Goldman Talks Art During Hong Kong Wealth Summit
Inquiries about art are on the rise, be it for monetization or succession planning, according to Goldman Sachs, which made it a theme in its wealth summit in Asia this year.
During Goldman Sachs third annual summit in Hong Kong for wealthy clients, art was a theme with an agenda that included art investment strategy, a mock auction, discussions about digital art and a visit to auction house Christie’s Asia Pacific headquarters, according to a «Bloomberg» report.
More than 100 members of families attended the event with an average age of 20 years old.
Advisory Needs
The summit’s theme coincides with Goldman’s decision to introduce art advisory services in Asia last year after launching in the US in 2019 and Europe in 2022. According to Monica Heslington, head of art and collectibles strategy at the bank’s private wealth division, clients have inquired not only about dealing with art for succession planning but also art loans.
«The art market is in a low correction period. When there’s a hesitation to sell, people are looking for other ways to monetize it,» she said.
Aside from Hong Kong, Heslington also visited Singapore and Taiwan during her Asia trip. In addition, she is planning more visits to the Middle East, where clients are showing increasing interest in arts and collectibles.
