The Art Of The Possible For Trustees

Saffery Champness Senior Trust Manager Greta Pender reflects on the rise of art as an asset class in the trusts world.

One of the privileges of working in the private client sector is the opportunity to get involved in dealing with real assets and to gain a deep interest and knowledge in what is often a fascinating area. Art is one such asset, with high net worth individuals (HNWIs) increasingly interested in acquiring art and collectibles both for profit and for social and cultural reasons.

Global art market sales were estimated at $45 billion for 2016 and, while it is difficult to put a value on the total value of art held by private individuals, estimates of $3 trillion have been quoted.