Goldman Sachs Advises on Art Collection

Valentina Montalto, an economics professor in Paris, explains that modern patronage requires more than just funding art. She participated in a recent forum in Madrid—organized by the Prado Museum, the University of Navarra Museum, and IESE Business School—focused on cultural sponsorship. Montalto notes the cultural sector contributes roughly 3.4% to global GDP and argues that relying solely on market forces risks prioritizing easily monetized art.

She believes today’s patrons should ask if their support fosters creativity, reaches underserved audiences, and builds community pride. Stacy Kangisser of National Trust in the UK observes a shift in donors, who now demand evidence of impact beyond simply feeling good about giving. National Trust preserves historic sites and natural areas with funds from over 5.5 million donors and inherited property.

Montalto cautions that many patrons still prioritize prestige and visibility, potentially reinforcing existing inequalities in the art world. Determining who benefits from cultural investment remains a key question for effective patronage.