When we talk about collecting art, we mostly think about a person who is enthusiastic about art. However, art is a matter of close interest not only among individuals but also among business organizations. A corporation can also engage in art acquisitions to create a valuable corporate art collection.
Why do companies invest in art, and what principles guide this practice? Let’s dive deeper into the business side of collecting art.
Why Do Businesses Create a Corporate Art Collection?
The basic premise behind decorating your office with exquisite artwork is to create a luxurious corporate image and establish a distinct brand identity. However, things are not as simple as that in many cases. Collecting art serves many other strategic business goals.
Unique Work Environment
Artwork hanging on the walls of a business office can have a unique esthetic appeal, making the work environment more stimulating and pleasurable. It’s much more motivating to work in a beautiful office than amid the empty white walls. Besides, art is widely known for inspiring creativity and reducing stress – two vitally important parameters for a favorable working environment.
Long-Term Investment
Artwork is a distinct financial asset that tends to grow in value over time. Therefore, acquiring artworks by well-known artists or investing in new creative voices at the dawn of their careers may be a sound business solution. This goal is especially relevant for businesses specializing in investment, such as banks, hedge funds, and other financial institutions, creating balanced long-term investment portfolios for their clients.
Philanthropy
Support for art is also among the frequent motivations for businesses acquiring artwork. Successful business owners may wish to support local artists or stimulate cultural exchange. They may also seek to establish a reputation of art patrons and responsible corporate entities.
PR and Marketing
Being an owner of a famous work of art inevitably attracts media attention and places the company in the spotlight. By using their art assets, businesses can establish their positive publicity and streamline their PR efforts. Artwork loans and active participation in fairs and exhibitions can also keep the company’s name at the top of media attention.
Which Businesses Are Known for Collecting Art?
Obviously, the privilege of collecting exclusive fine art is not accessible to all businesses. You should have enough spare capital to invest in artwork, hire an expert collection manager, and keep all assets in optimal environmental conditions. Some notable examples of organizations with an impressive corporate art collection include Deutsche Bank, UBS, and J.P. Morgan Chase, among others. These collections represent a sizable portion of the banks’ investment portfolio and serve a much larger number of strategic goals beyond office decoration.