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Luxembourg: +352 47 93 11 1 (8:30am - 5:30pm)
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Switzerland: Geneva +41 22 819 02 02
& Zurich +41 44 218 56 11 (8:30am - 5:30pm)

You would like to contact us about the protection of your personal data?

Please contact the Data Protection Officer of Societe Generale Private Banking France by sending an email to the following address: protectiondesdonnees@societegenerale.fr.

Please contact the Data Protection Officer of Societe Generale Luxembourg by sending an email to the following address: lux.dpooffice@socgen.com.

For customers residing in Italy, please contact BDO, the external provider in charge of Data Protection, by sending an email to the following address: lux.dpooffice-branch-IT@socgen.com

Please contact the Data Protection Officer of Societe Generale Private Banking Monaco by sending an email to the following address: list.mon-privmonaco-dpo@socgen.com

Please contact the Data Protection Officer of Societe Generale Private Banking Switzerland by sending an email to the following address : ch-dataprotection@socgen.com

You need to make a claim?

Societe Generale Private Banking aims to provide you with the best possible quality of service. However, difficulties may sometimes arise in the operation of your account or in the use of the services made available to you.

Your private banker  is your privileged contact to receive and process your claim.

 If you disagree with or do not get a response from your advisor, you can send your claim to the direction  of Societe Generale Private Banking France by email to the following address: FR-SGPB-Relations-Clients@socgen.com or by mail to: 

Société Générale Private Banking France
29 boulevard Haussmann CS 614
75421 Paris Cedex 9

Societe Generale Private Banking France undertakes to acknowledge receipt of your claim within 10 (ten) working days from the date it is sent and to provide you with a response within 2 (two) months from the same date. If we are unable to meet this 2 (two) month deadline, you will be informed by letter.

In the event of disagreement with the bank  or of a lack of response from us within 2 (two) months of sending your first written claim, or within 15 (fifteen) working days for a claim about a payment service, you may refer the matter free of charge, depending on the nature of your claim, to:  

 

The Consumer Ombudsman at the FBF

The Consumer Ombudsman at the Fédération Bancaire Française (FBF – French Banking Federation) is competent for disputes relating to services provided and contracts concluded in the field of banking operations (e.g. management of deposit accounts, credit operations, payment services etc.), investment services, financial instruments and savings products, as well as the marketing of insurance contracts.

The FBF Ombudsman will reply directly to you within 90 (ninety) days from the date on which she/he receives all the documents on which the request is based. In the event of a complex dispute, this period may be extended. The FBF Ombudsman will formulate a reasoned position and submit it to both parties for approval.

The FBF Ombudsman can be contacted on the following website: www.lemediateur.fbf.fr or by mail at:

Le Médiateur de la Fédération Bancaire Française
CS 151
75422 Paris CEDEX 09

 

The Ombudsman of the AMF

The Ombudsman of the Autorité des Marchés Financiers (AMF - French Financial Markets Authority) is also competent for disputes relating to investment services, financial instruments and financial savings products.

For this type of dispute, as a consumer customer, you have therefore a choice between the FBF Ombudsman and the AMF Ombudsman. Once you have chosen one of these two ombudsmen, you can no longer refer the same dispute to the other ombudsman.

The AMF Ombudsman can be contacted on the AMF website: www.amf-france.org/fr/le-mediateur or by mail at:

Médiateur de l'AMF, Autorité des Marchés Financiers
17 place de la Bourse
75082 PARIS CEDEX 02
FRANCE


The Insurance Ombudsman

The Insurance Ombudsman is competent for disputes concerning the subscription, application or interpretation of insurance contracts.

The Insurance Ombudsman can be contacted using the contact details that must be mentioned in your insurance contract.

To ensure that your requests are handled effectively, any claim addressed to Societe Generale Luxembourg should be sent to:

Private banking Claims department
11, Avenue Emile Reuter
L-2420 Luxembourg

Or by email to clienteleprivee.sglux@socgen.com and for customers residing in Italy at societegenerale@unapec.it

The Bank will acknowledge your request within 10 working days and provide a response to your claim within 30 working days of receipt. If your request requires additional processing time (e.g. if it involves complex research), the Bank will inform you of this situation within the same 30-working day timeframe.

In the event that the response you receive does not meet your expectations, we suggest the following:

Initially, you may wish to contact the Societe Generale Luxembourg Division responsible for handling claims, at the following address:

Corporate Secretariat of Societe Generale Luxembourg
11, Avenue Emile Reuter
L-2420 Luxembourg

If the response from the Division responsible for claims does not resolve the claim, you may wish to contact Societe Generale Luxembourg's supervisory authority, the “Commission de Surveillance du Secteur Financier”/“CSSF” (Luxembourg Financial Sector Supervisory Commission):

By mail: 283, Route d’Arlon L-1150 Luxembourg
By email:
direction@cssf.lu

Any claim addressed to Societe Generale Private Banking Monaco should be sent by e-mail to the following address: servicequalite.privmonaco@socgen.com or by mail to our dedicated department: 

Societe Generale Private Banking Monaco
Middle Office – Service Réclamation 
11 avenue de Grande Bretagne
98000 Monaco

The Bank will acknowledge your request within 2 working days after receipt and provide a response to your claim within a maximum of 30 working days of receipt. If your request requires additional processing time (e.g. if it involves complex researches…), the Bank will inform you of this situation within the same 30-working day timeframe. 

In the event that the response you receive does not meet your expectations, we suggest to contact the Societe Generale Private Banking Direction that handles the claims by mail at the following address: 

Societe Generale Private Banking Monaco
Secrétariat Général
11 avenue de Grande Bretagne 
98000 Monaco

Any claim addressed to the Bank can be sent by email to:

sgpb-reclamations.ch@socgen.com
 

Clients may also contact the Swiss Banking Ombudsman: 

www.bankingombudsman.ch

 

"The Art of Collecting" podcast - Episode #4 : The art of buying art

Play on Spotify
Play on Apple Podcasts

Full Script:

 

Laurent Issaurat:  Hello, it's great to have you back in our "The Art of Collecting" podcast series. Each episode looks into a key topic in the ownership and management of artworks and collectibles. For this 4th episode, which will focus on the art of buying art, I’m thrilled to be hosting Viola Raikhel-Bolot, Managing Director and Co-Founder of 1858Ltd.  Hello Viola, welcome back!

Viola Raikhel-BolotHello Laurent, and thank you for having me back, it’s wonderful to be here!

Laurent Issaurat: When we talk about the art market, it is easy to dream of huge capital gains, of discovering masterpieces forgotten at the bottom of an attic... When reading about record prices at auction or stellar trajectories of some young artist, one can be under the impression that in the art world, everyone can try their luck and win. Is this really true, Viola, in your opinion?

Viola Raikhel-Bolot: Well, I certainly have seen some extraordinary stories over the years, and if you’re to believe all the headlines, you know, artworks sell for hundred or ninety million dollars all the time! Like the recent Marylin Monroe(1) that sold at Christie’s in New York. While sell records are broken and they do make headlines, this does not happen every day, and it is unfortunately not the case something bought at the flea market in Paris turns out to be a precious treasure meant for the Louvre. What we do find though is that these headlines bring a lot of excitement to the art world and so they should, because the art world is fueled by passion. And it means that any one can take a chance in the art market and win, potentially. But as a specialist art advisor, one in certainly more conservative and is aware of all the potential risks, also, that accompany those headlines. So my perspective is slightly different. And why, I find it critical to be able to share, with my collectors, the importance of recognizing what they are thinking of buying and what that means to them.

Laurent Issaurat: Interesting Viola, thank you very much. But when it comes to accompanying clients in buying works of art, what are the first steps you would like to follow, typically?

Viola Raikhel-BolotWell, all collections start with a very honest conversation with our collectors, really understanding their brief, their vision, where their passions lie… Once we’ve understood that, and their budget, and their appetite for putting this collection together - you might have a collector who wants to buy one work of art a year, conservatively, you may have another one who’s building a museum just to house his or her collection… - so depending on their appetite, we then put together a portfolio based on their specific brief and budget. That portfolio will provide a very comprehensive analysis of each of the artwork, whether it requires scientific reporting, conservation reporting, imagery of the artwork, assuming the client comes to visit the artwork in person – when possible, we want the client to meet the artist, and inspect the artwork and be involved, as closely in the process as possible… Other collectors are happy for us to do this remotely for them… We put together the most authoritative document portfolio about the work or works that they are considering, so that they have all the market intelligence needed to make the right decision for them. Fundamentally, we put the very best objects, artworks in front of them [in line with their initial wishes] and give them the market intelligence to make the right decision for their collection.

Laurent Issaurat: Interesting. And the art market is quiet broad, complex and not always very transparent. How do you find these works of art? Do you go at auctions, what’s the way you proceed?

Viola Raikhel-BolotAnother very good question, Laurent, because the art market, as you know, being unregulated(2), another interesting fact is that only 45% of the art market is in the public domain. . [In other words, more precisely] 55% of art market transactions are actually private [and] 45% of art market transactions [are made through auctions]. And there are various art market indices,and this can be interrogated to investigate and learn more about those art works, and artists and values. But for us it is important to be able to provide our clients access to both the private and public aspects of the market. When looking to source artwork to present to our collectors, we’re privileged to work with private collectors, auction houses, dealers and the artists directly also. When possible, we always bring our collectors front and center to these conversations. We want to make sure that they meet the artist, when possible, meet the upper private collectors, attend the auctions with us if this is something they are willing to do. But we really have access to the full spectrum of sources in the art world and we extend this to our clients directly.

Laurent Issaurat: Good, thank you very much, Viola. But once a client has identified one or several objects they would like to purchase, what are the next steps, what are the due diligences you would help them with?

Viola Raikhel-Bolot:Most definitely, due diligence is one of the most important aspect of the collecting lifecycle, when buying or selling. You know, as they say, the devil is in the details! Due diligence, when making art acquisitions, applies the same discipline as when looking at other acquisitions. For some reason, some collectors, even some of the biggest collectors in the world, assume that the same principles and common sense don’t apply to art as they do their other acquisitions, but in fact they do, and we employ an incredibly due diligence process, because the market is not regulated. We run a very strict provenance check, we work with the art loss register… There are a number of different ways that we ensure that all acquisitions are done safely for our clients, both buying and selling.

Laurent Issaurat: Good, and once one has agreed on an object and a price, is the process finished or are there some other steps one need to go through until the transaction is entirely complete?

Viola Raikhel-Bolot: We work with a number of specialist lawyers who assist us in the contract side, to ensure the handover of title and provenance. There are also – depending on where the artwork is going – a number of logistics concerns that may or may not arise, export documentation, transport, security… So even after the handshake is done, there is still a lot of administrative work and formalities that take place with the transfer of ownership. And then obviously, once it arrives in some new home, we look to assist as best as possible, obviously, with all the hanging, the security… As we do at every stage in the collecting lifecycle.

Laurent Issaurat: Thank you very much Viola for this very valuable insight. As today’s episode is the last one with you, Viola, I would like to thank you very much for your wonderful contribution to this series. See you soon!

Our "The Art of Collecting" series is available on Apple Podcasts and Spotify, via our "#PrivateTalk by Societe Generale Private Banking" program.

 


(1) In reference to Christie’s sale of a portrait of Marylin Monroe by Andy Warhol (Shot Sage Blue Marylin) at $195 million, in New York on May 10, 2022.

 

(2) There is no body regulating the art market, nor any authority in this area. The market is based on the practices of its players and the unofficial codes governing it (which can change overnight).

 

 

 

 

Would you like to discuss this subject further with us?

The information contained in this audio content is provided for informational purposes only, is subject to change without notice, and is intended to provide information that may be useful in making a decision. Past performance information may be reproduced and is not a guarantee of future performance.

The price and value of investments and the income derived from them may fluctuate, both up and down. Changes in inflation, interest rates and exchange rates may adversely affect the value, price and income of investments denominated in a currency other than that of the investor. Any simulations and examples contained in this publication are provided for illustrative purposes only. This information is subject to change as a result of market fluctuations, and the information and opinions contained in this publication may change. No Societe Generale Private Banking entity undertakes to update or amend this publication, which may become obsolete after being reviewed, and will not assume any responsibility in this regard.

The offers related to the activities and financial and asset information mentioned in this audio content depend on the personal situation of each client, the legislation applicable to him and his tax residence. It is the responsibility of the potential investor to ensure with his legal and tax advisors that he complies with the legal and regulatory provisions of the jurisdiction concerned. This audio content is not intended to be played in the United States, by any U.S. tax resident, or by any person or in any jurisdiction where such playing would be restricted or illegal.

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Prior to any subscription to an investment service, a financial product or an insurance product, depending on the case and the applicable legislation, the potential investor will be questioned by his private banker within the Societe Generale Private Banking entity of which he is a client on his knowledge, his experience in investment matters, as well as on his financial situation including his capacity to bear losses, and his investment objectives, including his risk tolerance, in order to determine with him whether he is eligible to subscribe to the financial product(s) and/or investment service(s) envisaged and whether the product(s) or investment service(s) is/are compatible with his investment profile.

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Accordingly, no entity under the control of Société Générale Private Banking can be held liable for any decision made by an investor based solely on the information contained in this audio content.

This audio content is confidential, intended exclusively for the person consulting it, and may not be communicated or made known to third parties, nor reproduced in whole or in part, without the prior written consent of the Société Générale Private Banking entity concerned.

Societe Generale Group maintains an effective administrative organization that takes all necessary measures to identify, control and manage conflicts of interest. To this end, Societe Generale Private Banking entities have put in place a conflict of interest management policy to manage and prevent conflicts of interest. For more details, Société Générale Private Banking clients can refer to the Conflict of Interest Policy available on request from their private banker.

Societe Generale Private Banking has also put in place a policy for handling complaints from its clients, which is available on request from their private banker or on the Societe Generale Private Banking website.

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France: Unless expressly stated otherwise, this document is published and distributed by Société Générale, a French bank authorized and supervised by the Autorité de Contrôle Prudentiel et de Résolution, located at 4, place de Budapest, CS 92459, 75436 Paris Cedex 09, under the prudential supervision of the European Central Bank ("ECB") and registered with the ORIAS as an insurance intermediary under the number 07 022 493 orias.fr Societe Generale is a French société anonyme with a capital of EUR 1 066 714 367,50 as of August 1, 2019, whose registered office is located at 29, boulevard Haussmann, 75009 Paris, and whose unique identification number is 552 120 222 R.C.S. Paris. Further details are available on request or at www.privatebanking.societegenerale.com.

Luxembourg: This document is distributed in Luxembourg by Société Générale Luxembourg, a public limited company registered with the Luxembourg Trade and Companies Register under number B 6061 and a credit institution authorized and regulated by the Commission de Surveillance du Secteur Financier ("CSSF"), under the prudential supervision of the European Central Bank ("ECB"), and whose registered office is located at 11, avenue Emile Reuter - L 2420 Luxembourg Further details are available on request or at www.societegenerale.lu. No investment decision of any kind should be made on the basis of this document alone. Société Générale Luxembourg accepts no responsibility for the accuracy or otherwise of the information contained in this document. Societe Generale Luxembourg accepts no responsibility for any actions taken by the recipient of this document solely on the basis of this document, and Societe Generale Luxembourg does not represent itself as providing any advice, in particular with respect to investment services. The opinions, views and forecasts expressed in this document (including its annexes) reflect the personal opinions of the author(s) and do not reflect the opinions of any other person or of Société Générale Luxembourg, unless otherwise indicated. This document has been prepared by Societe Generale. The CSSF has not carried out any analysis, verification or control on the content of this document.

Monaco: This document is distributed in Monaco by Société Générale Private Banking (Monaco) S.A.M., located at 11 avenue de Grande Bretagne, 98000 Monaco, Principality of Monaco, regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Commission de Contrôle des Activités Financières. Financial products marketed in Monaco may be reserved for qualified investors in accordance with the provisions of Law n° 1.339 of 07/09/2007 and Sovereign Order n° 1. 285 of 10/09/2007. Further details are available on request or at www.privatebanking.societegenerale.com.

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This document is not distributed by the entities of the Kleinwort Hambros Group that operate under the brand name "Kleinwort Hambros" in the United Kingdom (SG Kleinwort Hambros Bank Limited), Jersey and Guernsey (SG Kleinwort Hambros Bank (CI) Limited) and Gibraltar (SG Kleinwort Hambros Bank (Gibraltar) Limited) Consequently, the information communicated and any offers, activities and financial information presented do not concern these entities and may not be authorized by these entities or adapted in these territories. Further information on the activities of Societe Generale's private banking entities located in the United Kingdom, Channel Islands and Gibraltar, including additional legal and regulatory information, is available at www.kleinworthambros.com.

Laurent Issaurat