Seems like Citigroup is doing something new to help retain accounts of the younger generation. It’s all being done through an art buying simulation. This was a great way to teach the younger generation on valuing and buying art.
Photograph by Kin Cheung — AP
The Citigroup Simulation Art Auction For Wealthy Heirs
Here’s what they did. Citigroup took 40 participants and put held a bidding auction for a piece of art. The money used was fake but the art was very real. This auction consisted of individuals from wealthy families spanning across a number of countries. These individuals are slotted to inherit an incredible amount of money over the years to to purchase many expensive items, including a significant amount of art work.
Why Did CitiGroup Do This?
According to Bloomberg, Citi Private Bank’s had held a session on buying art due to the asset being seen as an investment option. Bloomberg stated, that art sales hit a record year worldwide in 2014. When individuals are given a wonderful opportunity to inherit wealth of such magnitude, they need to develop skills that simply can’t be taught in a classrom or through reading a book. Citigroup’s efforts may help them retain those liquid assets of the wealthy heirs.
Now, you don’t need to inherit millions of dollars to call yourself an art collector. You don’t need millions to bid on works of art. There’s plenty of beautiful artwork in the world for all classes, regardless of your taste in art.
I’ve done special pieces for art collectors for $60,000 for a single piece. I’ve also created works for less than $1,000. There’s hard work, value and appreciation in each of the peices regardless of the price tag. If you’re interested in speaking to me about investing in art I’d love to talk to you. The important thing to understand here is that anyone can become an art collector at any point in their life. Whether you’re a seasoned collector with a huge collection or just looking to start building a collection you can enjoy, I’d be happy to help share my knowledge. If you’re just starting out there are things you need to know about buying art.
Feel free to contact me anytime you’d like at greg@gregcartmell.com to talk!