Rosanne McDonell, the founder of Art Business Summit, spoke to The Art Collector following the summit on the 18th June. Art Business Summit is Europe’s Leading Art Business Conference and Networking Event, attended by Irish art collectors along with tax, law and wealth management professionals who advise clients on how to invest in art.
Please can you tell us about why you formed Art Business Summit Europe and why you decided to host it in Ireland?
I formed the Art Business Summit as I saw a gap in the market for an independent conference that unites both art business professionals and individuals who are passionate about art and wish to learn more about collection and wealth management.
The unique selling point is that it is located in Ireland it is independent and impartial to the global art market. This puts speakers at ease and there is plenty of good open discussion which makes for a fascinating summit. Additionally, Ireland is known for its glorious beauty which has succeeded in enticing guests attending Art Basel to enjoy their vacation time in Ireland, en-route back to the United States and elsewhere.
What kind of art individual/firm (i.e. collectors/corporates) are you hoping to attract to the event?
The Art Business Summit attracts an audience which does not want a corporate vibe. The audience for this Summit wishes to engage and network in a relaxed environment, whilst indulging in a day of Culture & Conversation in the opulence of 5 star hotels. On the 18th June 2018, it was held in the prestigious and luxurious Adare Manor Hotel & Resort, Limerick, Ireland.
Luxurious venues are a huge factor for the Art Business Summit as it is primarily focused on providing guests with a high end networking experience set out over a number of days with enjoyable networking opportunities, pre, during and post Summit.
Your website states you are “driven by the impact that art has on society”. What, in your opinion, is the impact that art has on society and what do you think the impact should be?
Collecting art is borne out of sheer passion, the interest in the narrative of the painting and the artist’s journey. Putting together an art collection over a long period of time reflects the artist’s and collector’s views that are often mirrored at various times in their collective lives. This creates a unique journey between the two which I find enthralling.
What, in your opinion, are the benefits of investing in art? Given there are many competing blue-chip markets (such as property) and the art market is often quite volatile.
Investing in art is not just about financial gain, there are the emotional and cultural factors that are of equal importance. Taking time to consider the best periods of an artist’s work and listening to the experts is very important. Collecting and thus investing in art requires consideration, patience and a little bit of luck.
Can you describe a typical work day for you – or some of the other activities you are involved in?
I try to keep a good work like balance. So I plan my work commitments around the school calendar. I work in the mornings when my children are at school and finish in the afternoons. The Art Business Summit is scheduled so that it takes place to coincide with the end of Art Basel. The Art Business Summit work recommences in September which means I am free to spend the entire Summer with my family which is very important to me.