Massive Art Wealth Transfer Drives Private Banks to Expand Advisory Services

For many affluent families, a family office has become an indispensable ally in preserving and growing wealth and managing financial complexities. More than 4,500 family offices (triple the number in 2019) together manage some $6 trillion in assets. 1 Yet even as they advise on investments ranging from private equity to real estate and mineral rights, family offices may not fully account for the implications of another kind of asset: art collections. “A significant collection may affect a family’s larger financial picture, from liquidity and credit to risk management and wealth transfer,” says Elizabeth Thiessen, head of Family Office Solutions at Bank of America Private Bank. “It’s vital to bring a similar level of planning and strategy to art and collectibles as you do for other asset classes.” It’s vital to bring a similar level of planning and strategy to art and collectibles as you do for other asset classes. Of course, a painting is not a share of stock. “Most collectors invest for personal pleasure and buy what they love,” says Rosemary Ringwald, Head of Art Planning, Planning Center of Excellence, Bank of America Private Bank. The emotional component makes a potential acquisition more nuanced and subjective than, say, buying into a hedge fund. Moreover, the art market can be complex, opaque and mystifying to outsiders. For all their expertise in portio

If we have selected the wrong experience for you, please change it above. This publication is a barometer for emerging trends and sentiment in the art and finance industry and highlights developments in the art and wealth management space. The 2025 edition of the biennial Deloitte Private and ArtTactic Art & Finance Report arrives amid market stagnation, shifting collector values, and an unprecedented global wealth transfer, with an estimated $992 billion in art and collectibles expected to change hands over the next decade. As the art and finance ecosystem adapts to demands for transparency, inclusivity, and purpose, innovation and strategic engagement are more critical than ever. Since 2011, the report has tracked the integration of art into wealth management . Over the last 14 years, what began as a question of relevance has become a matter of execution: in 2011, only a quarter of wealth managers offered art-related services; today, 51% do, reflecting a gradual shift in perception and practice. This edition draws on insights from 57 experts and nearly 500 survey responses , featuring stakeholders across the art and finance industry, including private banks, family offices, collectors, and art professionals. It features 30 articles from leading industry professionals , including contributions from eight Deloitte offices across the world. It explores how next-generation collec

The Art Basel and UBS Global Art Market Report 2026 , authored by Dr. Clare McAndrew of Arts Economics has just been released and it is signalling a cautiously optimistic turn for the art trade. The global art market grew by 4% year-on-year to an estimated USD 59.6 billion, after two challenging years. Whereas weakness at the top end had dragged global values down in 2024, the 2025 uptick was led by renewed activity at the high end and a rebound in public auction sales. The report also noted strong auction results, an increase in art fair sales, and greater gender parity in gallery representation. However, performance across regions and segments was uneven, as the art market navigated trade policy unpredictability associated with US tariffs and global inflation. Online sales, a promising new channel in recent times for dealers and auction houses alike, were also found to be losing momentum as transactions migrated back to in-person channels. Here are seven takeaways. The Art Basel and UBS Global Art Market Report 2026 can be downloaded for free here . 1. The global art market returned to growth amid ongoing recalibration Sales in the global art market increased by 4% year-on-year to an estimated USD 59.6 billion. While this marked a welcome shift in the direction of the market following two consecutive years of declining values, the recovery was moderate, leaving the market bel

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Bank of America Launches Art Consulting Service New Offering Helps Bank of America Private Bank and Merrill Clients Build Art Legacies NEW YORK, N.Y. – Bank of America Private Bank today announced the launch of its Art Consulting service , designed to help Private Bank and Merrill clients navigate the complex and often opaque art market. This new offering provides collectors with trusted, unbiased guidance to help them curate and manage collections that reflect their vision, values, and financial objectives. The most recent New York Fall Auction season saw two point two billion dollars $2.2 billion worth of art sold , underscoring the growing role of art as both a cultural asset and a financial one. As collectors increasingly view art as part of their wealth strategy, Bank of America is deepening its commitment to helping clients make informed decisions in this dynamic market. “Art collection sits at a unique intersection. It’s a profound means of self-expression while also holding significant financial value,” said Drew Watson, Head of Art Services at Bank of America. “Our goal is to bring clarity to the marketplace and help clients make informed decisions, whether they’re acquiring their first piece or refining a multigenerational collection.” Art Consulting offers a tailored experience for clients at every stage of their collecting journey, providing context on