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Develop a New Practice
Niche in Planning
for Your Clients’ Art, Antiques
& Collectibles. Such as wine, coins, gems, and cars.
Art is estimated to be a $40 billion
industry. There are approximately 17,500 museums, 25,000
galleries, 25,000 historical societies, and 50,000 art shows in the United States alone.
Business Week recently reported that approximately 1/3 of
families with a net worth in excess of $10 million are art collectors. Those personal collections, valued at $4 - $6 trillion nationally will be
transferred to others over the next two generations. Those numbers are stunning, but what’s even more surprising is that the
great majority of these collectors haven’t given a thought to that succession
process.
A composite of recent studies of trust and estate
attorneys, trust officers, and financial planners revealed that:
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Fewer than 10% of planning for their
clients’ assets addressed art, antiques and collectibles
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Fewer than 10% used art assets in
intergenerational planning
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Fewer than 15% used art assets in
philanthropic planning
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Fewer than 5% realize that the true
cost of selling a million dollar painting at auction is approximately
35%
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Fewer than 1% used the services of an
art succession planning specialist
All rights reserved Michael Mendelsohn
2009
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