Art is
becoming increasingly attractive as an investment
Russian
art can use the current turbulent environment to boost its development and
build an attractive environment for investors.
“Investment
in art, like investment in the stock market or precious metals, is a fairly
developed field. The market already has its assets, i.e., works of art, and an
infrastructure in the form of art dealers working for auction houses. There are
also a range of auxiliary instruments,” Dmitry Breytenbicher, Senior Vice
President, Head of Premium Customer Relations, VTB Bank.
“Over
the past 20 years, investment in contemporary art has grown significantly,
including in Russia. So, it’s clearly a promising market. And the arrival of
art foundations will attract professional players, as clients are now
interested in identifying alternative investments,” Dmitry Breytenbicher, Senior Vice President,
Head of Premium Customer Relations, VTB Bank.
“Our
people are like craftsmen. They make things with their hands, and stand
head and shoulders above their Western peers – particularly the new generation.
And this is giving us the opportunity to reach new levels of attainment,” Dmitry Khankin, Founder, Triumph
Gallery.
Technological
development and digitalization are coming to the art market
“If we make
sure we’re not looking from the past, but from the future, then we will very
clearly see that people are undergoing a phase transition – their logocentric
consciousness is shifting to a technological one,” Vladimir Shabason, Strategy
Director, Self Soft Production.
“I
hope that we will see technologies enter the world of art. This will raise the
segment, as we have seen in recent years. First of all, it’s happened anyway,
and we can see perfectly well that art and finance mesh excellently. Secondly,
we can already clearly see that young people are looking at art in a more
formal way – they are focusing on the art market as offering the most promise,”
Vladimir Shabason,
Strategy Director, Self Soft Production.
PROBLEMS
Players
in the market need to recognize the importance of data
“Every
player in the market needs to understand that everything is built upon data.
And it’s important that this data remains a constant so that it can be used
during deals,” Vladimir Shabason, Strategy Director, Self Soft Production.
The art
market is in need of legislative regulation
“If a law
on arts patronage were to be adopted, I think everyone [in the market – ed.]
would find it much easier to exist. And this is the main issue which we are
experiencing in the art world specifically. That’s because most museum
collections were built up by patrons who were offered tax deductions. They
weren’t acting out of sheer benevolence – they had something to gain from the
state,” Polina Askeri, Founder, Askeri Gallery.
SOLUTIONS
The
establishment of art foundations
“Companies
and banks can focus on the art niche and establish foundations specializing in
investment in art. Then collections can be built with the help of
professionals. Mass-investor access to this area is what is important right
now, given the closure of a whole range of foreign platforms for investing in
foreign securities. So, the opening of a modern art fair is a fairly decent
alternative, both for the investor, and the potential collector,” Dmitry
Breytenbicher, Senior Vice President, Head of Premium Customer Relations, VTB
Bank.
The
adoption of new legislation and amendments to current legislation
“If
the law on patronage gets adopted, then there will be the chance to sell a much
greater volume of art,”
Polina Askeri, Founder, Askeri Gallery.
“We
are very much hoping for amendments to be made to the law on culture which will
incorporate the creative industry as a concept. That will facilitate the
distribution of tax incentives and grants in this field. I have a hope that
there will be a large amount of extra interest in contemporary Russian art, and
that it will give the market a proper boost,” Anastasia Taradankina, Partner, Delcredere Bar
Association.
Transparent
decision-making tools
“There
needs to be a set of rules governing the market and financial institutions
which are absolutely clear and transparent. Financial advisors are new players
on the market, and we need to make sure that they, and not art dealers, are
able to explain to their clients what to invest in in the art market, and how
to do so. They need to be able to base their conclusions on data and
transparent financial tools,” Vladimir Shabason, Strategy Director, Self Soft
Production.
