In view of the current rise in art as a new alternative asset class, there was a great deal of interest in the Art & Finance conference organised by Deloitte Luxembourg.
This event was held at the Luxembourg Philharmony on 1st October 2008, with the support of the Luxembourg School of Finance.
Internationally renowned experts in art and finance from Sotheby's Institute of Art, Fine Art Wealth Management Ltd and The Fine Art Fund in London and in Luxembourg, Elite Advisers and Deloitte gathered to debate the development, in the medium term, of new specialised financial services in Luxembourg.
"Luxembourg has numerous advantages in terms of financial expertise, and from a geographical, political, legal and fiscal point of view. Its attractiveness enables it to seriously think about and examine a niche position notably in the specific domain of art investment fund management and more generally, in the domain of collector's items", remarks Thierry Hoeltgen, Partner Business Consulting in Deloitte Luxembourg.
In her speech, the Secretary of State for Culture, Ms Octavie Modert, congratulated Deloitte for their initiative in managing the emergence of this new niche in synergy with the cultural sector.
Interest in art as a new alternative asset class has increased over the past few years throughout the world. This interest can be noticed by the development of consultancy in art within the scope of wealth management activities and the emergence of art investment funds.
Thierry Hoeltgen: "If Luxembourg could succeed in creating a global centre of excellence, then a new activity of high added-value would strengthen the competitive position of the country."
With this in mind, Deloitte offers to carry out, with all the interested parties in Luxembourg, an extensive evaluation of potential opportunities for the financial and cultural sectors in the country.