Owning art is unique. Unlike almost every other asset within a wealth portfolio, it typically holds huge emotional resonance for its owner. As such, the urge to collect art is driven by very different desires to the ones behind building a stock or bond portfolio. Collecting frequently starts slowly and organically. Yet piecemeal can easily turn into a passion. And the end result can be a large collection.
But what motivates current collectors and their heirs? We examine these drivers and how to create a smooth transfer from one generation to the next, including the practical considerations at each stage of the process, that will help shape the legacies of current and future generations.
