Art Banking 10 anni dopo Come è cambiato il mondo dell art advisory nella prospettiva del private banking

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1 Art Banking 10 anni dopo Come è cambiato il mondo dell art advisory nella prospettiva del private banking SDA Bocconi November 2013

2 Agenda 1 Art and Wealth Management 2 Wealth Management Survey Key Findings 3 Cases studies 2

3 Art and Wealth Management 2012 Deloitte Tax & Consulting

4 Environmental Changes: Private Banking / Wealth Management A move from a financial definition to a more holistic human definition (e.g. individuals with needs and goals) Key drivers the PB can work on 1 Tax and wealth structuring Tax optimized solutions Vehicles customized to clients needs to include a proactive business acquisition model in a competitive environment and signify a move away from product distribution to a service partnership 2 Reporting capabilities Tax reporting e-private Banking Risk and performance 3 Broader financial engineering solutions Diversification of products More complex solutions $$ 4 Increasing expected service level Evolution of the client behavior and expectations RM mobility Redefine wealth from money to well-being: helping clients realize a more fulfilling life Align life passions with financial goals $$ There is a need for new client relationships and new solutions tangible assets being one of them. 4

5 Environmental Changes: Distinctions Family Offices / Private Banking Family Office Private Banking Client Wealthy families across the generations Individuals (wealthy and retail) Asset type Dealing with diverse assets (e.g. real estate, art investments, Philanthropy) & family needs Dealing with financial assets Advisory focus Total wealth management In-house portfolio management Product Neutral advice on different products and services Generally oriented to own products in the interest of the bank Family Offices multidisciplinary approach combines the needs of different generations International wealth clients needs are becoming more complex, placing very strong service demand on private banks, including non-banking services such as tax optimization, structuration, succession planning, art & philanthropy planning Family Offices offer a favorable framework to serve clients demand for neutrality, flexibility and exclusivity As they cover different aspects like tangible asset management, intergenerational planning and philanthropy issues, Family Offices are well-suited potential players in the art & finance environment 5

6 Overview of current art banking services Art Investment Front office Art Investment Middle & Back office Investment banking (corporate finance) Art Sponsoring Corporate Art Collection Fine Art: Painting, Antiques, Scuplture Diamonds Art Secured lending Fine Jewellery Fine Wines, Cigars Archives, Rare Books Product development & Research Art Insurance Art Philanthropy Wealth Structuring Client entertainment Collection Management Source: Deloitte Research 6

7 Art-related services grouped in three different categories 1 Art advisory & philanthropy services Development of non financial lifestyle services 2 Art financing services Art to be turned into a working asset 3 Art investment services Art a new alternative asset class 7

8 Wealth Management Survey Key Findings 2012 Deloitte Tax & Consulting

9 The Deloitte / ArtTactic Art & Finance Report 2013 What is it? 2 nd edition of the Art & Finance Report (1 st one in December 2011) Purpose About the industry s evolution in the last 14 months The report establishes the perceptions and motivations related to art as an asset class, as well as the current involvement with art and future expectations Methodology Survey of 30 private banks predominantly in Luxembourg, but also in Spain and Poland Survey among 112 art professionals (galleries, auction houses and art advisors) and 81 important art collectors (up from 48 in 2011) Interviews with U.S. and European art funds, as well as public records on art investment trusts and art funds in China Interviews with key figures in the Art & Finance industry A new tool Launch of the Deloitte ArtTactic Art & Finance Confidence Indicator, an annual barometer for wealth manager sentiment towards art as an investment, art secured lending and the general economic environment in the next 12 months 9

10 More awareness of art as an asset class Wealth managers surveyed strongly aware of the developments taking place with regard to art as an asset class US$4 trillion of treasure Assets % of the wealth managers surveyed aware of the developments taking place with regard to art as an asset class 43% 33% Wealthy individuals hold an average of 9.6% of their total net worth in treasure assets Source : The World Wealth Report 2012 from Capgemini and RBC Wealth Management states that the total wealth of HNWIs amounts to US$42 trillion. As an estimate, this would equate to just over US$4 trillion of treasure assets, using the average figure of 9.6% reported by Barclays Wealth, which represents the share of treasure assets as a percentage of wealthy individuals total net worth 10

11 Increase in confidence among wealth managers in the development of the Art & Finance industry Increased confidence among wealth managers: the confidence indicator is up 32% on the 2011 figure, from 32.0 to 42.3, Economic uncertainty has increased client demand for art and collectible investments: A large majority (60%) of wealth managers believe that we will see stronger demand in the future for collectible and emotional assets, as a result of the current economic uncertainty in the world. 11

12 Financial aspects of buying and holding art are becoming more important The emotional value of art is the strongest motivation for collectors 83% of the art collectors surveyed said the emotional value of buying art was most important. It is important that wealth managers recognise that the strongest reason for buying and owning art remains the emotional factor Art professionals are seeing an increasing interest in the financial aspects of buying and holding art 59% of art professionals said their clients were motivated by the opportunities for portfolio diversification suggesting that financial motivations are becoming more important 12

13 The role of art in wealth management is changing Art is no longer just a client engagement tool The increasing value of art is triggering the need for new wealth management services 61% 27% 27% 43% Increasing focus on portfolio diversification Succession planning in art is becoming increasingly relevant Opportunity to use art collection as collateral for loans 43% 44% 28% 40% 41% 18% 39% 36% Wealth managers Collectors Use 13

14 Triangular relationship: wealth manager client art professional Client demand is opening up possibilities for closer collaboration between wealth managers and art professionals: wealth managers should consider integrating art into their service offering to meet clients needs, and collaborate with art professionals who are requested to provide services that focus on the financial aspects of transacting and owning art 14

15 The Art Fund Industry Landscape 2012 Art and collectibles funds one of the greatest beneficiaries of the Alternative Investment Fund Managers Directive (AIFMD) Global art investment fund market = US$1.62 billion in 2012, up from US$960 million in 2011 In 2012: 83 art funds and art investment trusts in operation 58 art funds set up in China since 2009 Existing art funds increase funds under management. The Fine Art Fund Group currently has US$200 million under management, up from US$120 million in November 2011 The global art Investment fund industry is still a nascent market despite an asset under management increase of 69% in 2012 China s art investment boom slowed in 2012: US$367 million in new funds in 2012 (vs. US$506 million in 2011) 15

16 Challenges facing the Art Fund Industry What do you feel are the main hurdles for incorporating Art Investment Funds as part of the bank s current client offering? Due diligence - Difficult to assess the art fund viability Lack of liquidity Valuation lack of mark-to-market valuation Lack of track record for this asset class / art funds Unregulated market Art Fund industry still too small (not enough art funds) Lack of an independent art investment council organization that promote guidelines? Lack of knowledge about the art market 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 16

17 In what way will online art business affect art as an investment? In terms of art investment, how important do you believe many of the online art businesses will be in... Information and educating Creating more transparency Creating more market liquidity Reduce transaction cost Improving valuation Collector Art Professional Increasing demand for art investments Leading to a more regulated market 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 17

18 Data, research and analysis getting to grips with tools available for the Art & Finance industry Improved technology and online index providers give users access to almost immediate information on changes in indices, as well as tailormade sector or specific artist indices Managing market and liquidity risks: new tools and methodologies are currently being developed to measure market and liquidity risk more effectively Market sentiment analysis will play an important role for in reading and analyzing the potential future direction of the market 18

19 Education Education is an important tool in the evolution of the Art & Finance industry Education will fuel development in art and finance activities: a lack of knowledge is often cited as a reason for the resistance against art as an asset class; however a number of recent education initiatives are likely to change this Academics are at the forefront of the development of the Art & Finance industry Increasing collaboration between practitioners and academics to discuss requirements and learn the results of the academic research is critical to the development of the Art & Finance industry The Annual Art Market Symposium 19

20 Art & Finance Report 2013 Key Messages Although there are differences from a region to another and from one sector to another, there is has been general development of the Art & Finance industry in the last 14 months Economic uncertainty heightens the need for diversification, art is increasingly considered an alternative asset. Client demand drives both wealth managers and art professionals towards an Art & Finance market. New opportunities for these two industries to collaborate. Art wealth management: Art investment still a motivation but more holistic art wealth management services aimed at protecting and leveraging the art wealth will become increasingly important (art-secured lending, succession planning, art philanthropy) The growth of the online art industry will continue to drive the evolution and development of the Art & Finance industry by providing education and information, increasing transparency in the market, lowering the transaction cost and providing more liquidity. Academics and practitioners are coming together to improve the tools and our understanding and measurement of risks and return associated with art as an asset class. 20

21 Case studies 2012 Deloitte Tax & Consulting

22 What are Art Advisory & Philanthropy Services? Trends Development of non-financial lifestyle services Holistic approach to wealth management Services Art research: authenticity, historical analyses, price research Art transactions: purchase and sale, representation of interests Art management: valuation, insurance, storage, transportation, collection advisory Structured solution: inheritance planning, foundations and trusts, philanthropy Trend to outsource Trend to develop in-house Players (Many) banks Family Offices Independent art advisors Given the high expertise required, establishing partnerships with specialists is indispensable 22

23 Examples of Art Advisory Services Examples of Players Real life examples 1. Unattributed paintings 2. Discreet Sale Situation A client had a collection of 15 unidentified European paintings which he wanted to sell prior to the sale of his home. A client inherited a highly sought after and valuable Old Master s painting which he wanted to sell privately Action Outcome Due diligence: authentication & valuation of the collection The collection included five 19th Century Russian paintings. HSBC arranged for the works to be sold at auction: Several works went for 300% more than their reserve prices and the collection was sold entirety. We sold the work via our network of private collectors. Thus the transaction was handled discreetly and the client was able to save associated transactional charges. 23 Sources:

24 Rising demand for philanthropy advisory Examples of Players Reasons why people give to charity: having an emotional connection taking social responsibility creating sustainability creating a family history Intra-generational wealth transfer leaving a local legacy Relationship managers can help clients to explore these reasons. Services: Establish foundations or funds Incorporate philanthropic pursuits directly into overall wealth strategy ensure the tax treatment most beneficial to charitable objectives Currently, there are big intra-generational wealth transfers. To prevent rash sales of family collections, foundations are an interesting solution. Philanthropy will become increasingly structured, as individuals seek more efficient ways to give. 24 Source:

25 What are Art Financing Services? Trends Growing demand from UHNWIs to turn their art collection into working assets Art used as collateral Services Term loan: Borrow against art Acquisition financing Revolving lines of credit Dealer inventory financing Bridging loans, advances & auction guarantees Arranging loans to museums and exhibitions Players (Few) commercial banks (e.g. Emigrant Bank) Specialized asset-based lenders Auction houses The number of banks involved in art financing is still very limited but there is an increasing interest to offer the service 25

26 Examples of Art Financing Services Examples of Players UBS Wealth Management Americas When our mother passed away, I wanted to We keep had no her way art. of solving My brother for certain didn t, ultra-high-net-worth so the client executor requests borrowed where art was against part of the art collateral and used equation. We have significant investor appetite. the funds to make a distribution to my brother. They outsourced art loans to Emigrant Real life examples Partnership Liquidity I have a client who wanted to open an investment account. She has lots of assets, including art, but she s fairly illiquid. I helped her arrange an art loan to improve When our mother cash position. passed away, I wanted to keep her My art. client My is brother interested didn t, in a new so investment the executor borrowed opportunity, against but he doesn t the art want and to liquidate used the funds his to portfolio make holdings. a distribution to my brother. Investment opportunity I helped him borrow against his art instead. Inheritance When my client s mother passed away, he wanted to keep her art. His brother didn t, so he borrowed against the art and used the funds to make a distribution to the brother. 26 Source: https://www.privatebank.citibank.com/our_services/individuals_families/wealth_advisory/artfinance.htm,

27 What are Art Investment Services? Trends Art as a new alternative asset class Development of collectible investment funds PSF as a potential new business model Services Art investment research Portfolio management Monitoring and selection of art funds Structuring of art investment funds, funds of art funds and art investment clubs Securitization of art collections Depositary of art collections Front-office Back-office Players Chinese banks were first to have own funds, European banks are following Banks/FO: introduction of funds on request of clients Credit Suisse leading in research and portfolio management New business opportunities: link wealth management and investment funds activities 27

28 Examples of art-related investment services Examples of Players Berenberg Art Capital Fund Limited General Information The fund was authorised as an Expert Fund by the Jersey Financial Services Commission on 1 October Berenberg Art Advice GmbH, Germany, will act as the investment advisor of the fund. The fund will be closed-ended, and have a life of seven years, subject to three times one year extensions. When our mother passed away, I wanted to keep her art. My brother didn t, so the executor borrowed against the art and used the funds to make a distribution to my brother. Investment It will invest in around 200 exclusive works of art The fund will invest in five different categories of art work: Old Masters, Impressionist, Modern Art, Contemporary Art and Contemporary Art after Abbey Art Fund is a Polish fund with 90 mature investors China Minsheng Bank was the first Bank to establish own art funds 28 Source:

29 Free Port Q in Luxembourg 29

30 Art & Finance Team 2012 Deloitte Tax & Consulting

31 Overview of our services 2 long term objectives Started in Based in Luxembourg Based on our information and network, Deloitte is so far the only Big Four offering Art & Finance services Center of excellence Our aim is to be at the crossroads of a multiplicity of clients and of a wide range of expert services Art & Finance cluster 31

32 Our clients / prospects 3 global sectors with strong interconnections Type of clients Targeted group Location Financial sector Art-related companies Private Bankers Wealth managers Family offices Private investors Art / collectible funds promoters Art insurances Art trading companies Companies selling art (auction houses, art fairs, galleries) Digital Art companies (online platforms, data dissemination companies, etc) Art logistics companies Arts & Media companies Worldwide Worldwide Cultural sector Large public museums Private museums Public investors (government, city, etc.) Private investors (individuals or companies) Worldwide 32

33 Clients The Art & Finance services are build on 4 pillars NON EXHAUSTIVE 1 Traditional consulting for art-related companies 2 Museum strategy 3 Financial sector art-related services 4 Art fund development / coordination Strategy & Operations Market and competitors analysis Master plan & Business plan Organizational structure review and improvement Finance Review of cost / revenue structure Revenue generation strategies Capital raising Marketing Image positioning & branding Marketing & Communications Education & Learning Strategic planning Feasibility study Business plan Implementation Promotion and marketing strategy Awareness and promotion plan Management Process and organisational review Financial health check Education & Learning Plan to develop earned income Communications and marketing planning Direct tax consulting for estate planning & tax optimization in the art field VAT services Collection finance: using art as collateral Philanthropic planning Art investment consulting (research, advise on selecting art, educate staff and clients); Forensic & Anti-Money Laundering services Implementation of artrelated investments services (feasibility assessment, review of depositary function related to art funds, etc.) Art investment Art investment research (quantitative and qualitative) Set-up Structuring of art funds Selection & due diligence of art funds Regulatory audit services for collectible investment funds Art enhancement Assistance in the selection of third party service providers Education & learning Courses for financial professionals New or established Artrelated companies (trading platforms, auction houses, galleries) Public & private museums Public and private investors Wealth managers, private bankers, family offices, law firms Private investors Art / collectible fund promoters Family offices, banks, private investors, institutional 33

34 Contacts 34

35 Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's approximately 180,000 professionals are committed to becoming the standard of excellence. 35

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