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艺术品投资
Blending art into the wealth management picture
将艺术融入理财图景
The wealth of the high-net-worth individual more than doubled between 2008 and 2018. There is growing interest in allocating that wealth to collectibles, but to solidify art as an investment asset, wealth managers should adjust their perspectives.
2008年至2018年间，高净值个人的财富增长了一倍多。人们越来越有兴趣将这些财富分配给收藏品，但要将艺术品固化为一种投资资产，财富管理者应该调整他们的观点。
NO one in the wealth management industry is oblivious to the opportunities offered by the art market. Auction sales data have long indicated that art is a long-term asset whose value remains protected: a smart choice for high-net-worth individuals looking to invest in collectibles. In this context, it can be puzzling to consider the disconnect between global wealth growth and art market sales. Something is standing in the way of investors’ full commitment.
在财富管理行业，没有人会忽视艺术品市场提供的机遇。拍卖销售数据长期以来表明，艺术品是一项长期资产，其价值仍受到保护：对于那些希望投资收藏品的高净值人士来说，这是一个明智的选择。在这种背景下，考虑全球财富增长与艺术品市场销售之间的脱节可能令人费解。有些事情阻碍了投资者的全面承诺。
Deloitte assessed this situation, and the art market as a whole, in our 2019 annual Art & Wealth Management Survey. We polled 54 private banks and 25 family offices involved in wealth management, and surveyed other important stakeholders in the art and finance worlds, including 105 major art collectors and 138 art professionals from around the globe. They shared their opinions on art as an asset class, their motives, their current and future involvement in the art market, and challenges and prospects.
德勤在我们2019年度艺术与财富管理调查中评估了这种情况，以及整个艺术市场。我们对54家参与财富管理的私人银行和25家家族理财办公室进行了调查，并调查了艺术和金融领域的其他重要利益相关者，包括105名主要艺术收藏家和138名来自全球的艺术专业人士。他们分享了他们对艺术作为一种资产类别的看法，他们的动机，他们目前和未来对艺术市场的参与，以及挑战和前景。
A key finding of our research is that today’s high-net-worth investor does not base decisions on the same factors as their grandparents, or even their parents. They prioritise emotional satisfaction alongside financial gain: a byproduct of a generation connected through technology, and more acutely aware of social injustice and their own global footprints. For these modern-day investors, buying a valuable painting is not always enough to bring gratification. They have their eyes on art technology (ArtTech) start-ups, non-commercial art, and cultural projects and institutions, which they can fund through innovative investment and financing programmes.
我们研究的一个关键发现是，如今的高净值投资者并不像他们的祖父母，甚至他们的父母那样基于同样的因素做出决定。他们把情感上的满足和经济上的收获放在首位：这是一代人通过技术联系在一起的副产品，他们更加敏锐地意识到社会不公和他们自己的全球足迹。对于这些现代投资者来说，买一幅有价值的画并不总能带来满足感。他们着眼于艺术技术（ArtTech）初创企业、非商业艺术、文化项目和机构，可以通过创新的投资和融资方案为这些项目和机构提供资金。
Global awareness has also tightened the vice of scrutiny in terms of market transparency and anti-corruption measures extend to practically every industry - art is no exception. Buyers’ trust in the art market depends on its level of transparency. The survey results made this clear, showing that a lack of transparency was regarded as one of the top issues that is most threatening to the market.
全球意识也加强了对市场透明度的审查，反腐败措施几乎扩展到了所有行业——艺术也不例外。买家对艺术品市场的信任程度取决于它的透明度。调查结果表明，缺乏透明度被视为对市场最具威胁的首要问题之一。
Regulation and technology are stepping up to address opaque practices. In particular, the EU’s 5th Anti-Money Laundering Directive, coming into force in January 2020, will include the art trade and will likely have a significant effect on all aspects of the market. Technology is also poised to address the problem of transparency, through ArtTech start-ups’ use of blockchain, more data, better data analytics and artificial intelligence. But transparency, and many of the other challenges raised in Deloitte’s research, require action from all stakeholders in the art and financial services industries – potentially even governments. A common vision is needed, as well as standards and guidelines to achieve it.
监管和技术正在加强，以解决不透明的做法。特别是，欧盟第五项反洗钱指令将于2020年1月生效，该指令将包括艺术品贸易，并可能对市场的各个方面产生重大影响。通过ArtTech初创公司使用区块链、更多数据、更好的数据分析和人工智能，科技也准备解决透明度问题。但透明度，以及德勤研究中提出的许多其他挑战，需要艺术和金融服务行业的所有利益相关者采取行动，甚至可能是ZF。需要一个共同的愿景，以及实现这一愿景的标准和指导方针。
Wealth managers, for their part, should consider how their clients are perceiving art as an asset class. Based on the insights revealed in Deloitte’s survey, adopting a new approach to art and wealth management services can solidify a competitive stance, satisfy investors’ emotional interests and foster closer ties with clients. A large majority of survey respondents have been answering the call with a more holistic wealth management advisory service. They are the ones who have spotted new opportunities in the art market’s rising tide of change, and are best positioned to reel them in.
财富管理者则应考虑客户如何将艺术品视为一种资产类别。根据德勤调查所揭示的见解，采用艺术和财富管理服务的新方法可以巩固竞争态势，满足投资者的情感兴趣，并与客户建立更密切的关系。绝大多数受访者一直在用更全面的财富管理咨询服务来回答这一问题。他们发现了艺术市场不断变化的潮流中的新机遇，并且最有能力抓住这些机遇。
To get a broader picture of the art market and current perceptions of art as an asset as well as for an interview with the Responsible Art Market Initiative, please download the full PDF report.
为了更全面地了解艺术市场和当前对艺术作为一种资产的看法，以及细读负责任的艺术市场倡议，请下载完整的PDF报告。
Artful investment4938.pdf
(5.93 MB, 需要: 15 个论坛币)
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