Safeguarding Art Through the Largest Wealth Transfer in History
To be a collector of any kind—fine art, jewelry, watches, cars, memorabilia, fossils, design—is to be a steward of cultural and historical heritage. Artworks in particular shape history and culture on a broad scale and form the stories of the individuals, families, and communities that love and protect them. With each acquisition comes the responsibility of caring for an object which, when managed thoughtfully, will outlast the collector’s own lifetime. A central question for every collector, then, is, “Who will be the next to take on this custodial role?” A specialized team of expert advisors can help collectors navigate these decisions and complex transitions. With an estimated $992 billion of art and collectibles changing ownership over the next decade according to Deloitte, now is the time for collectors to start planning for what comes next.
As collections of art and cultural objects pass to new generations, preserving cultural heritage requires proactive risk management and collaboration among collectors, family members, institutions, estate planners, advisors, auction houses, and insurers. Collectors must not only consider how best to care for their objects in the present, but also plan for their future: Will objects be donated to one or many institutions, or to a private museum or foundation? Will the collection be passed down vertically, to children, or horizontally, to a spouse? Will these recipients even want to keep the collection, or will they prefer to sell it? These are a few of the first questions to ask while formulating a transition plan that honors the collector’s legacy and determines the best path forward.
While the majority of collectors know that they wish to donate artworks to children, spouses, museums, and charities, according to the Art Basel & UBS Survey of Global Collecting 2025, many lack a concrete strategy. A carefully considered transfer plan should both identify the intended recipients and confirm whether they are willing and prepared to accept the collection. Although the next generation is certainly interested in fine art and collectibles, they do not necessarily share the same tastes as prior generations. Heirs may want to sell some or all of the collection bequeathed to them so they can reallocate capital to artworks or collectibles more aligned with their tastes, values, and identities. They may also choose to deaccession objects to avoid the steep costs associated with maintaining a collection. For these reasons, collectors should not assume that heirs will want or be prepared to take on the collection. Speaking openly with potential heirs and beneficiaries about their interests and expectations can help confirm that the eventual transfer aligns with the goals of everyone involved.
Similar considerations apply when a collector wishes to donate artworks or collectibles to a museum or institution, whether for sentimental or tax purposes. Museums and institutions cannot accommodate all donations due to financial, space, and collection management constraints. Ideally, donations should not come as a surprise to the intended recipient, and there should be an agreement in place confirming that the beneficiary is prepared to accept the objects. Engaging with potential institutional recipients early in the process can help identify any limitations and confirm that the collection has a clear path to its intended destination.
Beyond determining which family members or institutions will receive pieces of a collection, collectors must anticipate that transitions of ownership present a myriad of risks to art and collectibles. A transition plan must include steps to mitigate these risks. An excellent place to begin is with proper documentation of the collection and an accurate inventory of assets. Recording object details, valuations, and provenance records in a dedicated collection management system is preferable to simply keeping a spreadsheet. The inventory should designate the locations of the objects, specifying whether they are displayed in residences, on loan to institutions, or kept in storage facilities. The ownership of the objects should also be clearly identified as either personally owned or in a trust, foundation, or LLC. Most importantly, the inventory must include up-to-date appraisals, which are necessary for maintaining insurance to value, especially while collections are in transit or on loan to institutions.
Next, a collector must plan for the transit of the collection to its future location. Whether a collection is handed down to family members or donated to institutions, the items will eventually be moved to new locations. Transit represents a large increase in risk to the collection, as items that are handled improperly during transit are frequently damaged. It is essential to use specialty shippers to help ensure appropriate care and minimize the potential for damage.
Lastly, it is paramount to identify potentially new physical risks to the collection based on the new planned locations. Displaying and protecting art in a home in the hills of Southern California requires a different risk management approach than a home in South Florida. Working with insurers as well as transportation and storage vendors to create an emergency plan is a valuable way to maintain the safety and longevity of a collection.
Regardless of who becomes the collection’s next caretaker, the right insurer can be a helpful resource in preparing for and facilitating the transition of ownership. Ultimately, preservation is a collaborative effort, uniting collectors and experts in a shared commitment to safeguarding cultural and historical heritage for generations to come.
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