth of art investing by a new generation of wealthy collectors, not only artists but also wealthy families, sophisticated investors and their close advisors now face a more complex set of financial and managerial needs. As such, the contributions in this book will be of interest to collecting families, family offices, and professional advisorsseeking to integrate art into their overall wealth management strategy, and to scholars in the fields of cultural economics, art dealers, curators, and art lovers.

Autor

Alessia Zorloni, cultural economist and consultant specializing in the art markets and the museum field, is Adjunct Professor at IULM University and at Catholic University, Milan, Italy. She worked as an Associate Researcher at The Boston Consulting Group in the Milan office, where she led a two-year research project funded by the European Community (Marie Curie Fellowship) on economic management of museum and cultural institutions. Prior to joining BCG, Zorloni worked at the Wien Kunsthalle, where she completed a three-year research project on museum management funded by the Austrian Science Fund (FWF). Zorloni has been a visiting scholar at the Tate Modern, Guggenheim Foundation and at the Smithsonian Institution, where she has been awarded the Smithsonian’s Fellowship in Museum Practice. Zorloni received a Ph.D in Economics of Communication from IULM University and a Master's Degree in Arts Management from City University, London. She has presented papers at national and international conferences and published with Springer “Economics of Contemporary Art. Markets, Strategies and Stardom”.

Inhalt

Foreword 6
About the Book: Introduction 10
Contents 14
Turning Collections into Philanthropic Opportunities 15
1 Introduction 15
2 The Global Art Collector Scene 16
2.1 Geographical Allocation and Demographics 17
2.2 Understanding Motivations 18
3 The Global Rise of Art Philanthropy 20
3.1 United States 22
3.2 Europe 24
3.3 Asia 26
3.4 Korea 28
3.5 South Africa and Middle East 28
3.6 Australia 29
4 Conclusion 30
References 31
Financial and Estate Planning for Art Assets 33
1 Introduction 33
2 Exploring the Motivations Behind Investing in Art 34
3 Preserving and Protecting a Family Art Collection 37
4 Use of Art Financing to Unlock Equity in Art 38
4.1 Term Loans 40
4.2 Bridge Loans 40
4.3 Lines of Credit 40
5 Creating an Art Governance System for a Family Collection 41
5.1 Creation of a Framework for Decision-Making 41
5.2 Identification of the Governance Model 42
5.3 Agreement on Shared Values 43
6 Art Succession Planning 44
6.1 Selling the Collection 46
6.2 Donations to Charitable Organizations 47
6.3 Creating a Lending Library 47
6.4 Establishing a Private Museum 47
6.5 Gifts to Non-Charitable Beneficiaries 48
7 Conclusion 48
References 49
Assessing and Improving the Effectiveness of Private Art Museums 51
1 Introduction 51
2 Performance Measurement in the Museum Sector 52
2.1 The Use of the Balanced Scorecard in Nonprofit Organizations 55
3 Empirical Examination 57
3.1 Research Results 58
Artistic Quality 58
Reputation 59
International Engagement 59
Sharing Knowledge 60
Effective Management 61
4 Defining a Performance Framework for Museums Based on the Balanced Scorecard 62
4.1 How the Model Could Be Implemented 65
4.2 Application of the Balanced Scorecard to a Private Museum 66
4.3 Implications in Using the Balanced Scorecard 67
5 Conclusion 68
Appendix 69
Lars Nittve 69
Elizabeth Ann Macgregor OBE 71
Julia Peyton-Jones 75
James Bradburne 77
References 79
Celebrity Effect in the Contemporary Art Market 81
1 Introduction 81
2 How Collectors Influence the Global Art Market 83
3 Research Methodology 85
3.1 Data Collection 86
3.2 Results 87
4 Conclusion 91
References 92
Deepening Business Relationships Through Art 94
1 Introduction 94
2 Literature Review on Arts-Corporate Collaborations 95
3 Integrating Art into Branding and Marketing Activities 97
4 Arts-Fashion Brands Collaborations 99
4.1 Art Intervention 100
4.2 Art Project 100
4.3 Art Programme 101
4.4 Art as a Cause 102
4.5 Art as a Marketing Tool 102
5 Conclusion 104
References 105
The Art Collector Between Private Passion and Philanthropy 107
1 Introduction 107
2 Enea Righi Collection 113
3 Sigg Collection 115
4 La Gaia Collection 117
5 Salsali Private Museum 121
6 Collezione Maramotti 124
7 Falckenberg Collection 129
8 Rubell Family Collection 130
9 The Aïshti Foundation 132
10 Daimler Art Collection 135
11 Fondazione per l´Arte Moderna e Contemporanea-CRT 138
Appendix: Private Museums and Their Founders 142
Saatchi Gallery 142
Charles Saatchi 142
Lyon Housemuseum 143
Corbett Lyon 144
de la Cruz Collection 144
Rosa and Carlos de la Cruz 145
Glenstone Museum 145
Mitchell Rales 146
Fondation Louis Vuitton 146
Bernard Arnault 147
Garage Museum of Contemporary Art 147
Roman Abramovich and Dasha Zhukova 148
Fondazione Prada 148
Miuccia Prada and Patrizio Bertelli 149
Rachofsky House 149
Cindy and Howard Rachofsky 150
Boros Collection 150
Christian and Karen Boros 151
Berardo Collection Museum 151
José Berardo 152
Sammlung Goetz 152
Ingvild Goetz 153
Punta della Dogana 153
François Pinault 154
Crystal Bridges Museum 154
Alice Walton 155
Rennie Collection 155
Bob Rennie 155
Zabludowicz Collection 156
Anita and Poju Zabludowicz 156
Yuz Museum 157
Budi Tek 157
Long Museum 158
Liu Yiqian and Wang Wei 158
Goss-Michael Foundation 159
George Michael and Kenny Goss 159
Sifang Art Museum 160
Lu Jun and Lu Xun 160
Hall Art Foundation 161
Andrew and Christine Hall 161
Kunsthalle Weishaupt 162
Siegfried Weishaupt 162
Museum of Old and New Art 162
David Walsh 163
The Broad 163
Eli and Edythe Broad 164
Museum Frieder Burda 164
Frieder Burda 165
DESTE Foundation 165
Dakis Joannou 166
Colección Patricia Phelps de Cineros 166
Patricia Phelps de Cisneros 167
White Rabbit Gallery 167
Kerr and Judith Neilson 168
NEON Foundation 168
Dimitris Daskalopoulos 169
Margulies Collection 169
Martin Margulies 170
Museo Jumex 170
Eugenio López Alonso 171
List of Contributors 172

Produkt-Details

• Erscheint lt. Verlag: 19.8.2016
• Reihe/Serie: Management for Professionals
• Reihe/Serie: Management for Professionals
• Zusatzinfo: XIII, 162 p. 14 illus., 4 illus. in color.
• Verlagsort: Cham
• Sprache: englisch
• Themenwelt: Kunst / Musik / Theater ► Malerei / Plastik
• Themenwelt: Geisteswissenschaften ► Archäologie
• Themenwelt: Sozialwissenschaften ► Politik / Verwaltung
• Themenwelt: Sozialwissenschaften ► Soziologie
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Schlagworte: Art Advisory • Art Collecting • Art Investment • Art Management • Art Market • Household finance • Wealth Management
• ISBN-10: 3-319-24241-5 / 3319242415
• ISBN-13: 978-3-319-24241-5 / 9783319242415