"The Art of Collecting" podcast - Episode #1: What is Art Banking?
Hello, I am Laurent Issaurat, Head of Art Banking Services at Societe Generale Private Banking. I am pleased to present our new podcast series, entitled “The Art of Collecting”, that will focus on a series of key topics relating to the ownership and management of works of art or collectibles. In this first episode, I will sketch a broad outline of "Art Banking" within SGPB.
“Art Banking” is a term we use at SG Private Banking to define a unique set of services, orchestrated by our institution and to a large extent provided by professional partners from the art world, which we have selected among auction houses, independent art consultancy firms, legal and tax advisors, but also experts in the fields of insurance or philanthropy.
These services allow us to help our clients when it comes to the valuation, authentication, acquisition or sale of their collectibles. We also provide support when it comes to putting together an inventory of their tangible assets, protecting these assets through insurance solutions, planning their transmission to the next generation, or combining their interests in the arts and a generous intention.
Interestingly, far from being designed exclusively for large collectors, our services can be useful to a multiplicity of clients. Sometimes, we happen to deal with individuals who are not really interested in the arts, but who have inherited a valuable work and need an estimate, in view of a potential disposal at a later stage. Others clients are seasoned collectors, who would like to check the cost or robustness of their insurance policy, or to verify a specific legal or tax issue relating, for instance, to the donation of a work to their children or grandchildren. In some other cases, our services are required to secure a first significant purchase, or to start a collection from scratch. Arts and Philanthropy is another topic we like to address, with the help of our Philanthropy Team, but we also like to provide privileged access to the art world, through meetings with art world professionals, conferences or just out of hours exhibition visits.
Importantly, and this point needs to be stressed, we do not present art as a classic "investment", from which one should expect a capital gain. In our mind, the main purpose of a work of art is to provide intellectual, aesthetic pleasure. But at the same time, we fully acknowledge that financial stakes attached to collectibles can be quite significant, which is why it is so important to be well advised by experts in their respective fields, when it comes to art.
It is also worth emphasizing that Societe Generale has been committed to visual of arts for decades. Among a number of important things we have been doing in this field, I would like to mention our Collection of Contemporary Art in France, which is really interesting in my opinion and that we like to share with our visitors. And actually, quite often, these private visits of our Collection in Paris La Défense is where many conversations start.
I hope that this short introduction has sparked your interest in art wealth management, and if so, let’s meet again around our second episode, dedicated to the art of buying artworks or collectibles. Stay tuned!
Our "The Art of Collecting" series is available on Apple Podcasts and Spotify, via our "#PrivateTalk by Société Générale Private Banking" program.
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