It has been fascinating to observe how, in recent years, the philanthropy field has developed several catchy buzzwords as well as useful novel frameworks; from Next Gen, catalytic, impact, strategic, and big bet to now discredited effective altruism and currently prevalent trust-based. These new – or rather recently formulated – approaches all bring something valuable and should not be seen as exclusive.
The SSIR June article advocates for yet another – ‘empowerment’ – approach which supports “an open-ended process that enables people to define their own goals and discover their own solutions, uniquely situated to their needs and circumstances—solutions that may never occur to wealthy donors or outside experts”…but isn’t it just a ‘sensible’ approach, fit for different strategies? Ultimately, it seems, “effective philanthropy is nuanced” as the Centre for Effective Philanthropy emphasises.
“Wealth management isn’t just about numbers on a balance sheet”. Amidst the greatest wealth transfer and so-called ‘policrisis’, family offices are poised to adapt across structure, investment strategy as well as the actives of families themselves. Getting to know the individual members, their interests, passions and ambitions is crucial in this transition and in my work. Both philanthropy and interest in arts & culture are unique gateways into family dynamics and platforms for building relationships.
As younger generations are beginning to take the lead, we ought to recognise the disparate environment in which they operate and the way in which they are different from their predecessors. As many wealth managers point out, the ‘Next Gens’ are likely to be more conscious of their philanthropic actions and inactions, as well as the impact of their investments. However, my view is that this incoming cohort is very diverse and thus nearly impossible to describe as a uniform block. Furthermore, the make-up and governance of today’s wealthy families have become incomparably complex. Such context, in my view, demands a focus on personalisation and professionalisation instead of the invention of new sweeping trends.
Meanwhile, the total number of family offices more than tripled between 2019 and 2023. As the wealth of the super-rich grows, how they deploy it — through both investments and philanthropy — will have big implications for the world’s response to environmental and social challenges.
“At a time when financial institutions are betting on their wealth management practices as a source of growth, a high-profile presence in the art world can help attract and keep the “ultra-high-net-worth” clients who are their VIPs.”
Philanthropy and the arts have become relevant aspects of wealth management. Working with clients across generations, I guide them through the intricacies of both the philanthropy and art world, with the aim to align with their interests and increase social impact. These conversations are ever more important now, in the midst of the greatest wealth transfer.
The first Venice Biennale took place in 1895 and was a tremendous artistic, political, and economic success. It has since expanded into a complex infrastructure, requiring increasingly a greater degree of collaboration and support. Alongside, contemporary art has evolved to include a variety of mediums, scales, and forms of expression.
In this context, the ambition of creative projects hugely depends on thoughtful patronage. The Island is committed to directly supporting artists who dare to push the boundaries of concepts and disciplines. WangShui’s highly anticipated installation features in the 60th International Exhibition of La Biennale di Venezia. The work speaks to the present issues of identity, materiality and consciousness, and it would have not been possible if not for the patronage of the Island. Working with the Island, we have been looking into new – more effective, flexible, direct and unconventional – ways of supporting pioneering artists. Such approach is inspiring, timely and necessary to ensure a thriving arts ecosystem for the future.
Working with artists, I am continuously reminded of the (soft) power of arts and culture in education, diplomacy, system change, and individual empowerment. The artists have repeatedly shown us that creative thinking holds solutions to today’s wicked problems.
Mark Bradford describes his work as art “with a social or political context clinging to the edges”.
Turner Contemporary is one of the UK’s leading contemporary art galleries located in Margate (1h away from London). Thrilled to be part of its Development Council, supporting the Board, fundraising efforts and strategies for future growth.
With its world class programme of exhibitions and educational activities, Turner Contemporary serves not only as an inspiring cultural hub but as an agent of change, driving the regeneration of its surroundings and contributing to the UK’s arts ecosystem.
What an inspiring novel approach by the Alex Katz Foundation – less limelight & more impact! Long-term, systems thinking led by one of the key stakeholders – i.e. the artist – is, in my view, much more effective in improving the sector’s dynamics than traditional grantmaking.
The quality of public art collections – especially outside large metropolises – and support for artists in the early/mid stages of their careers are critical for the health of the arts & culture ecosystem. The Alex Katz Foundation has championed a thoughtful formula, and I advocate for looking beyond the conventional foundation model.
“On an electric circuit board, the light doesn’t come on until the last wire is connected. Similarly, in advocacy, companies can only create higher-order value for multiple stakeholders when all elements connect…”
The arts & culture infrastructure is increasingly shaped by the art market. In this context, initiatives such as OFFSCREEN, Paris, pioneer new formats – combining art fair, exhibition and culture centre models, it brings together top quality, complex installations of contemporary art with meaningful programmes; while its nomadic set-up contributes to the city’s cultural landscape.
OFFSCREEN’s second edition in 2023 included an ambitious, technology-based installation by Stefan Bruggemann and a series of conversations about the future of philanthropy for the arts & culture, both supported by the Island. Lawrence van Hagen, one of the most prominent NextGen art advisors, Aindrea Emelife, curator of the Nigerian Venice Biennial pavilion, and Russell Tovey, actor, writer, curator, collector and co-host of Talkart podcast, talked about the ever-changing arts ecosystem, their museum patronage, connection with the artist community and reaching new audiences.
“[…] our societies generate both new and old problems at a faster rate than we can ever hope to solve them. Even solutions that ‘work’ can have negative side-effects that then generate new problems.” A ‘Zero Problem’ approach could move the sector away from prioritising the design, innovation, and delivery of solutions towards shaping social contexts that create fewer problems in the first place.
In the 21st century, the act of collecting art has evolved far beyond the acquisition of valuable objects. It is now an integral part of a multifaceted ecosystem within the art world. Working with CURA Art, we have further developed a course offered by Christie’s Education that delves into the significance of private philanthropy within the arts and culture sector.
Through panel discussions and engaging conversations with artists, we explored the evolving role of art patrons in today’s dynamic landscape. These dialogues have shed light on the intricate dynamics between various stakeholders and have provided insights into how we can ensure the provision of high-quality cultural experiences for future generations.
“Moreover, this philanthropic work places brands in the fashionable arena of urban regeneration as they send out messages about the quality of life, time and spaces we are part of…”
“Private donors accounted for 80 percent of the funding, with the remaining 20 percent coming from Los Angeles County…”
“The strategy was the outgrowth of an open conversation between Ford and the Urgent Action Funds about how the BUILD grant could support the group’s long-term sustainability, including through investments…”
“Donors who want to make an immediate impact and avoid ideological drift are setting up foundations that must spend their whole endowment and go out of business in a fixed period of time…”
“The Hunt family owns one of the largest private oil companies in the country. Leah Hunt-Hendrix funds social movements that want to end the use of fossil fuels…”
“Today, practically everyone above a certain net worth has a World-Saving Project or WSP. […] The potential benefits of all this funding are, of course, huge. But a wealthy individual’s financial nimbleness, and their limited accountability, potentially create certain risks…”
“In Seoul, though, a wave of remarkable institutions, often funded by big corporations, have opened in rapid succession. Does this art/architecture nexus define the increasingly porous world between museums, commercial galleries, corporate branding, auction houses, art fairs and design?…”
“The change to a ‘new model’ is meant to maximize the foundations’ grant-making dollars, the OSF statement said, and ‘create a culture of ‘strategic opportunism.’…”
“Over the next 25 years, $30 trillion-plus will be passed on to the next generation in what has been described as the greatest wealth transfer in history. Some of this enormous pool of wealth will be used for philanthropy, charity, and social impact. Whilst the desire to give back spans ages, this new cohort is transforming how we do philanthropy…”
“What is clear, however, is that a considerable amount of what comes in is used to make Rolex one of the luxury goods industry’s most prolific contributors to philanthropic causes…”
