Why do businesses collect art?

Here are a few reasons why companies might be motivated to collect art:

Support for artists

The purchase of works of art by Quebec companies represents a significant percentage of annual acquisition transactions in the province, in some years almost equalling that of museum institutions. In this way, companies help to diversify funding for the arts by multiplying sources, thereby providing artists with greater independence.

Indeed, by creating an acquisition policy and drawing up broad guidelines, corporate collectors affirm their support for the art market and equip themselves with tools to foster their relationship with artists. By setting an average number of acquisitions per year or an amount allocated to art purchases each year, they help ensure the vitality of the artistic field and demonstrate their support for local creators.

Preservation of cultural heritage

Corporate collections also enrich our cultural heritage, through their support of local artists and the preservation of contemporary art. They contribute to the longevity of works by ensuring that they are exhibited and disseminated in private and sometimes public settings. By collecting contemporary works, companies help to ensure that our artistic heritage is preserved and brought to light over time.

Moreover, while many companies keep their works for posterity, others - due to a large quantity and lack of space - will sometimes have to dispose of works to prevent them from piling up in storage. Many then decide to make donations to museums and benefit auctions, thus contributing to the preservation and prosperity of Canadian art history.

Representation of identity and values

A collection represents the ensemble of works of art purchased by a company, and is distinguished by its originality from one business to the next. It grows, consolidates and expands with each new acquisition. The works that make up a collection reflect passionate and committed purchases. Far from being tied to a single, distinct function, art collections in organizations play several roles: they can serve both as decorative objects and as vehicles for corporate identity and values.

There are as many types of collections as there are business models. Some companies buy works of art out of passion and keep them preciously in their offices. Others will proudly show them off to visitors and display them in common areas. Some companies use artworks as a promotional tool to enhance their brand image. Others will take it upon themselves to support local artists and build up a visual archive representative of our times.

Many companies have acquisition committees and specific collecting mandates to guide their purchases. Certain organizations also develop a detailed policy regarding the medium, technique, subject, or artistic period to ensure that the works reflect the business’s intrinsic values.

Benefits for employees

• Facilitates social interaction;
• Elicits emotional responses;
• Enhances relationships between employees;
• Improves the work environment;
• Encourages learning about artwork.

Indeed, artworks newly installed in the workplace are likely to encourage social interaction between employees. Regardless of the nature of these discussions, they create a climate conducive to exchanges relating to the works of art. The presence of art in a professional environment can also increase employees' interest in them in a broader context. If an employee enjoys being near a work of art, they may seek out more information about the artist and their approach, or even visit a gallery or museum to admire other pieces.

These benefits can be increased through mediation and promotion to employees and the general public, such as lending works to museum exhibitions, publishing a catalog of works from the collection, offering guided tours open to all, and more.

Tax benefits

Companies who collect benefit from considerable tax advantages through the Quebec government in terms of amortizing the purchase of works of art.

For all artworks purchased and destined to be displayed in the workplace, and whose author is a Canadian resident or citizen at the time of creation, businesses can amortize 33.3% of the acquisition cost on a declining balance. The following media are eligible: prints, etchings, drawings, paintings, or any similar artwork whose cost exceeds $200.

Companies can also benefit from significant tax breaks when making a donation to a museum. To understand all the financial advantages available to companies, and those that apply to each particular situation, please consult an accountant.

To learn more, do not hesitate to ask questions to experts in the field, such as gallerists, who will be able to guide you towards more specific answers.