Interview with Francesco Moretti
Art Critic and Consultant
Scientific Coordinator of Museo del Parco di Portofino
Managing Director of the Art Division at Family Offices in Monaco, UK, USA
Author of critical texts on international contemporary artists
Organizational coordination of Contemporary Art & Old Masters exhibitions
Organizing committee of the exhibition “VERSO CARAVAGGIO, la luce del tormento” – Alba 2022-23
We are delighted to introduce Francesco Moretti, a valued friend and partner of Kelmer Group. We discussed with Francesco his extensive experience and insights into the world of art collecting.
Francesco, can you explain where art collecting began and why it’s important historically?
Collecting has very ancient origins. In ancient Greece, it takes on foundations recognizable to our days, although the first traces can be found in prehistoric times and during the reigns of Ancient Egypt. Considering the importance of artworks in past centuries, we realize they have represented true symbols of power. For example, in Italy, especially from the 16th century, the court museum becomes a prestigious title for monarchies, principalities, and ruling houses. However, it was only in the 18th century, particularly after the French Revolution, that we witnessed the birth of state museums, that is, museums open to the public.
What are some notable art collections in recent years, and how have art and luxury goods influenced the market?
Analyzing the past two years, we see that despite various geopolitical crises, the repercussions on the art and luxury goods markets have not been so evident. In 2022, the three main auction houses in the world, Christie’s, Sotheby’s, and Phillips, sold artworks worth $13.8 billion, 13% more than the previous year. Important collections of figures such as Paul Allen and Emily Fisher Landau have recorded real historical records. In November 2022, the entire collection of Microsoft’s co-founder reached a figure exceeding $1 billion, while in September 2023, Picasso’s Femme à la montre, part of the collection of the famous New York patron, was auctioned for almost $140 million. Another colossal collection from the recent past, that of David Rockefeller, proposed in 2018, also witnessed new records. In recent years, there have also been great discoveries; “unpublished” paintings initially considered of little value that later turned out to be attributable to names like Caravaggio, as happened at the Ansorena auction in Madrid in April 2022.
The time span is very wide, ranging from old masters to impressionists and modern and contemporary art, attracting collectors from all latitudes. Not only paintings and sculptures but also jewelry, watches, vintage cars, and even wines, demonstrating what can be defined as “safe protection assets,” which are little affected by global economic uncertainties or periods of pandemics. However, besides the records, there have been problems. The most expensive painting ever sold by an auction house is a key witness; I am naturally referring to Leonardo’s Salvator Mundi, sold in 2017 by Christie’s NY for about $450 million.
What key factors should collectors consider beyond the artwork’s originality and price?
Nowadays, it is essential to follow a multidisciplinary approach when approaching the art world. Whether you intend to buy or sell assets, or study strategies to enhance them, in the short or long term, such as exhibitions. We must consider how, especially in the last 30 years, globalization has brought different cultures closer together and facilitated exchanges in ways previously not so marked. Talking about collecting and investments in the art world, especially internationally, is not merely a matter of buying and selling a material asset. It is extremely important to consider various aspects of an artwork under examination. For example, if a collector decides to buy a work of art currently in Europe, he must consider not only its originality and price, which are by no means negligible facts, but also the legal, financial, and tax aspects, the jurisprudence regarding international circulation, and where to display it once acquired. The episode of Salvator Mundi, like others, confirms that only after careful studies and specific analyses should an investor make a decision. It is important to delve into the guarantees provided, whether by auction houses or in private negotiations. Conduct thorough due diligence concerning the attribution, conservation, marketability, and provenance of the artworks, obligations that, in most cases, fall on the buyers. Refer to new laboratory analysis technologies for diagnostic investigations, to new strategies and rules adopted by companies operating in the market through the right keys to understanding.