Incomplete beneficial ownership records block family office art transactions

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

I was most intrigued by one finding of Sotheby’s recent report, Peak Performance, compiled by ArtTactic, which recorded sales in the $1m+ tranche over the period 2018-22. The report, using internal information from Sotheby’s private sales data, said that contemporary art accounted for the largest share of the firm’s private sales—almost 60%! I would have expected Impressionist and Modern art to represent the biggest chunk, and indeed it accounted for just over half of sales by value in the $1m+ category. However, as David Schrader, the firm’s global head of private sales, explained to me, “The number of transactions is much higher in the contemporary field, and this is a much more active market, which is why it is larger in volume.” For the record, his department turns over between $1bn and $1.5bn each year. Drilling down, it was interesting to hear that shortening cycles in the art market are driving this trend. Schrader again: “The cycles are compressing, and the market for some artists may change in six months’ time. Vendors may not want to wait for a suitable auction, they may want to sell immediately.” There could be no clearer indication of how volatile this market can be, particularly for the “wet paint” or "ultra-contemporary" works of art. Owners may want to grab their profit while they can. And in view of the current uncertain economic climate, with banks crashing aro

If we have selected the wrong experience for you, please change it above. We were delighted to announce that the 17th Deloitte Private Art & Finance Conference took place on Tuesday, 4 November 2025 , at Citi Global Headquarters in New York City. During the event, we presented the results of our 2025 Art & Finance Report (9th edition) and heard from panellists who discussed top-of-mind topics for wealth management professionals. The Great Wealth Transfer is well underway. As assets shift from one generation to the next, family offices are asked to meet the needs and preferences of this next generation of investors. They are different from their predecessors, and several questions can be asked: Will they see art as a viable investment vehicle? How will art be used for philanthropic and social impact? From art-secured lending trends and tax considerations to fractional investment and collection management, we explored the many innovations taking shape at the intersection of finance, culture, and business. Download your copy of the 2025 Art & Finance Report Click here A wealth of innovation: Bridging art and wealth management in 2025 John Psaila, CEO & Managing Partner, Deloitte Luxembourg Roger Arrieux, New York Managing Partner, Deloitte LLP Adriano Picinati di Torcello, Global Art & Finance Coordinator, Deloitte Luxembourg Christopher Bleuher, Senior Manager, Deloitte US Art &

WASHINGTON – Today, the U.S. Department of the Treasury published a study on the facilitation of money laundering and the financing of terrorism through the trade in works of high-value art. This study examined art market participants and sectors of the high-value art market that may present money laundering and terrorist financing risks to the U.S. financial system, and identified efforts that government agencies, regulators, and market participants could undertake to further mitigate the laundering of illicit proceeds through the high-value art market in the United States. The study was mandated by Congress in the Anti-Money Laundering Act of 2020. Several qualities inherent to high-value art – the way it is bought and sold and certain market participants – may make the high-value art market attractive for money laundering by criminals. These include the high dollar value of transactions, transportability of goods, a longstanding culture of privacy and use of intermediaries (e.g., shell companies and art advisors), and the increasing use of high-value art as an investment class. “As we tackle systemic challenges like corporate transparency and other loopholes that allow criminals to abuse the US financial system, we will look at what else might be needed to address money laundering risks specific to other industries, including the art industry,” said Scott Rembrandt, Deputy A

Education on the art market and its players Guidance on defining a purpose, vision, and strategy for the collection Support with the realization of collecting goals Legacy planning including collection governance and ownership structure Advice on collection management principles Guidance on creating impact with a collection Guidance on establishing a shared vision and strategy among family members Holistic assessment of family collections in the context of the overall family strategy and governance Education of family office professionals in relation to managing family collections Advice on collection alignment with corporate values and culture Guidance on leveraging a corporate collection for branding purposes Support with defining a framework and required resources to manage a corporate collection Advice on defining a clear collection purpose, vision and strategy Advice on defining a collection governance Guidance on setting up an acquisition plan Development or review of a collection governance including drafting a Collection Charter Advice on best management practices of a collection Support in identifying industry-leading third party providers in relation to collection management needs: – Appraisals and valutations – Insurance – Storage and logistics – Collection management systems – Monetization Insight sharing on collection legacy options and strategies Guidance on multi