Aug 10, 2026
Follow us on Google for more Moneywise news
Add us on GoogleAs older adults, part of the boomer generation, age and pass away, their next of kins are receiving their vast art collections as part of the great wealth transfer.
Deloitte’s Art and Finance Report says that roughly $1 trillion of art is expected to change hands in the next 10 years.
Advertisement
Another study by Art Basel and UBS on global collecting found that Boomers favor art far more than the generations that followed. Boomers lead in average spending on fine art and antiques, while younger generations favor purchasing digital art and film and video.
Thanks for subscribing!
Take control — get our free newsletter.
By signing up, you accept Moneywise Terms of Use, Subscription Agreement, and Privacy Policy.
The problem for Boomers? Their kins are feeling overwhelmed by the task of managing these collections. As Philip Hoffman, chairman and founder of the Fine Art Group, which advises families on their collections, told Bloomberg: “the next gen don’t want it.”
It’s nothing but a hassle
In the Bloomberg article, Felix Salmon writes that his wife —who is one of artist David A. Vaughan’s grandchildren — expects to receive some of the remaining works of Vaughan’s collection when Vaughan’s own children pass.
After his death in 1975, his children, Sue and David inherited most of his postwar art and kept the collection largely intact. One piece was donated to the Los Angeles County Museum of Art in 2011 and a few paintings were gifted to extended family members.
Salmon writes that both his wife and her sibling “have little ability to look after the remaining works [...] and are struggling to work out what to do with it.”
The Vaughans are certainly not alone in this, as many younger generations inheriting works of art struggle with what to do with it all. This is not only due to the art world changing, but to the many costs associated with managing large art collections.
Must Read
- The ultra-rich use these 5 real estate strategies to build wealth while they sleep — you can start with just $100
- Here’s the average income of Americans by age in 2026. Are you keeping up or falling behind?
- Insurance companies profit most from drivers who auto-renew without shopping around. Comparing 100+ quotes takes 2 minutes and costs nothing
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Navigating an article collection inheritance
Inheriting an art collection can cost you both time and money.
Hoffman of the Fine Art Group told Bloomberg that “selling is quite easy for the 0.1%, who might inherit an art collection worth $100 million or more,” explaining that the big auction houses will keep the ultrarich “very well looked after.”
That being said, not every collection falls into this category. Some auction houses may show interest in a couple pieces from a collection, but they won’t fight for them unless they’re worth millions. In this case, inheritors might consider seeking out smaller auction houses or professional liquidators to help them sell the pieces they don’t want to keep.
Advertisement
How long that process will take is hard to pin down, and the effort required may lead people to opt to disregard the monetary value of a collection and simply find a museum to donate it to, and at least benefit from the tax deduction. But with nearly every major museum having more art than it can display, they don’t always want to take new pieces.
While trying to rehome art, the cost of storing it also adds up. The exact cost will depend on the value and size of the art, as well as if you choose to store it in a basic storage facility or in a climate-controlled environment, which is advised for maintaining quality.
If you also opt to insure the collection “a piece appraised at $100,000 will cost between $1,000 to $2,000” per year, according to Beacon Hill Private Wealth,
Times are changing
As with every generation, art tastes are evolving and this can add a layer of difficulty to finding buyers for art works that used to be all the rage, but maybe aren’t anymore. Similarly, the generations inheriting these works might feel less inclined to keep and hang them on their own walls, as they don’t fit the modern aesthetic of their homes.
If the next generation doesn’t want their parents’ art collections or the hassle that comes with managing it, what do they want? The short answer is future financial stability.
A 2024 study from Northwestern Mutual found that 46% of Gen X, 59% of millennials and 54% of Gen Z believe that the inheritance they are expecting is crucial to their retirement and long-term financial security. While it is possible that inheritors could make money off an art collection, it’s no guarantee. And with them so heavily relying on an inheritance to fund their future, they might just rather have the cash in their pockets.
You May Also Like
- JP Morgan sees gold hitting $6,000/oz before 2027 — and a Gold IRA lets you hold the physical metal while deferring the tax bill. Get your free guide from Priority Gold
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Millionaires under 43 are reshaping investing — just 25% of their portfolios are in stocks. Here’s where their money is going
Em Norton is a Content Specialist at moneywise.com. They have been with the company since 2022.
