Today, approximately 50% of Fortune 500 companies are developing art collections and have begun to view art as both a status symbol and an asset, so that the professional development of a corporate art collection is both an extension of the corporate image and a practical ﬁnancial diversiﬁcation strategy.
Many businesses and corporations invest in art to shape and boost brand image, as a bespoke collection lends to a company a unique personality. As a company’s organizational identity becomes more certain, it is manifested through its collecting strategies, gaining the conﬁdence of identity to begin collecting through direct relationships with art fairs, galleries, and artists. As an extension of its collecting activities, it may seek to contribute to the public wealth through the commissioning of signiﬁcant works of art and public artworks, and generally contributing to the preservation of emerging cultural heritage.
Today, the number of private art collectors who choose to house their collections in publically accessible museums is sharply increasing. There are now more than 300 privately funded museums world-wide, 70 percent of which were founded since 2000. While only 2 percent of privately funded museums are in the Middle Eastern region, as compared to 80 percent in Europe and Asia, it is a trend which is anticipated to continue, creating a global art ecosystem.
Many private collectors view the development of a privately funded museum as a means of new philanthropy, by giving diverse audiences access to world-class works of art which would otherwise be inaccessible. Private museums are often equal to their publicly funded counterparts, offering public education programmes, high level curatorial expertise, and international exhibition programmes.
While private collectors may make their collections public for any number of reasons, these private institutions often ﬁll a gap in a country’s arts and culture scene, especially where institutional infrastructure is limited, as in many developing economies.
The second day of our Art Talks II, Evolving Cultures, Developing Collections, focused on developing collections within Private and Public Museums and Institutions as well as Corporations and also gave an insight on how Private Art Organizations are shaping the local art scene in the UAE.
+Jane Morris, Editor-at-large for The Art Newspaper and Cultureshock Media London moderated our panels for Day 2 of our Art Talks II.
+Some of the world's leading corporate art collections; Collection Pictet, ING Bank, BMW Group and ABSA Barclays Africa Group came together to discuss the importance of collection development policy and responses to corporate art activities.
+Nick Betney, Founder & Managing Director, ARTZU projects, Manchester, UK spoke on how great artwork makes a powerful statement and is an inspiration for the working environment, enriching lives and expressing company values, sharing recent collaboration with Ernst & Young UK and Addelshaw Goodard LLP UK on a panel alongside some of the leading corporate collections mentioned above.
+Private Museum Founders from Salsali Private Museum Dubai, Dalloul Art Foundation Egypt, Jean-Paul Najar Foundation Dubai and the Executive Director and Chief Curator of Africa's first major contemporary art museum, Zeitz MOCAA came together and spoke on the future of museums and their role in the changing contemporary art market.
+Some of the leading private art foundations and organizations from the UAE; Tashkeel, Atassi Foundation, Alserkal Group, Alserkal Cultural Foundation and Crossway Foundation in London came together and spoke on supporting and shaping the UAE art scene.
+We uncovered new approaches and projects from Bodega Otazu Spain, Chateau de Montsoreau- Museum of Contemporary Art France, "La Caixa" Collection of Contemporary Art Spain and 21c Museum Hotels USA that enabled private collections to be made accessible to the public
Download our e-brochure on Day 2 of our Art Talks II here.
Click on the link below to view photos from this day, courtesy of Filmatography.