Why art collections now belong at the centre of estate planning

For many collectors, art has long been held apart from the rest of an estate. It is personal, emotional and often interwoven with family history. Yet the findings highlighted in Deloitte’s 9th Deloitte Private and ArtTactic Art & Finance Report 2025 make clear that fine art is increasingly being recognised not only as a cultural asset, but as a material part of wealth, legacy and succession planning.

The report notes that professional collection management is gaining ground in estate planning, with 63% of collectors and 68% of art professionals prioritising collection management. It also highlights that structured inventories are now vital for smooth estate transitions, yet only 34% of collectors use dedicated collection management software, compared with 65% of wealth managers surveyed.

For private collectors, trustees, family offices and advisers, the message is clear: a collection cannot be properly protected, valued, insured or passed on if it is not properly recorded.

 

From private passion to structured responsibility

A collection may begin with instinct, taste and personal enjoyment. Over time, however, it can become a complex estate asset. Works may be held across several properties or jurisdictions. Provenance documents may sit in different files. Insurance values may no longer reflect current market conditions. Conservation needs may be known only to the owner or a trusted adviser.

Deloitte’s report identifies this widening gap between collection value and insurance coverage as an escalating threat, noting that over-reliance on auction data can result in collections being over- or under-insured. In its 2025 survey, 72% of collectors and 86% of art professionals regarded valuation services as a critical offering for wealth managers.

For Le Riche Fine Art Storage, this aligns closely with the practical realities of responsible stewardship. Safe storage is not simply a matter of placing an object in a secure room. It begins with understanding the collection: what it is, where it came from, how it is documented, what condition it is in, how it is insured and what role it is expected to play in the future.

As Chris Clifford, Managing Director of Le Riche Fine Art Storage, observes: “Preservation begins long before an artwork reaches the vault. It begins with knowledge: accurate records, appropriate handling, stable conditions and a clear understanding of the object’s significance. Without that foundation, even the best storage environment is only part of the answer.”

 

The next generation and the risk of uncertainty

The report also highlights a significant succession challenge. Among collectors without a wealth manager, only 14% had a formal plan communicated to family or advisers, and fewer than 40% of heirs were aware of the impending inheritance. It further reports that 61% of collectors had not discussed their art collection with their heirs at all.

This matters because heirs may inherit not only valuable objects, but also legal, logistical, financial and emotional responsibilities. Without clarity, families may face disputes, rushed sales, lost provenance or avoidable deterioration. A carefully maintained inventory, supported by independent valuation, insurance review and professional storage planning, can reduce uncertainty at precisely the moment when families most need order and discretion.

David Ummels, Non-Executive Director of Le Riche Fine Art Storage, says: “A collection is never just a balance sheet item. It carries memory, taste, research and identity. Good estate planning respects that emotional value while creating the structure required to protect financial value and family continuity.”

 

Guernsey’s role in discreet collection stewardship

For international families, trustees and professional advisers, jurisdiction also matters. Guernsey offers political stability, discretion and a mature professional services environment. For collections requiring secure offshore storage, that context can support broader estate planning, risk management and continuity arrangements.

Le Riche Fine Art Storage provides secure, climate-controlled, museum-grade storage, specialist packing, logistics, inventory support and advisory services from Guernsey. These services are connected through one careful process: assess the collection, identify vulnerabilities, plan storage or movement, protect the object, maintain records and preserve value over time.

Joe Castellino, Director of Le Riche Fine Art Storage, explains: “Our responsibility is to give clients confidence that every stage is considered. That means secure facilities, careful procedures and accountable people, but also discretion and continuity. For many families and advisers, that combination is what turns storage into stewardship.”

 

Practical points for collectors and advisers

Collectors and those advising them should consider whether the collection has a current inventory, with images, dimensions, condition notes, provenance, purchase records and location details. Insurance values should be reviewed against independent valuations, rather than assumptions or outdated market references. Fragile works, works on paper, textiles, photographs and mixed-media objects may require specific environmental controls and conservation-aware handling.

It is also prudent to establish who may access the collection, who may authorise movement, how documents are stored and what should happen in the event of incapacity, death, relocation or market sale. Where heirs are involved, careful communication can help preserve both family relationships and the collection’s intended legacy.

 

Protecting collections for the next chapter

Deloitte’s findings point to a more professional future for art wealth management. Collection management, valuation, insurance, research and succession planning are becoming essential parts of responsible ownership.

Le Riche Fine Art Storage helps collectors, families, trustees and institutions protect valuable and irreplaceable works through secure facilities, specialist handling, discreet logistics and informed advisory support.

For a confidential consultation, please contact Joe Castellino, Director, Le Riche Fine Art Storage on +44 (0) 7797 726267 or joe@leriche.com.