Private clients Financial intermediaries

Become a client

Are you a client? You should contact your private banker. 
You are not a client but would like to have more information about Societe Generale Private Banking? Please fill in the form below.

Local contacts

France: +33 (0)1 53 43 87 00 (9am - 6pm)
Luxembourg: +352 47 93 11 1 (8:30am - 5:30pm)
Monaco: +377 97 97 58 00 (9/12am - 2/5pm)
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 : sgpb-gdpr.ch@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 of its receipt 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 CS 151

75 422 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 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 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 #5: The art of valuation — how is a work of art or a collectors’ item evaluated?

Discover our "The Art of Collecting" podcasts series, which analyzes the issues related to the ownership and management of works of art or collectibles.
Play on Spotify
Play on Apple Podcasts

Full Script:

 

Laurent Issaurat:  Hello, my name is Laurent Issaurat, Head of Art Banking Services at Societe Genérale Private Banking, and I am pleased to welcome you to our podcast series “The Art of Collecting” that explores issues relating to the ownership and management of artworks and collectors’ items. Today we will focus on the art of valuation. We are often asked how the price of artworks and collectibles is determined, particularly in the context of a prospective sale at auction or a transfer of ownership or maybe the insurance of a work of art or a collectible. How do valuations really work? What criteria and methodologies are used? To answer these questions I am joined by Victoire Gineste, Head of Business Development and Auctioneer at Christie’s France(1). Welcome Victoire!

Victoire Gineste: Hello Laurent.

Laurent Issaurat: To start with, could you please try to define what makes the value of a work of art, Victoire?

Victoire Gineste:  First, it is important not to confuse the ‘value’ of an artwork and the ‘price’ of an artwork. Keep in mind that at auction houses we talk about the value on what is called the secondary market, which means, the resell price. An object can have an emotional, decorative, historical or symbolic value that is not necessary linked to its financial value and, and therefore, to its price. Artworks are also in most cases unique objects, and so a whole range of criteria needs to be taken into consideration to define a value. Essentially, this means giving an opinion on the desirability of the artwork on what has become an increasingly selective market.

Laurent Issaurat: Thank you very much for this very important opening comment. In practice, when it comes to the valuation of a work of art, what are the main criteria an auction house would use?

Victoire Gineste: The first two criteria are intrinsic and specific to each piece or artwork: quality and rarity. This includes how well the artist is known, if the piece is authentic or not, it date, size, the subject depicted, and the technique that was used. In addition to the prestige of the artist, the market will favour the best within their body of work — what they are known for and, ergo, what collectors are looking for. But other, more subjective criteria also come into play: changes in taste and lifestyles can directly influence the price of an artwork. The ecosystem surrounding artists is also important to consider: who is collecting their work, who is representing them on the market, do they feature in the collections of major museums, etc.? The notion of “freshness” to the market is another important factor. If an item is a discovery or a rediscovery, if it has been outside the market for several decades, or if it is presented for the first time at auction, it is all the more desirable. In contrast, if a piece is coming back and back on the market too soon it might sell for less money or could be not sell at all— a risk that can also apply to works of art that are in poor condition. This is something you constantly need to look out for. Lastly, by an object’s provenance or “pedigree” we mean the chronology of its successive ownership, but also any major exhibitions it was part of or any reference made to it in publications. Pieces from prestigious or historical collections have extra soul, so to speak, which has a positive impact on their price. Strictly speaking, there is no order of importance for the different criteria; each one must be taken into consideration, and it is ultimately up to the individual collector or buyer to weigh them up according to their own priorities.

Evaluating an artwork is certainly not an exact science. When our specialists are asked to prepare an estimate, they will examine the piece and the information available with respect to these criteria. In some cases, they may need to do additional research, speak with colleagues, and work with external authentication committees to confirm an artwork’s authenticity. Depending on the type of object or its value, our specialists may also request input from their counterparts in other offices abroad, who are specialised in their local market, and familiar with the taste of buyers in their region. To give an example, for the valuation a piece by the French-Chinese artist Zao Wou-Ki — highly sought-after by Asian collectors at the moment — our Paris team works in concert with the team in Hong Kong or in Shangai. This ability to meld cross-continental expertise for a single piece has become a decisive factor in a now entirely global art market.

Laurent Issaurat: This is really fascinating it seems that they are a myriad of criteria and factors you need to take into account in the valuation of a work of art. Now when it comes to figures, how do come to financial estimates?  Do you use benchmarks of transactions on the market of comparable works of art? How do you do this?

Victoire Gineste: With new technology and online databases, using comparable market data is for sure an integral part of the valuation process. That said, the data needs to be interpreted and contextualised by our experts. This is the very essence of any art appraisal.

Laurent Issaurat: Thank you Victoire. Now, a question that our listeners and clients will certainly ask is whether your estimates are confidential, and do they come at a cost?

Victoire Gineste: At Christie’s we provide worldwide estimates for free and without any obligation. They are also strictly confidential. Discretion is at the very heart of our relationship with the families we advise and work with, both when they sell or buy.

Laurent Issaurat: Excellent. Now, when it comes to the estimates themselves, there is often a lower and a higher end of the estimate. How does this work and what is the lower estimate in the respect of the so-called “reserve price”? Could you define what a “reserve price” is?

Victoire Gineste: Sure. At auction, the reserve price is the minimum price below which the item in question will not be sold. By law, it might not be higher than the low estimate but can be set below the low estimate - if so agreed. In most cases, we will suggest setting the reserve price at the low estimate and review, if it is necessary, the day before the sale, depending on the interest in the item. Of course, the reserve price it strictly confidential and remains between the owner of the item and the auction house.

 

Laurent Issaurat: This is very clear, thank you very much. During your career, I supposed you’ve processed to a number of different valuations. Has it ever happened that your experts made a discovery in the course of their research and that this discovery that would have significantly their initial view on the value of an item? And could you maybe you give us an example?

 

Victoire Gineste: I have many examples and could share a lot of stories with you! But let me take one from the jewellery collecting world. A few years ago, we were asked to estimate a brooch from a private collection. We gave initially an estimate between €20,000 and €30,000. But the finesse of the enamel, its delicate colours, and the craftsmanship of the wing joints caught our attention. We did some research to determine who could have created such a fine piece, which Maison, could have created it, and that’s how we found the drawing of a similar brooch in a book celebrating the work of Maison Boucheron. We contacted the teas and got the confirmation we were so hoping for: the brooch, which was representing a cicada, was indeed a Maison Boucheron creation. They issued us with a certificate for the brooch, as well as additional information. The cicada that was entrusted to us was one of seven rare pieces of its kind made around 1900. The final estimate was raised to between €50,000 and €80,000, and it sold in the end for €355,500(2), with premium.

Laurent Issaurat: What an amazing result, Christie’s, well done! This is much impressive. Victoire, I would like to thank you warmly for this very informative insight into the art of valuation. Dear listeners, I hope you have also enjoyed our conversation with Victoire Gineste today, I’m already looking forward to meeting you again in our next episode to explore the art of insuring collectibles and works of art. See you soon! Our series “The Art of Collecting” is available on Apple Podcasts and Spotify via our programme “#PrivateTalk by Société Générale Private Banking”.

 


(1) Christie’s is a leading international name in the world of art and auction houses, and is one of the partners of our Art Banking service. For more about Christie’s: click here

(2) Price including the buyer’s premium, added to the hammer price. The buyer’s premium is calculated using a schedule that is published by the auction house ahead of the sale.

 

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.

The offers related to the activities and financial and wealth information presented may not be adapted or authorized within all Société Générale Private Banking entities. In addition, access to some of these offers is subject to conditions of eligibility.

Certain offers related to the above-mentioned activities and financial information may present various risks, imply a potential loss of the entire amount invested or even an unlimited potential loss, and therefore be reserved only for a certain category of investors, and/or be suitable only for informed investors who are eligible for these types of offers.

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.

The potential investor must also (i) take note of all the information contained in the detailed documentation of the service or product envisaged (document entitled "key information for the investor", prospectus, regulations, articles of association, document entitled "key information for the investor", term sheet, information notice, contractual terms and conditions, etc.), in particular those relating to the associated risks; and (ii) consult its legal and tax advisors to assess the legal consequences and tax treatment of the product or service envisaged. It is reminded that the subscription to an investment service, a financial product or an insurance product may have tax consequences and Société Générale Private Banking does not provide tax advice. His private banker will also be available to provide further information, to determine with him whether he is eligible for the product or service under consideration, which may be subject to conditions, and whether it meets his needs.

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.

SPECIFIC WARNINGS BY JURISDICTION

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.

Switzerland: This document is distributed in Switzerland by SOCIETE GENERALE Private Banking (Suisse) SA ("SGPBS"), headquartered at rue du Rhône 8, CH-1204 Geneva, Switzerland. SGPBS is a bank authorized by the Swiss Financial Market Supervisory Authority ("FINMA"). Collective investments and structured products may only be offered in accordance with the Swiss Federal Act on Collective Investment Schemes (Collective Investment Schemes Act, CISA) of June 23, 2006, and the Guidelines of the Swiss Bankers Association (SBA) on Information for Investors in Structured Products. Further details are available on request from SGPBS or at www.privatebanking.societegenerale.com.

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