The art legacy dilemma
The International Family Offices Journal
Vol. 3 - Iss. 4 pp. 21–28
Mary Klein shares her experiences from serving as an officer in a large family office; working with leading art experts; and as a senior partner at a Big 4 accounting firm. She is a person committed to the arts - including being an Advisory Director to Carnegie Hall and an Investment Advisory Committee member to the Art Students League of New York. Family art collections raise a number of challenging issues and can easily become the source of family conflicts. Mary carefully delineates the many choices. She summarises the issues: Inheriting an art collection is fraught with intricacies and choices, including the potential for conflicting priorities among family members. Beneficiaries may not have the same passion for art as their benefactor and prefer to monetize the investment into other asset classes or to fund philanthropic objectives. Given the magnitude of the impact of such a decision on the family's legacy and familial relationships, the family office should engage with independent experts and allow ample time to reach congenial and well-thought out conclusions.