An art collection frequently represents a substantial part of a family’s wealth and identity, and at the same time, has become a key aspect of its financial and succession planning. Art may be enjoyed from a variety of different perspectives—a store of wealth, a masterpiece to cherish, a family heirloom, a part of a trust or estate, or even a gift to a cultural institution. Regardless, whatever owning an artwork may mean to a private individual, business or public entity … tax concerns are always relevant.

The popularity of art as an asset class has been increased steadily over the years, and nothing is stopping that steady growth trend. Art represents an asset that is becoming increasingly part of the owner’s identity, where “collectors” come in a variety of forms—private and corporate collectors, cultural and art institutions, foundations, banks, asset management companies, family offices, etc.