If you’ve only known the art world at art fairs like Art Basel and the upcoming Frieze LA, or the crowds at blockbuster shows at the Metropolitan Museum of Art in New York or the Broad in Los Angeles, the art world is full of events. You would imagine it to be full of. And we know that there are hordes of young collectors looking to fill the boards of art institutions.
scott stover
But Scott, a former international investment banker, now one of the most influential strategic advisors in the arts and philanthropy space, and host of the podcast “Giving Back is Dead” (now starting its third season) Stover says that millennials are less interested in building and maintaining traditional arts institutions and more interested in democratizing a diverse arts world and doing so in a way that makes a difference in the world. have. And if agencies don’t respond accordingly, they risk diminishing support or becoming irrelevant.
Stover grew up in Chicago and later attended Columbia University in New York, where he earned a bachelor’s degree and an MBA. It was during Columbia University’s junior year abroad program at Reed Hall in Paris that Stover became fascinated with French culture and thought, particularly semiotics. Semiotics will be invaluable in analyzing how arts organizations interact with donors and patrons.
After graduating from Columbia University, Stover became an investment banker and worked in the strategic planning department of Bank of America. Stover describes this division as “the more intellectual and exciting part.” So, two years later, there was a vacancy in the Paris office on French-speaking Africa, and Stover realized it was “a ticket back to Paris.”
Mr. Stover will be based in Paris and travel across Africa funding infrastructure projects through public-private partnerships. “It was a very, very interesting time.” From there, Stover traveled the world leading a team working on bond trading in emerging markets. Finally, Mr. Stover was given responsibility for “special situations,” an asset class in which companies have problems that can be resolved by restructuring debt and equity.
Stover then led the West German State Bank’s special situations team. Here, Stover truly perfected his strategic approach of looking at projects holistically, listening to clients, and developing strategies for them. “You have to look at the competitive environment you’re working in, define your goals, define what’s possible, and work together to help your company succeed,” Stover said.
Stover was an American banker in Paris (he eventually became a dual citizen with French citizenship) and became friends with several of Pompidou’s curators and leaders. At the time, Nicolas Serotta was injecting new life into London’s Tate, and Stover was asked to develop a strategy for Pompidou and lead its implementation. As part of that effort, Stover revived the American Friends of Pompidou Center, founded by de Menil, to become a “model for transnational philanthropy.” Stover’s work for Pompidou was so important that France made him Chevalier of the Order of Arts and Letters.
The curators of the Pompidou took a unique perspective on art history, and in 2006 they organized the exhibition Los Angeles 1955-1985: The Birth of a City of Art. This exhibition, just like in Paris, rewrote the history of modern and contemporary art in a broader way. It was the art capital of the early 2020sth Century, and after World War II it was New York, but now the focus is shifting to Los Angeles. Stover heard them and thought, “Maybe they’re right.” So he decided to base his support organization and strategic consulting firm in Los Angeles.
Stover realized that the expertise he had developed in banking to help businesses in “unusual situations” was much needed by arts and cultural organizations and nonprofits. Stover applies “classic investment banking concepts” to help his museums and non-profits in the art world develop mission statements and scrutinize competitors to determine what’s good and what’s bad. , consider revenue sources, and comprehensively institutionalize them.
Stover started Scott Stover, Inc., an art consulting firm, to work with collectors, businesses, nonprofits, and cultural institutions on strategic planning.
As he researched the cultural landscape, Stover became concerned that cultural institutions were not engaging well with millennials, and that the traditional museum philanthropy model was offering a rare opportunity to reward donors. It has become clear that it relies on elitist notions of access. Meanwhile, in Stover’s experience, millennial collectors and patrons want art to be democratized and serve social welfare.
When I asked Stover to find out why California education institutions are having a hard time engaging with Silicon Valley, he simply asked: “Do we talk to them?” So Stover listened and learned from them and then built a plan for Silicon Valley based on what they could offer donors that was meaningful to them, rather than an institutional giving model. He advised them to develop their relationship with them. The issues that cultural institutions are currently grappling with, such as diversity and representation, climate change and sustainability, and access and public programs, are of critical importance to future generations.
A conversation with Scott Stover kicks off the third season of the Giving Back Is Dead podcast.
Stover feels that many institutions spend too much on public relations events instead of investing in strategy. So Stover started the podcast Giving Back Is Dead (GBID) to engage millennial curators, collectors, and artists. On the podcast, which just launched its third season, Stover has in-depth one-on-one conversations with millennials who are doing inspiring work in the arts and culture fields. Past conversations (available here) have included Abbey Packer, Keith Rivers, Tiffane Kalmets, Claude Grunitzky, Roya Sachs, Sébastien Montabonnel, Russell Tovey, and more.
The first installment of the new season features a conversation between Stover and GBID podcast co-producer Vajra Kingsley of VHE.Art (where I am consulted) about the first two seasons and their vision for the next season. Let’s discuss.
The big ideas that fuel Stover’s podcasts, newsletters, and his arts consulting are critical to the continued sustainability of cultural institutions, nonprofits, businesses, and individuals, and that he believes in the importance of “continuous engagement.” “Identify the themes you need to do that,” Stover said. We look to the next generation to ensure the survival of our cultural arts and science institutions. ”