A socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5,000 people working in Russia and abroad.

The Foundation works alongside various UN departments and other international organizations, and is building multi-format cooperation with 173 economic partners, including industrialists’ and entrepreneurs’ unions, financial, trade, and business associations from 78 countries worldwide, and 179 Russian public organizations, federal and legislative agencies, and federal subjects.

The Roscongress Foundation has Telegram channels in Russian t.me/Roscongress, English – t.me/RoscongressDirect, and Spanish t.me/RoscongressEsp. Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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Art as an Asset: Opportunities for Investment in Turbulent Times
15 June 2022
10:00—11:30
KEY CONCLUSIONS
Art is becoming increasingly attractive as an investment. Russian art can use the current turbulent environment to boost its development and build an attractive environment for investors.

Investment in art, like investment in the stock market or precious metals, is a fairly developed field. The market already has its assets, i.e., works of art, and an infrastructure in the form of art dealers working for auction houses. There are also a range of auxiliary instruments — Dmitry Breytenbikher, Senior Vice President, Head of Premium Customer Relations, VTB Bank.

Over the past 20 years, investment in contemporary art has grown significantly, including in Russia. So, it’s clearly a promising market. And the arrival of art foundations will attract professional players, as clients are now interested in identifying alternative investments — Dmitry Breytenbikher, Senior Vice President, Head of Premium Customer Relations, VTB Bank.

Our people are like craftsmen. They make things with their hands, and stand head and shoulders above their Western peers – particularly the new generation. And this is giving us the opportunity to reach new levels of attainment — Dmitry Khankin, Founder, Triumph Gallery.

Technological development and digitalization are coming to the art market

If we make sure we’re not looking from the past, but from the future, then we will very clearly see that people are undergoing a phase transition – their logocentric consciousness is shifting to a technological one — Vladimir Shabason, Strategy Director, Self Soft Production.

I hope that we will see technologies enter the world of art. This will raise the segment, as we have seen in recent years. First of all, it’s happened anyway, and we can see perfectly well that art and finance mesh excellently. Secondly, we can already clearly see that young people are looking at art in a more formal way – they are focusing on the art market as offering the most promise — Vladimir Shabason, Strategy Director, Self Soft Production.

ISSUES
Players in the market need to recognize the importance of data

Every player in the market needs to understand that everything is built upon data. And it’s important that this data remains a constant so that it can be used during deals — Vladimir Shabason, Strategy Director, Self Soft Production.

The art market is in need of legislative regulation

If a law on arts patronage were to be adopted, I think everyone [in the market – ed.] would find it much easier to exist. And this is the main issue which we are experiencing in the art world specifically. That’s because most museum collections were built up by patrons who were offered tax deductions. They weren’t acting out of sheer benevolence – they had something to gain from the state — Polina Askeri, Founder, Askeri Gallery.

SOLUTIONS
The establishment of art foundations

Companies and banks can focus on the art niche and establish foundations specializing in investment in art. Then collections can be built with the help of professionals. Mass-investor access to this area is what is important right now, given the closure of a whole range of foreign platforms for investing in foreign securities. So, the opening of a modern art fair is a fairly decent alternative, both for the investor, and the potential collector — Dmitry Breytenbikher, Senior Vice President, Head of Premium Customer Relations, VTB Bank.

The adoption of new legislation and amendments to current legislation

If the law on patronage gets adopted, then there will be the chance to sell a much greater volume of art — Polina Askeri, Founder, Askeri Gallery.

We are very much hoping for amendments to be made to the law on culture which will incorporate the creative industry as a concept. That will facilitate the distribution of tax incentives and grants in this field. I have a hope that there will be a large amount of extra interest in contemporary Russian art, and that it will give the market a proper boost — Anastasia Taradankina, Partner, Delcredere Bar Association.

Transparent decision-making tools

There needs to be a set of rules governing the market and financial institutions which are absolutely clear and transparent. Financial advisors are new players on the market, and we need to make sure that they, and not art dealers, are able to explain to their clients what to invest in in the art market, and how to do so. They need to be able to base their conclusions on data and transparent financial tools — Vladimir Shabason, Strategy Director, Self Soft Production.

The material was prepared by the Russian news agency TASS