Every year, hundreds of millions of dollars are spent by wealthy individuals on works of art. However, experts say that when it comes to the art market, it is essential to be well-advised at all times.
Banks, especially private banks, consider offering art investment advisory services an important part of their relationship with clients. For example, Societe Generale Private Banking (SGPB) partners with 1858 Limited in providing independent and impartial art advisory services to the bank's clients.
Olivier Gougeon, regional CEO of SGPB (Asia Pacific), says: 'From the novice to the seasoned collector, our clients benefit from access to rare works not readily available on the market, as well as expertise in all sectors from Antiquities, Old Masters, Impressionists, Modern and Contemporary to works by living artists.'
Clients whose collections include precious stones, designs, and rare books get expert advice.
'In essence, we provide clients with tailored solutions for all of their buying, selling, valuation and collection management requirements,' says Gougeon.
With the rising affluence of Asia in general and the growing class of wealthy in countries such as India and China, the interest among high-net worth individuals in alternative lifestyle investments such as art, wine and luxury goods is growing at a rapid pace.
