A Great Family Art Collection is no Accident of History
Private art collections around the world are increasingly using the fact that they are family-owned in their marketing to promote themselves in the international art market.
It is not simply family pride that is influencing this strategy but a global competition for public admiration of their collection's artistic qualities.
In our latest report from Fine Art Wealth Management we examine 5 important elements that make for a vibrant family art collection and the value of connecting with key stakeholders in both messaging and image through branding.
1. The best and most compelling reason for branding a family art collection is to display family cohesiveness. Families identify deeply with their art collections and believe it is an essential part of what defines them.
2. A family name is unique, and if well managed, it can be the glue that holds the collection together. It has the power to integrate and strengthen the identify of the family and provide future generations with an emotional home and secure value base.
3. The world's largest collecting families are proud of what they have built and are increasingly promoting them on their own dedicated websites, in social media, and at major art venues. Successfully marketing and positioning the collection entails a long process for the family, often spanning a number of years.
4. By properly branding the product of their life-long passion, a family can leave humanity with a record that enriches and challenges the understanding of art for future generations.
5. Leveraging on the family identity and heritage to strategically position the collection is one way to reinforce its individuality in order to project the brand globally. We are talking about a context where borders, cultures and languages are crossed by dynamic marketing.
Collecting families are moving toward an increased focus on using their collections to realise what they define as a richer life and to achieve a greater sense of fulfilment for themselves and their community.
Management of the family brand requires practicality, strategy, and strong commercial acumen while nurturing and caring for the collection. The world's most successful family collections have managed to integrate both imperatives to create a lasting legacy.
To read more about Building a Global Brand for a Family-owned Art Collection see our Knowledge Library