Family Offices Risk Wealth Disruptions by Neglecting Art Succession

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

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

Collectors often see their collections as extensions of themselves, which can complicate rational decision-making during succession planning. Art collections are more than just financial assets—they reflect identity, taste and legacy. As collectors age, succession planning becomes crucial to preserve their collections' economic value and sentimental significance. This process involves navigating the complex interplay of legal, financial, and emotional considerations to ensure a smooth transfer to heirs or institutions. This article explores the best practices in art succession planning, helping collectors secure their collections for future generations while honoring the deep personal connections they hold. Art is distinct from other investments because it carries financial and emotional value. While stocks and real estate are judged purely on economic returns, art reflects personal stories and cultural significance. The challenge in succession planning is to balance preserving its financial worth and respecting the collector's emotional attachment. The Art Market Is on the Brink of Major Upheaval Art’s worth is highly subjective, driven by market trends, artist reputation and personal attachment. Collectors often see their collections as extensions of themselves, which can complicate rational decision-making during succession planning. Collectors may face biases that influence

An art collection often starts as a passion. As such, it is not often looked at as an asset class that needs thoughtful organization, structuring and, most important, succession planning. What are the different alternatives to transfer the ownership of art assets? What will your intended beneficiaries need to manage and steward your artwork? An art collection can mean a lot for a family. In this episode of Life & Legacy , Agnes Le Ster and Felicia Law, from the Wealth Advisory Practice at J.P. Morgan Private Bank, discuss how families can approach estate planning of art pieces and ensure that the financial and emotional value of every particular piece is adequately taken care of. See our full list of Life & Legacy episodes here. This podcast is intended for informational purposes only, and is a communication on behalf of J.P. Morgan Securities LLC, a member of FINRA and SIPC. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions. Views may not be suitable for all investors, and are not intended as personal investment advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. Please read the important information section. Felicia : Hello everyo