Art Wealth Management: Managing Private Art Collections

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Alessia Zorloni
Springer, Aug 19, 2016 - Business & Economics - 162 pages
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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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Contents

Turning Collections into Philanthropic Opportunities
1
Financial and Estate Planning for Art Assets
19
Assessing and Improving the Effectiveness of Private Art Museums
37
Celebrity Effect in the Contemporary Art Market
67
Deepening Business Relationships Through Art
81
The Art Collector Between Private Passion and Philanthropy
95
Private Museums and Their Founders
130
List of Contributors
161
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About the author (2016)

Alessia Zorloni, cultural economist and consultant specializing in the art markets and the museum field, is Adjunct Professor at IULM University and at Catholic University, Milan, Italy. She worked as an Associate Researcher at The Boston Consulting Group in the Milan office, where she led a two-year research project funded by the European Community (Marie Curie Fellowship) on economic management of museum and cultural institutions. Prior to joining BCG, Zorloni worked at the Wien Kunsthalle, where she completed a three-year research project on museum management funded by the Austrian Science Fund (FWF). Zorloni has been a visiting scholar at the Tate Modern, Guggenheim Foundation and at the Smithsonian Institution, where she has been awarded the Smithsonian’s Fellowship in Museum Practice. Zorloni received a Ph.D in Economics of Communication from IULM University and a Master's Degree in Arts Management from City University, London. She has presented papers at national and international conferences and published with Springer “Economics of Contemporary Art. Markets, Strategies and Stardom”.