The 2nd Asia Art & Finance Forum: Global Art Bank Executive Summit 2017 opens at Shanghai Tower in Lujiazui, Shanghai's financial hub, on March 28. [Photo/cnarts.net]

The 2nd Asia Art & Finance Forum: Global Art Bank Executive Summit 2017 took place at Shanghai Tower in Lujiazui, Shanghai's financial hub, on March 28.

The forum, sponsored by the Asia Institute of Art & Finance (AIAF), carried the theme of "Art Consumption and Art Investment in the Era of Spiritual Consumption", and is aimed at promoting the integration of art and finance in China.

Chinese and foreign experts specializing in art, financial investment, college education and research attended the day-long event and discussed topics such as art investment and consumption, the operation of art banks in overseas countries, and current development of art banks in China.

The concept of an art bank began in Canada in 1972 when The Canada Council formally recognized works of art as valuable assets and began amassing a collection acquired with the funds accrued from loaning out works of art. The concept has since gained global acknowledgment and has received attention from China's art and finance sectors.

According to the 2016 Art and Finance Report released by a global audit advisory firm Deloitte, 78 percent of wealth managers worldwide think artwork and collections should be included in wealth management services, and 72 percent of collectors say they like to invest in artwork.