Updated: Oct 14, 2020
Deloitte’s Global Art & Finance Director Speaks At ArtServe About “Trends and Developments in the Art Market”
BY ALI BERGER
On June 20, tucked away from the bustling downtown Fort Lauderdale area, ArtServe hosted the incomparable Adriano Picinati di Torcello. Adriano currently serves as Director and Global Art and Finance Coordinator for Deloitte.
As the chief coauthor of their esteemed art and finance report, Adriano relayed a comprehensive presentation on the unavoidable intersection between financial and artistic culture. Common philosophies concerning emotions vs. investments, and the psychology behind financial motivation in terms of art revenue were described in detail as a packed house paid close attention to key highlights from 2017.
Many valuable insights were provided into the wealth investments surrounding high-priced art as a commodity. Wealthy art collectors have been using pricier pieces for decades to boost financial credibility. The interesting aspect of emotional motivation–that is, emotion being the indicating reason to buy art in the first place–proved to coincide with the money factor.
If a piece of art strikes a collector in a special way, how much are they really going to consider appreciation value? Varying statistics were presented indicating a positive trend favoring investment value over emotional purchases, signaling growth in art and business markets.
As the economy trends positive, there is much more at play than just abundant financial circulation. Adriano remarked: “It’s not just the amount of wealth flowing into the art market that accounts for that projected growth – it’s the number of people, too. There are more wealthy individuals on this planet-.” A global impact of wealthy art collectors could account for what Adriano calls a ‘revolution.’ He expounded on this notion by saying, “art is everywhere…and with advances in technology redefining accessibility, people who normally did not have access to fine art are now being exposed –.”
With growing technological accessibility, many artists are finding it hard to protect themselves. While technology has boosted viewership, it is also hurting less established creators from seeing a return on investment. He addressed this, saying, “There are many art tech currencies being used-blockchain and cryptotech-these types of tech-driven channels are allowing independent artists to cross over to the business world.” As the face of our society changes in terms of social media and website devel0pment, it appears the art world can and will evolve with changing trends.
As the audience listened intently, local artists in attendance with members of the Broward Cultural Division were invited to ask questions. Mr. Evan Snow, co-founder of Choose 954, implored Adriano on this subject asking, “How can independent artists contribute to global reports?” As local art culture remains a valuable addition to communities far and wide, this important question was addressed by Adriano, stating, “it may be hard at first to break into the international recognition in global markets, but it does not mean it can’t happen.”
With the shifting landscape of technology-driven art purchasers, it may be easier now more than ever to break into the global art scene. With the right precaution and research, local artists are enjoying a much larger audience thanks to modern technological advancements. Experiencing art has a much broader scope in terms of international accessibility, and with positive trends dominating the financial markets, this ‘revolution,’ seems to not be slowing down any.
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Ali Berger is a staff writer and local arts journalist by night, and creative storyteller/copywriter by day. Follow her on twitter @laquadivine or instagram @alibchi