A shared perspective on building, preserving, and growing a corporate art collection is that it can generate profitable returns, providing a means to diversify and secure the corporation's assets.
Unfortunately, this represents a limited outlook. In reality, the increasing value of a corporation's art collection is often an unintended benefit or a bonus rather than a guaranteed outcome, as referenced in research by Dhir, Sheldrick, and Masella (2016).
A recurring question currently is: Why do companies choose corporate art?
According to the online art marketplace Pavillion 54, corporate art serves multiple purposes: (1) to communicate the corporation’s values and cultural identity, (2) to enhance brand image, and (3) to foster creativity in the workplace.
In this context, building a corporate art collection requires selecting pieces that reflect the corporation’s desired image while aligning with its objectives.
This article outlines essential strategies for curating the best corporate art collections. It will guide collectors through the process, from aligning the collection with the corporation’s goals to selecting pieces that best represent its values and vision.
- Identify Core Values
- Establish a Budget
- Consult an Art Professional
- Obtain Artworks
- Plan Display of Art Pieces
- Manage the Collection
What is a Corporate Art Collection
A private art studio, Artelier defines a corporate art collection as a company’s collection built gradually over time. It may feature works by renowned artists alongside pieces from emerging contemporary artists.
Art Collection: Corporate Ownership vs Individual Ownership
Corporate art ownership refers to acquiring artwork by a business or organisation to enhance brand identity, create a professional environment, or make investments.
In contrast to corporate ownership's brand identity and investment purpose, individual ownership is typically subjective. A collector usually purchases art for personal enjoyment and emotional connection.
Moreover, considerations for individuals are often less about public perception or investment returns and more about personal taste and connection to the art.
History of Corporate Art
Corporate art collections date back to the Renaissance, with one of the earliest examples being the collection by Banca Monte dei Paschi di Siena in 1472 in Siena, Italy.
Initially, corporate art was curated primarily for the company’s owners rather than for public display. Over time, however, as the bank expanded, so did its art collection. Corporate art shifted in purpose, gradually displaying art as a symbol of success, as noted by an art consultant, Elizabeth Xi Bauer.
In the 1950s, corporate art collections became popular as more companies recognised their branding and brand identity benefits.
6 Steps to Building A Corporate Art Collection
Building a corporate art collection is a complex task that goes beyond merely decorating a space or placing artwork on office walls.
This section will outline the considerations and steps in curating the best corporate art collections.
1. Identify Core Values
Art is a medium for conveying complex ideas and emotions, providing corporations with a way to visually express their values, culture, and identity, as noted by Medium.
In this regard, identifying core values is relevant for communicating a cohesive message through art collection.
Deutsche Bank Celebrates Diversity
A prime example is Deutsche Bank’s contemporary art collection, which showcases global artists, including Annette Kelm (Germany), Yang Fudong (China), and Pavel Pepperstein (Russia).
According to the contemporary art platform Frieze, these artists’ pieces utilise innovative techniques that inspire and foster dialogue across varied cultural and historical contexts.
The collection complements Deutsche Bank's values of innovation and openness, highlighting its support for new voices and diverse perspectives. By investing in contemporary art, the bank can strengthen its identity while conveying values to its audiences.
2. Establish a Budget
Establishing a budget determines the amount of money a corporation is willing to invest in its art collection. However, this amount varies based on the corporation's size, objectives, and available resources.
For instance, larger companies often have excessive financial budgets, enabling them to invest in blue-chip art or commission statement pieces.
Morgan Stanley’s Blue Chip Art Collection
An example of such a company is Morgan Stanley, which owns works by Pablo Picasso, Mark Rothko, and Andy Warhol. My Art Broker reports that the financial institution’s collection is valued at over $1 billion (more than £700 million), underscoring the significant investment in high-value art.
Accordingly, budgeting becomes essential, guiding the selection of artworks that align with the company’s financial resources.
3. Consult an Art Professional
Choosing a corporate art collection can seem daunting, especially if the individual assigned with the responsibility needs more experience in art selection. Consequently, companies rely on a trusted art professional to assess specific needs and provide a tailored solution within budget.
The Role of a Corporate Art Curator
The art provider, Angela Cameron, defines a corporate art curator as someone with the expertise to understand the company’s goals, clients and aesthetics.
They help select artwork that complements the corporate space and are adept at positioning art to foster connections with clients, staff, and visitors.
Discover the responsibilities of a corporate art curator:
- Assess existing corporate art collection
- Conduct in-depth research into the company’s brand, culture and current collection
- Identify spaces for displaying corporate art and propose concepts
- Provide insights into art investment opportunities
- Source and hire artists to create bespoke works for the company
Given their duties as corporate art curators, their role extends beyond acquiring pieces; they are also responsible for making strategic art choices and curating a collection that supports the brand.
4. Obtain Artworks
There are several ways to acquire a corporate art collection. Whether renting, buying, or receiving donations, each approach caters to different needs, offering flexibility regarding ownership, cost and commitment.
Buy
Acquiring corporate art involves buying artwork for complete ownership, usually requiring a substantial initial investment. This option allows businesses to curate a permanent collection while directly supporting artists.
Best for: Building long-term collection or investing in valuable pieces
Rent
Art rental is a service that allows businesses to lease artwork for a specified period, typically ranging from 6 to 36 months. It offers a versatile way to acquire artwork, allowing corporations to update collections regularly without the high costs of purchasing art.
According to the nonprofit arts organisation iPaintMyMind, this transformative method guarantees a constantly evolving space, cultivating an environment of ongoing inspiration and innovation.
Best for: Testing out pieces
Donated Artworks
Art donations entail corporations receiving artworks as gifts from artists or individuals. According to Zimmer Stewart Gallery, the motivations behind these offerings may include a desire to support the organisation’s objectives, a wish to be associated with it, or a combination of both.
The artworks will be displayed, so they must complement the other pieces, align with the building's design, and, most importantly, reflect the organisation's brand.
Best for: Supporting artists
5. Plan Display of Art Pieces
Every piece is deliberately placed in any art display to reinforce the collection’s overall message. Thoughtful planning of elements like placement, lighting, and arrangement is essential to help viewers engage more deeply with the corporate artwork.
Art and Wine Magazine suggests displaying the collection in a visible area, such as the lobby or conference room. This technique will effectively highlight the artwork and communicate the company's values, creating a welcoming atmosphere while leaving a lasting impression.
Moreover, creating a unifying theme or concept for a company's art collection can help establish a cohesive message.
Whether centred on a particular art style, like abstract pieces or focused on a specific subject, such as sustainability, this approach facilitates conveying the company’s values while cultivating a connection with the viewers.
6. Manage the Collection
As the collection expands, managing corporate art collections involves creating a catalogue and evaluating them regularly.
According to The Economic Times, maintaining a catalogue and assessing the financial value of artworks provides thorough documentation while supporting future decisions, whether for selling artwork or expanding the collection. Large or small corporate art collections can begin by cataloguing each piece using spreadsheets.
Another option is to utilise an asset management platform to ensure that artwork details are recorded and relevant documents are attached, such as authenticity certificates and sales receipts. These documents which detail the art price history or auction results, are crucial as they help assess the potential market value and investment potential.
By having an organised catalogue of corporate artworks, the company gains insight into their collection’s financial trajectory, allowing them to make informed decisions.
Build a Corporate Art Collection with a Purpose
Corporate art, once seen as a branding tool, has now evolved into a strategic asset that enhances the workplace environment while positively impacting a company’s social and economic health, according to an Italian academic, Chiara Paolino.
Adopting a structured approach – from identifying core values and establishing a budget to consulting art professionals, obtaining artwork, planning displays, and managing collections — is essential to building corporate art.
Following these steps can guarantee that the collection aligns with the company’s goals. In the end, having an organised corporate art collection enhances employee engagement while contribution to long-term value creation.
Corporate Art Collections: Frequently Asked Questions
1. How do you start building an art collection?
According to East End Artists, building an art collection begins with defining the collection’s objectives. This is followed by exploring galleries, exhibitions, and art fairs to discover personal tastes and preferences.
2. How do I organise my art collection?
To organise an art collection, begin by cataloguing each artwork. Record relevant details, such as the title, the artist's name, purchase information, and provenance. Using tools like spreadsheets or asset management platforms can be beneficial for this purpose.
3. How do I become a successful art collector?
Eden Gallery notes that by educating oneself, defining personal interests, and understanding where to purchase art, individuals can build a valuable and meaningful collection, a start to becoming successful collectors.
Manage Corporate Art Collections with MyAssets
Building a corporate art collection is more than just acquiring pieces; it must be carefully managed to preserve the collection’s worth, ensure proper documentation, and facilitate future growth. As the corporate art collection management process becomes more complex, leveraging artwork organisation tools like MyAssets can be a one-stop solution for corporate art collectors.
MyAssets is a complete asset management platform that allows collectors and investors to digitally catalogue artworks by storing information like title, number of items, purchase price, and current valuation.
As businesses grow and shift their focus, MyAssets helps streamline the process of updating their corporate art collection and providing easy access to all collection details. This makes it simple to evaluate which pieces should be retained, which might need to be disposed, and which new works should be added to align with the company’s evolving goals and values.
Take the first step towards a well-organised collection with MyAssets' 14 day free trial.
