Shanghai Tower, the tallest building in Shanghai's financial hub Lujiazui, is to serve as the venue for the 2nd Asia Art & Finance Forum: Global Art Bank Executive Summit 2017 held on March 28. [Photo provided to chinadaily.com.cn]

The integration of art and finance will get a boost in Lujiazui, Shanghai's financial hub, as the 2nd Asia Art & Finance Forum: Global Art Bank Executive Summit 2017 is set to be held in the area on March 28.

The forum, sponsored by the Asia Institute of Art & Finance (AIAF), carries the theme of "Art Consumption and Art Investment in the Era of Spiritual Consumption". It will bring together top Chinese and foreign experts for the purpose of discussing topics such as art investment and consumption, the operation of art banks in overseas countries, and current developments of art banks in China.

The concept of an art bank first found traction 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.

So far, a variety of art banks have surfaced around China, predominately in major cities such as Beijing, Shanghai, Guangzhou, and Xiamen. However, many Chinese people interested in the concept are still unaware of an art bank's function, its operation and profit model, as well as its relationship to commercial and investment banks. The organizers hope the forum will clarify uncertainty in the minds of those interested.