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Carlos Lucena, founding partner of TELLES and Chairman of the Board of TELLES, explained during the conference dedicated to "Art, an asset that must be carefully managed over generations" that the creation of a foundation is one of the most popular ways to invest in art, stressing that "the creation of a foundation is not as easy as it was a few years ago", because today the investor must justify the creation of a foundation as a public utility, which guarantees tax benefits.
Donations are not only seen as a cost, they are also increased. Unjustified donations are increased by 20 per cent, and donations under multi-year contracts for specific cultural purposes are increased by 30 per cent. Bodies responsible for promoting public service projects in the fields of theatre, music, opera and ballet will also benefit, with an increase of 40%.
This conference, organised by Banque Degroof Petercam (BDP), shows that the arts are becoming increasingly popular with investors seeking long-term returns.
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