Imports of art and antiques across borders reached their highest-ever level of $30.7 billion in 2022, and exports their second highest at $33.4 billion. While global imports across all industries were down in the first quarter of 2023, the value of inflows of art to key hubs continued to grow, including double-digit increases in Hong Kong (50%), the UK (38%), and the US (15%). Given the stellar finances involved, Augustman spoke to Carola Wiese, UBS Family Advisory – Art and Collecting, on how rational investors can approach a passion pursuit as subjective as art.
Since all art is subjective, how does UBS view art?
Art can be appreciated through many different perspectives. In my role, as part of the UBS Family Advisory Art and Collecting team, we work closely with our clients, providing impartial advice and expertise on the art market, collecting, and art legacy planning. UBS has been a long supporter of cultural endeavors and supporting contemporary art. At the core of this commitment is the UBS Art Collection, one of the world’s most distinguished and important corporate art collections. The UBS Art Collection’s view is that artists are the spokespeople of our time and art can tangibly contribute to building a better world. This is why the UBS Art Collection’s mission is to collect the art of our time and spark conversations on today’s pressing issues. It is also this very ethos that has guided us in building a meaningful collection from the 1960s to today.
Editor’s note: Today the UBS Art Collection is considered one of the largest and most important corporate collections of contemporary art in the world. Comprised of various individual art collections with unique attributes that have been integrated over time the vast majority of these works are displayed in more than 700 UBS offices around the world.
It’s easier to comprehend work of a renaissance master versus some of the more modern pieces. How are you supposed to gauge a piece of art based on merit since definitions of masterpieces have evolved, versus how we might cynically perceive a work with a random dash or simple block of colour?
Attitudes towards art are subjective and ever-changing. For The UBS Art Collection, the focus lies on collecting contemporary art — it is very international and works are intentionally curated in a way that can inspire dialogues at local, regional, and international levels. These artworks are hanging on the walls of every UBS office, and you won’t be surprised to find regional and international artists all displayed together.
As an art historian, is it a defining quality that art must be understood for it to be considered art?
Since so much of today’s art is concept-based, it needs to be engaged in a broader conversation to find pertinence, and this is what the UBS Art Collection aims to achieve.
Who do you think art is meant for?
It’s for everyone! Art is meant to enrich our lives. If you look at our specially commissioned works by Indonesian artist Eko Nugroho for our lounge at ART SG for instance – his artistry stands out as one of the best ambassadors to spread messages on optimism, positivity and community work. This is best represented through the UBS Art Studio as well, our public activation space at the fair which welcomes audiences to participate in his work, and engage with those themes.
Editor’s note: In the UBS Lounge, the UBS Art Collection presents Hands with Sunrise, featuring works by Nugroho. Focusing on themes of community and environmental consciousness, this presentation consists of a commissioned installation, embroidered paintings and artworks made with upcycled materials. The works were created collectively by Nugroho and the local communities in Yogyakarta.
Is it possible to compare works from the different periods of art history? I mean, because in a portfolio you try to be as well balanced as possible. So how do you decide?
We are not advising in that sense – art is a passion pursuit for us and both the family advisory team and my colleagues with the UBS Art Collection take a strategic approach, seeking to create a lasting vision that is impactful for the collection. Every period has its unique characteristics, importance and value, so what remains significant is going to be determined over time, especially when speaking about contemporary art. It’s the so-called “test of time”, that’s how we curate a collection. We engage in something that we feel confident about not just for today, but for the future.
How do you draw the line between commercial and art for art’s sake because for me, I do feel that the artist has to eat as well. And we don’t live in a period where there are patrons who buy to support you to do your own art and your workshop. How do you draw that balance? Furthermore, is it an insult still to define an art as commercial?
We don’t view art as commercial, instead we see collecting as a passion pursuit that pays emotional dividends, and this informs the guidance that we offer our clients. Of course, we do believe that artists should be supported in their careers and properly renumerated for their work, which is why my colleagues at the UBS Art Collection acquires works on the primary market.
Critics have said Murakami has gotten more commercial over the years. Is it fair to describe his art in those terms?
In my personal experience of working with artists, they have always had a deep understanding of art history, and their own creative way in which they want their message delivered.
The recent Art Basel and UBS Survey of Global Collecting shows that 2023 is very bullish on art. Could you share some of your observations and perspective?
Things are definitely looking positive. It was particularly exciting for me to see that one of the highest representations of female artists’ works in collections was in Singapore, and that collectors in the region are increasingly supporting local artists. I am honoured to be in Singapore for ART SG 2024 as part of UBS’s global family advisory team, meeting with collectors to advise on them on building meaningful collections, and it’s great to hear first-hand their thoughts on the Survey’s findings.
Tell us more about the new artworks and the most exciting ones that you have in the UBS Art Collection
The philosophy of the UBS Art Collection is collecting the art of our time. For ART SG 2023, UBS has specially commissioned new works by leading Indonesia artist Eko Nugroho. It’s very beautiful to see artworks that spread positive messages which resonate with the community, elements that are at the heart of Eko’s work. His message also relates to UBS’s purpose and commitment to the communities they operate in – these shared values are why the UBS Art Collection has commissioned him to create works for ART SG.
That’s also what we also try to do as much as possible with our clients – to engage them on their passion for art. It helps that we are equally as passionate as our clients about art, and I think that is the basis of our advisory work.
Will you recommend someone to buy an art piece because it’ll appreciate or do you recommend that they have to love what they buy?
Passion is truly the basis central to all of our recommendations. We advise on the collecting of art as a passion pursuit, and regard it as an integral part of the overall legacy that our clients are building.
Cover image: Installation view in the UBS Art Studio at ART SG 2024, Eko Nugroho, Future Fungus #1, 2020, Wired upcycled plastics, iron, acrylic paint © Eko Nugroho
