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Deloitte art & finance conference - London - October 2009

Maastricht University

For its second conference on fine art as a new alternative financial asset class, Deloitte joined forces with Maastricht University to organise a new symposium on this captivating subject in London.

The purpose of this event was to focus on the impact of the financial crisis on the enhanced recognition of fine art as an alternative financial class, as well as the use of other new alternative asset classes, such as wine, jewelry, photographs, musical instruments, watches, stamps, coins, diamonds, ceramic artworks, which now acquire a whole new appeal.

Several representatives of the academic world, as well as internationally renowned experts met to discuss the medium-term perspective of these new alternative assets, also known as "Emotional Assets" or "Passion Investments".

Art and finance conference 2009Philip Hoffman, Fine Art Fund Group's CEO, believes that "the next ten years will probably represent the best period to invest in fine art".

Bernard Duffy (EAMR) states that "emotional assets yield stable performances with a weak and predictable volatility".

Friedrich Kiradi from Photography Art Fund (Merit Group) declares that "they are real, tangible assets which keep their value during times of crisis and provide protection against inflation".

Mike Moses reveals that "he firmly believes that fine art will become a basic asset class such as real estate assets. He reminds us that Case Shiller Weiss has been existing for only 20 years and he hopes that his research will keeping playing an important role until his prediction will become true".

In 2008, Philip Hoffman's, Friedrich Kiradi's, Miriam Mascherin's, and Michel Tamisier's investment funds have yielded in average 20%.

With such as perspective, Thierry Hoeltgen, Partner, Deloitte S.A. Luxembourg, concluded by announcing that Deloitte is committed to organise a third conference in 2010.




The research conducted in the academic reports show historical analysis and no liability can be taken for future prediction of financial returns. The attached power point presentations should not to be used for the basis of an investment decision and they do not necessarily reflect what the speaker spoke about. The views expressed in all documents should not be considered reflecting Deloitte's point of view.


  • Insights
    Articles, presentations and audio records of the second art and finance conference.


  • Rachel Campbell (Maastricht University Business School)
  • Mike Moses (NY University, Stern School of Business)
  • Larry White (NY University, Stern School of Business)
  • Elroy Dimson (London Business School)
  • Philip Hoffman (Fine Art Fund Group)
  • Bernard Duffy (Emotional Assets Research Management (EARM))
  • Friederich Kiradi (Photography Art Fund)
  • Ian Peck (Art Capital Group)
  • Viscount Charles Dupplin (Hiscox)
  • Mike Moses
  • Raymond Krawczykowski (Deloitte S.A.)
  • Thierry Hoeltgen (Deloitte S.A.)
  • Adriano Picinati di Torcello (Deloitte S.A.)




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