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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 advisors seeking to integrate art into their overall wealth management strategy, and to scholars in the fields of cultural economics, art dealers, curators, and art lovers.
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Management for Professionals Alessia Zorloni Editor Art Wealth Management Managing Private Art Collections Management for Professionals More information about this series at http://www.springer.com/series/10101 Alessia Zorloni Editor Art Wealth Management Managing Private Art Collections Editor Alessia Zorloni IULM University Milan, Italy ISSN 2192-8096 ISSN 2192-810X (electronic) Management for Professionals ISBN 978-3-319-24239-2 ISBN 978-3-319-24241-5 (eBook) DOI 10.1007/978-3-319-24241-5 Library of Congress Control Number: 2016950529 # Springer International Publishing Switzerland 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Springer imprint is published by Springer Nature The registered company is Springer International Publishing AG Switzerland Foreword1 Over the years, we have seen progress and setbacks, but there is no denying that art and wealth management industries today are closer than they have ever been before. The number and diversity of direct and indirect art and finance related activities that are now taking place shows that the market is starting to build momentum and critical mass. We continue to see new and interesting developments in the art and finance industry, with particular emphasis on the role of art and collectibles in the broader wealth management context. Moreover, economic uncertainty and financial volatility draw people toward art and the awareness and motivation for including art in traditional wealth management is becoming increasingly apparent, although not without