"Art Finance Research" experiences | grasps the pulse of the times and aims at the forefront of art finance!

4

5-2022

Wednesday

【Editor's Note】 "In the process of promoting the construction and reshaping of digital art financial services in digital scenes, the first core problem is based on digital services, and its construction must closely focus on the service system of art assets in digital form, the service system of risk control system and mechanism in digital form, and the service system of governance ecology in digital form. The following is the experience of Mr. Zhou Yifa, a calligrapher and painter, who read Xu Xiaogeng's new book "Research on Art Finance".

Grasp the rhythm of the times and aim at the forefront of art finance

——Zhou Yifa

I was pleased to hear that Xu Xiaogeng's new book "Art Finance Research" was published, and he sent his work from Wuhan to Beijing, which gave me a sneak peek. Read through three times and be engaging. Focus on intensive reading, and benefit a lot.

Mr. Xu Xiaogeng received his Ph.D. from the Central Academy of Fine Arts in June 2006, and went to the Department of Art History of the University of Munich in August 2006 as a visiting scholar, and then spent several cold summers studying the history of ancient Chinese art at the Institute of East Asian Art of the University.

After returning to China, Mr. Xu Xiaogeng was selected to serve as the dean and doctoral supervisor of the School of Fine Arts of Central China Normal University. On the one hand, he carried the scientific research projects of the nationally designated artistic frontier, and on the other hand, due to his sense of responsibility for the times, he began to study the internal relationship between culture and economy, art and finance across the border with a philosophical perspective. It can be said that grasping the rhythm of the times, aiming at the forefront of art finance, integrating the intersection and integration points of social capital and personal capital in the field of culture and economy, and making useful and arduous explorations in the integration of theory and practice.

First, reading impressions

The first part of the book "Art Finance Research" collects the research results of Xu Xiaogeng, He Shuangnan, Huang Wenrui and other well-known scholars, and makes a multi-dimensional interpretation from the span of Chinese and foreign historical evolution and changes in domestic and foreign realities, as well as the relationship between cross-sectional art and finance in various periods, and analyzes the issues that many economists and cultural and artistic scholars at the forefront of art finance are concerned about at present and even in the future, which is of unusual significance.

The second part of the book, "Art Finance Research", collects the research results of about 40 scholars such as Zhang Qibin, Zheng Xiaobo, Luo Liqin, etc., from human nature, personality, character, art categories, art quality, art function, art education, art consumption, art development, art wealth management, art derivative cultivation, the establishment and operation of private art galleries, art galleries, museums, libraries, non-no-heritage, non-protection, Internet, Internet of Things, blockchain, big data, cloud computing, market laws, market prospects, legal level, Policy orientation and many other aspects, multi-angle, multi-level, all-round elaboration of the relationship between art and finance has become inseparable. Undoubtedly, it will play a very positive role in guiding and expanding the thinking and creativity of artists and financial workers.

The third part of the book, "Art Patronage of the Ming and Qing Dynasties", from the discussion of the social mechanism and market format of art patronage in the embryonic period of Ming and Qing capitalism, has a certain reference role for the research of contemporary and future art finance and the integration of culture and economy.

Second, cover up thinking

At present, with the advent of the domestic wave of art finance, the investment collection of art has derived a new type of wealth management from simple personal hobbies, and more and more capital has intervened in the art field through various financial forms such as art mortgage, art mortgage, art trust, and art fund.

As the financial industry increases its efforts to reform and deeply opens up to the outside world, the road of art finance will become smoother and smoother. The birth of some emerging art financial institutions aims to make up for the shortcomings in the field of domestic art finance research, promote art authenticity, art evaluation, art finance standard formulation, talent training, art finance product development, and promote the standardized and healthy development of the art industry.

China's continuous in-depth exploration and practice in the theoretical research and practice of art finance, the application and transformation of scientific research results and the cultivation of professional talents have made art finance standardized, standardized, diversified and sustainable, which has become an irreversible development trend.

In line with this, the two-way opening of the financial industry- art examination - art - art - art self-media - art vision - the financial industry continues to deepen, and the future development of art financialization can be expected.

However, from the author's understanding and investigation of the art and financial circles in Liulichang, Songzhuang, 798, Panjiayuan and other places in Beijing, I believe that the innovative development of art finance in the new era has encountered the sino-US trade frictions and the global new crown virus raging since 2018, as well as the profound impact of the Russian-Ukrainian war on geopolitics, economy, society and other aspects, and the entire art finance field can be said to have suffered an unprecedented blow.

The author believes that in order to maintain a healthy trend in the research and development of art finance, it is urgent to solve the problems including but not limited to the following two main aspects:

The most important thing is that the identification, evaluation, pawn, mortgage, pledge, underwriting, lending, and fund establishment and management of art works and their processes must be coordinated from the aspect of institutional mechanisms to form a relatively unified authoritative standard. Since the reform and opening up, various localities and even industries adjacent to the cultural and artistic industries, even including relevant government departments, have established such as collectors' associations, art appreciation, appraisal and evaluation institutions, and many cultural exchanges have been established nationwide to seek the development path of culture and economy, art and finance.

To put it bluntly, however, the actions of certain institutions can be described as muddy and chaotic. The reason is that this is the same as other new things in the process of reform and opening up, in the trial, on the one hand, some departments and institutions can still take the promotion of the development of culture and art and the prosperity of the art financial market as the starting point and the point of attribution, carefully seek verification, follow the rules and regulations, formulate a road map for the integration of culture and art and financial capital, feel the stones and cross the river, and do a lot of useful work in exploring the integration of art and finance.

On the other hand, due to the lag or imperfection of policies and laws, the lack of operable implementation rules, some speculative drillers have a strong view of the portal, taking advantage of the lag in policies and laws and their resource advantages to highlight the interests of the department, resulting in the widespread occurrence of the problem of chaos. Correspondingly, when the top-level design department of policies and laws feels that the problems that have occurred seriously deviate from the original intention of formulating policies and laws, instead of using the method of classification guidance to help the superior and eliminate the inferior, it is a one-size-fits-all ban measure that is good and bad, resulting in some of the research and exploration paths in some trials that are related to success, that is, death in one tube.

On the other hand, although there are one-size-fits-all rectification restrictions, there are still some emerging art finance pilot institutions that have built up the boardwalk, secretly crossed Chen Cang, and changed the trick to carry out art appraisal and evaluation for the purpose of crazy profit-seeking. The phenomenon of cashing in the field of art finance characterized by bureaucratic and celebrity-based works of art and suddenly getting rich has seriously impacted the benign development of the art financial market, and has also seriously dampened the confidence of many art finance talents in the future prospects. Under the erosion of this chaos, some appraisal and appraisal conclusions cannot be recognized by any financial institution, so art and financial products can not only implement the integration of art finance, but also make the phenomenon of disjoint between the two skins of art finance more and more serious.

In view of this, the state should and must very clearly delineate the special management institutions for the industrialization of art finance from the aspect of improving the institutional mechanism of art finance, and through its comprehensive research, designate authoritative art appraisal and appraisal departments or institutions, and formulate authoritative standards for art appraisal and appraisal as soon as possible. At the same time, it is also necessary to formulate corresponding property rights and copyright recognition of works of art, and systematic measures for financial services such as pawns, insurance, and trusts for works of art to enter the circulation link, which are conducive to ensuring that works of art enter the market in an orderly manner according to law. In the present and in the next three or five years, it is advisable to try it first in the free trade port of Hainan, the world's largest continent established by the country.

The second is that we must change the concept of art finance integration in all sectors of society. Judging from the practical process of the initial integration of art finance, the artwork mainly reflects the spiritual attributes that bring pleasure to people through appreciation, play, etc., and it also has the material-level attributes of creation and production materials. Both of these attributes reflect the value of meeting people's psychological and life needs. In this sense, it is necessary and necessary to use financial leverage to pry the valve of people's desire and demand for art consumption.

In order to achieve the valve that leverages people's desires and needs, the author feels that at least the following concepts should be changed:

First, we must deeply understand that art financial services should pay more attention to customer-centric, personalized needs as the basis, and accelerate the creation and innovation of service forms and service systems.

Second, we must deeply understand that to build a digital art consumption scene, we must focus on the customer-centric, digital asset-based, and credit management-centered system.

Third, we must deeply understand the construction of digital art financial consumption scenarios, especially pay attention to the digital asset side, digital risk management and control based on integrated service platforms, and several factors inherent in the digital governance ecosystem. These factors should fully reflect the development requirements of the same frequency isomorphism of the construction of digital art consumption scenes and the construction of digital art financial consumption scenes.

Fourth, we must deeply understand the important role of creating and innovating service forms and service systems based on customer-centric and personalized needs. In the context of digital assets, relying on technologies such as big data, artificial intelligence and blockchain, the innovative development of art finance has shown a new form of development.

Whether it is a new format or a traditional format, the development process of art finance has its own unique and intrinsic laws, and its laws will promote the continuous expansion and emergence of art finance and its industry, forming new forms, new formats and new ecology, and these must be tested by the market and evaluated by the integration and development of science and technology. Especially in the era of art financial services centered on digital assets, the driving force for the emergence and change of art finance forms and the construction of systems is huge, and it is an important force and internal basis for the construction of new formats and new ecosystems, which is of great significance.

It is true that financial services correspond to the basic markets and industries they serve. In particular, based on the basic driving force of the development of art finance, the new consumption patterns have a major impact on many aspects of the expansion of the connotation of art financial services, which is rewriting the connotation of art financial services.

Third, the outlook

With the continuous expansion and rapid development of the world art market, the development of the art market has entered a new period, indicating that there will be more uncertainty in the development of China's art financial market. To study the art market, study the art industry, and explore the significance of the development of art finance, it is necessary to continue to deepen the forefront of market development, explore practical cases, improve research and analysis capabilities and levels, grasp and guide the direction of market development, open up new space for market innovation and development, and look for the possibility of relatively stable development in uncertainty.

In recent years, the Internet, big data, cloud computing, artificial intelligence, blockchain and other technologies have accelerated innovation, increasingly integrated into the various fields and the whole process of economic and social development, and the rapid development of the digital economy, the wide range of radiation, and the unprecedented depth of influence are becoming the key forces in reorganizing the global art market element resources, reshaping the structure, and changing the global market competition pattern. In this context, the most important driving force is precisely the pulling force brought about by changes in demand. Without the pull of demand, it is difficult for all of the above to happen.

Conclusion: In the process of promoting the construction and reshaping of digital art financial services in digital scenarios, the first core problem is based on digital services, and its construction must be closely centered on the service system of art assets in digital form, the service system of risk control system and mechanism in digital form, and the service system of governance ecology in digital form.

(May 2, 2022, yiyuanzhai in Beijing)

【About】Zhou Yifa, National Senior Artist, National Senior Calligrapher, Member of China Artists Association, Member of China Calligraphers Association. He has been awarded the honorary titles of "Contributor to National Cultural Construction", "People's Artist of Virtue and Art Shuangxin", "Most Beautiful Philanthropist", "Public Welfare Love Ambassador" and so on by the National "Two Sessions", the China Book Association and the Sino-AMERICAN Association, as well as many social welfare organizations.