33% of high net worth individuals with assets greater than $10 million are serious collectors (Source: Study from a major private bank, reported in BusinessWeek)
An average of as much as $76 billion in art holdings may be transferred between generations each year (Source: Boston College study)
More than 65% of assets, including art holdings, in private hands face liquidity problems
In 2007 - 2008, Sotheby’s and Christie’s sold more than $14 billion in art in antiques – almost half of that was attributed to estate sales
A composite of recent studies of trust and estate attorneys, trust officers and financial planners revealed that:
Fewer than 10% of plans for their clients addressed art, antiques and collectibles
Fewer than 10% used art assets in intergenerational planning
Fewer than 1% used the services of an art succession planner
Fewer than 15% used art assets in philanthropic planning
Fewer than 5% realize that the true cost of selling a million dollar painting at auctions is 35% ($350,000 - before taxes)
