DELOITTE ART REPORT 2020
The art and collectibles market as an asset class, the trends of 2019 and post coronavirus scenarios
The challenges and opportunities to be seized thanks to technology with the exclusive interview with Andrea Concas founder of Art Rights
Published the third edition of Deloitte’s 2020 Report on “The art and collectibles market”, where the consensus of collectors, sector operators and asset managers is unanimous: technology offers effective and concrete solutions for market challenges.
“Drafted before the global distribution of COVID-19, which was however starting to give alarming signals already in the first months of 2020, the third edition of this Report sees the light in an unprecedented historical moment”.
So presents the new report Ernesto Lanzillo, Deloitte Private Leader, anticipating that the descriptive data collected are linked to a pre-COVID period, but can nevertheless represent an arrival point, from which art stakeholders can start again to develop strategies and new models and scenarios for Post Coronavirus Art.
In the report, the attention of collectors, sector operators and asset managers to art and collectibles as an integral part of wealth management remains evident, but once again the challenges of the art market are pressing.
These include in particular authentication and provenance problems, price manipulation, conflicts of interest, lack of transparency, concerns shared by almost three quarters of respondents.
To face these challenges, in addition to financial instruments, technology is called to offer effective and concrete solutions.
With a focus on ArtTech, the Deloitte report confirms that “Today collectors and professionals working in the art market place great expectations on technology and how much it is and will be able to contribute to addressing challenges mentioned. In particular, the first area in which a positive impact by technological tools and platforms is expected is precisely that of traceability, therefore that of transparency, authenticity, etc. ”
In the interviews contained in the report to the many art professionals there is that of Andrea Concas, CEO and Founder of Art Rights, who believes that «”talking about” transparency “in a world made up of protagonists and players who in part do not want it , where information asymmetry is the main source of income, is still very complex and perhaps almost counterproductive in favor of a change ».
Technology does not become synonymous with transparency, while innovation in Art is a process, not a technological one, and in order to make a change it is necessary to support the daily needs of all stakeholders, only in this way will a real revolution be possible which will lead to a greater confidence in the market.
This is why Art Rights is innovating, digitizing and automating the authentication process of works of art typical of the Artist Archives, offering this opportunity also to Artists, Galleries, Curators, Museums and Professionals in favor of the authenticity and tracing of the historian.
An international art community where users earn, confirming the truthfulness of the information on the works, thus creating a value chain and a real digital passport of the work of art, private and personal, but verifiable in complete privacy and security.
Thousands of art players are already creating the Art Rights Certificates, safe and not falsifiable, to demonstrate the authorship, origin and authenticity of their works of art, with an advanced technological system between Blockchain and Artificial Intelligence, to protect the Copyright.
Here is why, as Barbara Tagliaferri says, Art & Finance Coordinator for Deloitte Italy:
“Art & Finance is a sector in continuous growth and requires financial players to keep up with the changing scenario and new requests from their customers. Technology is called to play a key role in terms of authenticity and origin, greater traceability of the works and ease in accessing information to meet the challenges of a market that is still opaque “.
Art restarts from new and important challenges, to be seized and faced thanks to new tools.