Welcome to my blog post about a recent Talks at GS event featuring Charles Stewart, the CEO of Sotheby’s. During this insightful conversation, Stewart shared valuable insights into the art world, including Sotheby’s latest innovations, the impact of technology, and the state of the art market. With his wealth of experience, Stewart provided an engaging and informative discussion that is sure to interest anyone with a passion for the arts or business. So, without further ado, let’s dive into the highlights of this dynamic event.
Talks at GS with Charles Stewart, CEO of Sotheby’s
The art industry remains one of the most lucrative global businesses, and its worth continues to grow exponentially. According to Statista, the global art market was valued at $67.4 billion in 2020. The industry has seen evolving trends, with art increasingly becoming an investment opportunity. One person who understands this is Charles F. Stewart, the CEO of Sotheby’s. In a recent interview with Kim Posnett, global head of investment banking services and co-head of One Goldman Sachs, they talked about the art industry and its future.
Interview with Kim Posnett about art as an investment
Kim Posnett started by mentioning the impressive growth in the art market, which experienced a 9.6% compound annual growth rate between 2000 and 2020. She explained that investors have seen the value of investing in tangible assets such as artwork. Charles added that the number of people investing in the art industry has also increased. He commented, “The pool of buyers has grown. We have more people coming from places where historically art hasn’t been collected, and they are participating in the marketplace more than ever before. There are more people who see art as an alternative asset class.”
Kim Posnett is global head of Investment Banking Services and co-head of One Goldman Sachs
Kim Posnett has extensive experience in investment banking, which she has used to advise her clients on various business transactions. As the global head of investment banking services and co-head of One Goldman Sachs, she has a wealth of experience in the finance sector that she brings to the discussion. Kim has also had a keen interest in the art industry and its investment potential, making her the perfect person to talk with Charles about the future of the art industry.
Discussion on trends in the art world
The discussion with Charles and Kim showed that there are different facets to the art industry. They talked about the trends in the art market, with Charles explaining that the industry is seeing a shift towards Asian buyers becoming increasingly dominant in the industry. He added that the interest in art as an asset class is widespread across different age groups, with millennials and Gen Z being significant players.
Charles also stated that digital art is rapidly gaining ground. He mentioned the recent auction of a digital artwork by Beeple, sold for a whopping $69 million, as evidence that the digital art industry is growing. Kim observed that the art industry’s trends are shaped by millennials, who represent a significant group that is interested in investing in the industry.
Evolving nature of art as an investment
The discussion with Kim highlighted how the art industry has changed over the years, with art becoming increasingly recognized as an asset class. Charles referred to art as a “yield-enhancing asset,” explaining that returns on art have been high compared to traditional investments. He stated that alternative asset classes such as art have the potential to perform well in a low yield environment, which makes them an attractive investment option.
Kim noted that art’s investment potential is not limited to traditional art. Investors are also opening up to contemporary art, which has seen a surge in popularity in recent years. She added that the changing tastes of collectors have driven the change, with more buyers seeking diversity in their collections.
Role of art in contemporary culture
The conversation also delved into the role of art in contemporary culture. Charles stated that art has become a significant cultural asset, shaping contemporary culture in various ways. He also mentioned that art can serve as a tool for building cultural relationships between countries.
Kim added that art can be used to promote social and economic agendas, stating that the use of art in corporate social responsibility programs is becoming more prevalent. She explained that corporations are using art to support social causes, demonstrating how art can create social change and make a difference.
Interviewer is Stewart, Record date is April 10, 2023, Video is embedded in content
The interview with Charles and Kim was conducted by Charles Stewart, the CEO of Sotheby’s. The record date for the interview was April 10, 2023, and the video was embedded in the content, allowing for easy viewing by interested individuals.
Insightful conversation on art market and its future
The discussion between Charles and Kim was an insightful one, covering diverse aspects of the art industry. They talked about the art market, providing insights into the industry’s trends and future prospects. They also discussed the evolving nature of art as an investment, revealing how art has become an increasingly recognized alternative asset class.
- What is the worth of the global art market?
The global art market was valued at $67.4 billion in 2020.
- Why are more people investing in the art industry?
Investors have seen the value of investing in tangible assets such as artwork. The number of people investing in the art industry has also increased.
- What is the shift in the art market?
Charles explains that the industry is seeing a shift towards Asian buyers becoming increasingly dominant in the industry.
- How has art changed over the years?
Art has become increasingly recognized as an asset class, with high return on investment.
- What can art be used for in contemporary culture?
Art can be used to promote social and economic agendas. Corporations are using art to support social causes, demonstrating how art can create social change and make a difference.