Private banks, art professionals and collectors revealed that financial motivations are becoming increasingly more important amongst wealthy collectors, according to a recent survey conducted by Deloitte and Art Tactic.
The study, 2013 Art & Finance Report, found that the growth of art collecting and investing by a new generation of wealth requires financial needs which go beyond the traditional range of services private banks and other financial institutions offer.
According to the report 53% of collectors surveyed viewed art as a financial asset. Collectors feel that as the value of art increases, the need for financial services to protect, preserve and monetise value should become available.
Financial institutions are beginning to realise that risks associated with art investments are manageable on the basis of applying the same professional discipline utilised with other financial assets, according to the report.
The rapid growth of the global art market and liquidity demands are driving the need for art financing, and as a result, specialist art lenders have entered markets primarily in the U.S due to increasing demand.
The report concluded that with a higher number of collectors, the lack of financial support available in the art market will continue to impel demand for advice on art assets.