“Few serious collectors buy their first piece with portfolio optimisation in mind. Whether it’s a painting, a vintage watch or a case of Bordeaux, a first purchase is usually driven by passion rather than financial return,” says Maxence. “Later, however, a collection can acquire a different significance – as a financial asset and, potentially, part of a family’s legacy.”

That combination of emotional and financial value makes collectibles distinctive, requiring an approach that considers the practicalities of acquiring, owning and eventually transferring them.

The financial appeal of art and collectibles is well understood. Their markets are shaped by factors such as scarcity, provenance and craftsmanship rather than moving in lockstep with traditional asset classes, making them a potential complement to a diversified portfolio.

The Julius Baer Global Wealth & Lifestyle Report 2026 found that prices for jewellery and watches rose by 16.4% and 15.5% respectively over the past year, supported by higher precious metal prices and affluent demand. For collectors, however, financial value is only part of the picture: a work of art can transform a home, while a watch worn for decades can carry memories as well as monetary value.

Before the piece changes hands

The practical considerations begin before an acquisition is completed. “When acquiring collectibles, establishing title and authenticity is paramount,” says Chaussivert. “Forgeries remain common, even at the highest levels of the market, making thorough provenance verification essential.”

Internationally traded assets can face customs requirements, while some materials may be restricted from import, export, or sale. Cultural objects may face additional controls. VAT and import duties can add significantly to acquisition costs, depending on where an object is imported. Freeports may offer flexibility by deferring these charges while an asset remains in storage.

“The important thing is to understand these issues before the transaction takes place,” says Chaussivert. “Different jurisdictions apply different rules, so involving the appropriate advisers early can make a considerable difference.”

Protecting what you own

Completing the purchase is only the beginning. “I think about the risks in stages,” Chaussivert explains. “Acquiring something, owning it, and eventually letting it go. Each one brings its own challenges.”

During ownership, appropriate storage, conservation and insurance help protect a collection over time, while keeping valuations current can help ensure adequate insurance coverage.

Tax treatment also varies widely. Depending on the jurisdiction, collectibles may be subject to wealth taxes, capital gains tax on disposal, or taxation when transferred during life or on death. Tax must be considered alongside the broader ownership strategy rather than only when a sale or succession event occurs.

Good stewardship also extends to the records surrounding a collection. Maintaining clear evidence of title and provenance, together with valuations, details of repairs and an inventory of where individual pieces are held, can prove invaluable when the time comes to sell or transfer them.

When the time comes to sell

Disposal introduces a different set of challenges. Art and other collectibles are inherently less liquid than many financial assets, while unique objects can be difficult to value with precision. “With collectibles, emotional bias is common,” says Chaussivert. “It’s not unusual for a collector’s expected price to exceed the price someone is actually willing to pay.”

Finding the right buyer can take time, and the eventual price will depend on demand, the condition of the object and the chosen method of sale. Transaction costs can also be significant. For families whose broader finances are well structured, however, a collection can be held and enjoyed without creating pressure to sell at an inopportune moment.

Clear provenance can also affect saleability. “Collectibles can be more difficult to sell where ownership history and provenance cannot be clearly established,” Chaussivert notes. “Gaps in the record may reduce buyer interest precisely when an owner wants to realise value.”

The succession question: Who wants the collection next?

For many collectors, succession presents the most personal challenge of all. “The biggest concern usually isn’t the financial value of the collection,” says Chaussivert. “It’s what happens to it after the owner is gone.”

A collector may have spent decades assembling works that reflect deeply personal tastes, only to discover that the next generation does not share the same enthusiasm. Beneficiaries themselves may also disagree: one may want to preserve a collection, while another would prefer to sell.

International families can face additional complexity where a collection is spread across several jurisdictions, as different legal, administrative and practical considerations may arise when dealing with the estate. 

Shaping the collection’s future

Succession planning gives collectors the opportunity to decide what they would like to happen to a collection while they can still explain the thinking behind those wishes. “The successful transfer of a collection is often determined by planning undertaken years before a collector’s death,” says Chaussivert. “The consequences of failing to plan can be considerable.”

A collection held personally will generally pass under a will or, in its absence, the applicable intestacy rules. But the position can become more complicated across borders. Forced heirship provisions in some civil law jurisdictions may affect how a collection can be distributed, while marital property regimes can influence its ownership and whether it forms part of the estate.

Keeping one’s intentions clear

A well-considered estate plan, including wills, can set out the collector’s wishes and provide guidance on how individual pieces or the collection as a whole should be handled. “Investing time in these matters, including through discussions with beneficiaries, usually helps to minimise disputes that may arise in the event of death,” advises Chaussivert.

Depending on the family’s circumstances, trusts or foundations may also form part of the solution, although the appropriate structure will depend on the assets involved and the family’s legal position. Collectibles can present particular challenges for trustees and foundations because of the responsibilities and costs associated with owning and maintaining them.

Planning also needs to evolve. “Succession planning should not be treated as a one-off exercise,” says Chaussivert. “Arrangements should be revisited following significant changes in family circumstances and as the collection itself develops.”

The legacy of collecting

For all the legal and financial considerations involved, the purpose of this planning is ultimately very human. “Wealth planning isn’t only about handing over assets,” says Chaussivert. “Especially with collectibles, it’s often about carrying forward what mattered most: the legacy, values and stories behind the collection.”

Thinking ahead throughout the collection's lifecycle can make all the difference: due diligence supports acquisition, stewardship protects ownership, and succession planning helps the next generation understand what they are inheriting and the collector's intentions for it.