Nearly $1 trillion in fine art could change hands during the Great Wealth Transfer: ‘Collections can bring families closer together, but also drive them apart’

Adriano Picinati di Torcello (Credit: courtesy of Deloitte)

The impending $31 “Great Wealth Transfer” over the coming decade—a once-in-a-generation passing of assets from baby boomers to younger heirs—may turn on a surprising fulcrum: the fate of private art collections. For some families, said Wolfe Tone, vice chair and leader of Deloitte Private in the U.S., art is the “connective tissue,” strengthening intergenerational bonds.

Speaking at the 17th Deloitte Private Art & Finance Conference, held at the Citigroup headquarters in downtown Manhattan on Nov. 4, Tone said the Deloitte Private practice serves nearly 9,000 clients comprising people-owned businesses, family offices and related high-net-worth individuals as well as mid-market private equity and startup technology companies.