Corporate Art Collections - Delving into the hows and whys of Business and Art - Schmoozing Over Coffee
- August 15, 2020
- By Samriddha Bhattacharya
- 2 Comments
Image source: chinadaily.com |
When we hear of business and art, we think of something eye-catching that companies must have come up with in terms of packaging or display in collaboration with graphic artists or designers. But, there is a whole different side to the words Business and Art when said together, that is known as Corporate Art Collections.
To tell you a bit about what Corporate Art Collecting is - large organizations develop a collection of contemporary art for their office spaces. However, it is not as easy as it sounds. There is an arduous process involved.
Why do Companies wish to buy art?
To Inspire and Invigorate
The primary purpose of the corporate collector is to build an inspirational workspace for its employees. Art is always considered to be thought provoking, and these companies want their employees to gain different perspectives and approaches to their work by being exposed to art pieces. Art is always open to interpretation and triggers creativity in people and because of this, the companies want its people to be inspired in their own ways and go about bringing a change in their work. Sometimes, quite a bit of provocative work is also hung around, just to challenge the intellect of the employees.
Brand Image
Art is used as a part of the marketing mix for brand building and global image. The art that is collected is not supposed to be just any aesthetically pleasing piece of work. It has to be a representation of the values of the company. Every piece of work is carefully selected to align with the kind of image they want to portray to its customers.
Banks and Investment firms, that is, organizations that deal with numbers and are never associated with art in any layman's mind, are actually the biggest art collectors - JP Morgan Chase, Deloitte, Deutsche Bank, Aspen Insurance Holding Ltd to name a few. In fact, investment firms believe that hanging around young art in their office tells their clients that they are representatives of dynamism and are willing to invest in raw bright creative talent. As for banking institutions, contemporary art is supposed to tell its employees to keep thinking of making the bank relevant to its people because they are the ones dealing with nimble and changing situations all the time. They want to tell the clients that banks are not large sluggish giants stuck using archaic methods, but a sprightly bright athlete willing to change and chase. As a matter of fact, Deutsche Bank has even made a commitment to refresh its art collection to reflect the changing times.
Investment
Also, many would think that the reason that I am about to state is the real reason for these corporate collections, however the collectors heavily deny so. Art is an asset. Not just intellectually, but in terms of investments as well. The collectors carefully curate art that will appreciate over time, and can be sold in future to generate revenue. But, selling art does more damage for the company than good. When a company starts to sell its collection, it means that the company has hit rock bottom. Although there are times when organizations involve in healthy exchange of art, obviously for money though.
Ice breaker
Every team has at least one shy member, who is not able to melt his/her walls and approach team members or seniors. But, when employees look at a painting hanging from the wall, they start talking to each other, sharing their thoughts and opinions because they have found a safe ground to begin with and will not have any moments of awkward silence between them. Companies want to build a social work environment where there can be free exchange of thoughts. In fact some companies hold educational meets where the artists themselves come and talk about their work. These are just mechanisms used by the employees to build a more holistic forum outside the traditional work structure to cultivate relationships that might not happen in the office or even when the team heads out for a drink.
Social Responsibility
Why Contemporary Art only?
Deutsche Bank London Contemporary Art Collection: Financial News |
Types of Corporate Art Collectors
The thread that ties them all together is their wish to make their customers perceive them in a certain light.
Challenges faced in building a collection
Censorship is another shadow that the collectors have to keep in mind. There are some unwritten rules of the collection and they are:
- No nudes or depiction of sexuality
- No political work
- No cultural defamation
- Any work that appears offensive to the people of the company must be taken down
How to go about being a Corporate Collector?
Image source: www.db.com |
So, amidst all these, it can be successfully said that the main objective through all these endevours is to ultimately maneuver the worlds perception of the company as a whole.
A book that played a major guide in my understanding of Corporate Art Collections is Corporate Art Collections: A Handbook to Corporate Buying.