Will Your Children Share Your Love of Art?

Some collectors have a secret when it comes to their art collection: Their adult children don't share their love of art. In fact, many like the monetary value of their parents' collections more than the objects themselves.

Changing tastes in art and its impact on legacy planning was the focus of a recent conversation I had with John Mathews, the head of Private Wealth Management for UBS in the Americas. Click here to watch a video of our conversation where we share some ideas for dealing with this topic (5:04 minutes). Please feel free to reach out to me if you have questions about creating a long-term plan for an art collection.

Doug Woodham is the Managing Partner of Art Fiduciary Advisors, a NY-based firm focused on providing art-related financial advice to collectors and institutions. Earlier in his career, Doug was President of Christie’s for the Americas and a Partner with McKinsey & Company. He is also the author of the best-selling book Art Collecting Today: Market Insights for Everyone Passionate About Art (2017).