Art collectors throughout time have taken on many forms of motivation to acquire such great works, but only today has this commission been partially fixed on financial implications. A study surveyed 684 wealthy individuals with art collections, and there was a great divide amongst the traditional collectors and the next-gen collectors. The six cultural characteristics identified with this new breed of collectors carries implications for estate planning professionals everywhere. These characteristics include being financially driven, having heightened expectations, willing to sell, loaning art as collateral, socially engaging with art, and having a philanthropic mindset. With these next-gen art collectors perspective, it is essential for an estate planner to have a conversation early on about what is appropriate for their client’s art, including buying, selling, taxation, and applicable laws.
See Evan Beard & Ramsay H. Slugg, Six Characteristics of NextGen Art Collectors, Wealth Management, June 27, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
