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How can art join hands with finance dispel the public’s concerns about authenticity? Is there a more convenient and effective way to “escort” collection investment? What risks will they encounter for art financial institutions? Recently, at a forum with the theme of art finance, several insiders gave the answer.
Art finance is not far from you
Art and finance seem to be miles apart, but in fact, with the rapid change of scientific and technological means, art and finance are getting closer and closer. Art Fund, pledge, insurance, warehousing… The art finance model is constantly upgrading.
On July 14, 2018, as one of the theme activities of the 2018 (second) China Brand Summit, the Forum on “special comments on Chinese collection: no faith in art and finance” co sponsored by China business daily and China collection magazine was held in Beijing Friendship Hotel. Three guests from the industry, Miao Zhongxin, deputy general manager of Jingdong cultural and entertainment consignment mall, Yang Hongbo, general manager of Taikang online property insurance business department, and Xie Shangjin, senior art consultant expert of China Minsheng Bank, tell you with their penetrating views that art finance is not far from you.
Chen Nian, moderator of the forum and President of China collection magazine, chatted with three guests from the industry - Miao Zhongxin, deputy general manager of Jingdong entertainment consignment mall, Yang Hongbo, general manager of Taikang online property insurance business department, and Xie Shangjin, senior art consultant expert of China Minsheng Bank.
The forum guests tell you from a penetrating point of view that art finance is not far away from you.
You can buy and sell calligraphy, painting and stamp products with your fingers
Miao Zhongxin, deputy general manager of Jingdong entertainment consignment mall
Jingdong cultural and entertainment consignment mall, founded at the end of 2017, broke through the traditional collection transaction mode, allowing transactions, collection, identification and storage to be easily completed through a mobile app, creating a unique experience of “collection in the cloud and transaction sharing at the fingertips”.
Miao Zhongxin introduced that according to the practice, after customers buy calligraphy and paintings, they either take them home for preservation or send them to the bank vault. However, in Jingdong cultural and entertainment consignment mall, the calligraphy and paintings purchased can be directly stored in the consignment warehouse and re traded at any time, which eliminates the worries of customers in keeping their collections.
In addition, the cultural and entertainment consignment mall belongs to the cultural sector supported by JD, so the cost of participation is not high. For example, calligraphy and painting consignment, regardless of name, as long as calligraphers and painters have confidence in their works, they can participate in the consignment. At the initial stage of consignment, a painting and calligraphy needs to pay dozens of yuan after verification, photographing, archiving, traceability and other processes. After the works are settled in the mall, the sale is decided by the calligraphers and painters themselves. Only when the works are sold, the mall will charge a service fee of 3.5%. The same is true for postage and coins. Because the participation cost is not high, it can attract the attention of ordinary people.
As for the “integrity” of art finance, which everyone is concerned about, Miao Zhongxin believes that Jingdong, as an enterprise with a strong sense of social responsibility, has launched the model of cultural and entertainment consignment mall, which has been recognized by the majority of collectors and consumers. The main reason is that this model solves the problem of integrity. “Taking the consignment sale of calligraphy and painting as an example, we require calligraphers and painters to bring their works to the mall service platform for verification, and then take photos and archive the works after verification. Then we use blockchain technology to establish an anti-counterfeiting traceability platform, which can be sealed and put into storage only when the authenticity, quantity and quality are qualified. The whole process of the stored works of art can be traced, which is an innovation of JD. This also truly solves the problem of authenticity in terms of system and technology Let’s build a reassuring trading platform. “ Miao Zhongxin said.
Does your baby need insurance
Yang Hongbo, general manager of Taikang online property insurance business department
In fact, there is a big gap between Chinese people’s overall understanding of insurance and Western countries. In recent years, with the development of China’s economy, people buy more life insurance, and friends with cars will buy auto insurance. However, few people buy family property insurance, including art insurance.
A statistical data shows that 90% of the current domestic collections are in the state of “naked protection”. “Naked protection” means risk. The most common security risks include: first, theft, mainly high-value works of art, which is the biggest risk at present; Second, transportation, such as collision or damage during loading and unloading; The third is suffering from floods and fires.
So what kind of customers are art insurance aimed at? What kind of collectibles can be insured? According to Yang Hongbo, there are three points:
The first is to look at people. First, we should understand people. On this basis, we should understand the source of funds and the purpose of trading one by one.
The second is to look at things, that is, whether they come from legal and formal channels? According to the statistics of Taikang online, at present, auction houses, art fairs and galleries are the top three channels for customers to purchase art. “This is what we are happy to see. When purchasing art, I strongly recommend that you still choose institutions with relevant qualifications and guaranteed quality”.
The third is to look at the storage location. The storage location should have storage conditions suitable for the storage of works of art. Many customers entrust their collections to a third-party custodian. “I’m more optimistic about this business,” Yang Hongbo said.
Art finance should pay attention to “risk control”
Xie Shangjin, senior art consultant of China Minsheng Bank
For Minsheng Bank, everyone must be familiar with it. As the first bank in China to combine finance and art, it has made many innovations in the financialization of art.
Xie Shangjin has been working in private banks for the first six years in Minsheng Bank, and his contacts are all high net worth customers. According to him, China’s private banks began to appear in 2007 and are mainly divided into two parts: products and services. Many high net worth customers also slowly pursue spiritual enjoyment after their material life is rich. Private banks will not guide customers to buy anything, but will make customers interested in art and Bridge customers’ collection needs through auction, exhibition and travel.
“These are just one aspect of Minsheng Bank’s involvement in art. In fact, now more and more enterprises have begun to enter the art field, so is it necessary for enterprises to do art? The two seem to have little connection, but people need to appreciate art, which can not be ignored in the field of spiritual culture. Therefore