Art
Global Art To Reach $2.7 Trillion By 2026; Worries About Trust Linger - Deloitte Report

A report on the global art market shows how large it is in value terms but also how concerned industry participants are about a lack of trust and conflicts of interest.
Ultra-wealthy individuals will spend $2.7 trillion on art by
2016, but almost half (46 per cent) of collectors say lack of
standards in the market is a worry, according to the Deloitte
Art & Finance Report (source: The Art
Newspaper.)
Collectors, wealth managers and art industry professionals have,
despite some worries about trust in the market, a clear
prference4 for self-regulation and are wary of government
intervention, the report said.
The global report showed a strong level growth for African art
and a slowdown in Southeast Asia.
Undisclosed conflicts of interest in art transactions are of
concern to 65 per cent of wealth managers and 69 per cent of art
professionals. Concerns about provenance and authenticity also
are concerning to participants in the market. Some 83 per cent of
wealth managers and 81 per cent of art professionals deeming
these as the greatest risks to the art market.
The report’s survey questioned 609 private banks (including 27
family offices), as well as 155 art professionals and 107
international collectors. Other facts were generated by auction
houses, art funds, and art trusts.