Cultural impact investing focus at the 16th Deloitte Private Art & Finance Conference
Luxembourg, 23 October 2024: The 16th annual Deloitte Private Art & Finance Conference took place on Tuesday, 22 October at Deloitte premises in Luxembourg, with more than 900 people registered from 74 countries joining in person and online. Sponsored by ARTE Generali and the Zidoun-Bossuyt Gallery, the conference featured insightful remarks from 32 prominent international figures in the industry from 13 different countries.
The full-day event focused on exploring the intricate relationship between finance, arts and culture, with various panels offering diverse perspectives on how finance can help support the cultural and creative industries, which account for 5.3% of the EU’s gross domestic product (GDP), according to Eurostat. The conference focused on three main topics:
With this 16th edition, Deloitte Private Art & Finance aimed to promote dialogue between social impact and impact investment and the cultural and creative sectors, not only to uncover the opportunity in this unique industry, but to ultimately increase collaboration among family offices, UHWNIs and socially responsible investors as they realize its potential.
A comprehensive all-day agenda
The conference highlighted the challenges in accessing the needed funding, financial models that could support the Cultural & Creative Economy, as well as financial frameworks and products that better reflect the cultural and creative industries ecosystem. Other engaging topics were also new philanthropic cultural initiatives and their contribution to the public good, the importance of creative economies increasingly attracting impact investors as well as learnings from employing inclusive strategies.
The afternoon session focused on building reach and scale to unlock the full potential of cultural impact investing by 2027, the year in which the impact investment movement will have its 20th anniversary.
This was followed by a panel where investment leaders shared their perspectives on possible trajectories of cultural and creative impact funds globally. Topics included methodologies for measuring, monitoring, and reporting the social impact of cultural activities; significant gaps in the familiarity and utilization of frameworks like UNESCO Culture 2030; and transparency in sustainability reporting. As highlighted for the first time in the 2023 ArtTactic and Art & Finance Report, and in February 2024 in The “Arte e iniziative culturali come risorse per la sostenibilità sociale” study by Deloitte Italy and the Università di Pavia, only 38% of respondents are aware of the UNESCO framework, with merely 7% utilizing it, and 34.5% do not communicate any sustainability or social performance data.
The conference concluded with a compelling speech on how decentralized finance and Web3 technologies can empower high-net-worth individuals, family offices, and socially responsible investors who want to drive positive change within the Cultural & Creative Economy.
Adriano Picinati di Torcello, Director and Global Coordinator of the Art & Finance Initiative said: “Cultural and creative investing is about recognizing the deep impact art and creativity has on our lives, far beyond its monetary value.” He continued: “When we mix passion for art with smart financial strategies, we can truly make a difference in preserving culture and supporting creators. With the aid of technology, we have incredible tools at our disposal to create sustainable and innovative investment opportunities in the cultural and creative world. The 16th iteration of the Art & Finance Conference was dedicated to exploring these exciting possibilities so we can ensure a vibrant, sustainable future for the arts—one where creativity thrives alongside financial prosperity.”
Since 2008, Deloitte Private has studied and celebrated the convergence of finance, culture, and business. Each year, international experts gather to discuss the biennial Art & Finance Report's key findings and themes.
Read more about the initiative and speakers, here: 16th Deloitte Private Art & Finance Conference
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s more than 457,000 people worldwide make an impact that matters at www.deloitte.com.
No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities.
In Luxembourg, Deloitte consists of 2,700 employees with more than 150 partners. For over 70 years, Deloitte Luxembourg has delivered high added-value offerings to national and international clients as one of the world’s prominent networks of professional services firms.
Press Contact
Deloitte Luxembourg – Brand & Content
lupress@deloitte.lu