For many of my clients art begins as a passion; a first painting bought at auction, a sculpture that speaks to them, or a collection inherited from a relative. Before long, that passion can grow into a serious collection. At this point, the question changes from what do I love owning to how do I look after it? This is where a professional valuation services can become a very useful tool for documenting a collection.
I am increasingly instructed by families, institutions and professional advisors who are responsible for collections which are usually made up of fascinating objects - a mix of treasured heirlooms, contemporary acquisitions, and often the odd surprise rediscovery. These Collections require careful management to ensure that cultural and financial value isn’t lost.
Why does collections management matter?
Without a plan, collections can become overwhelming. Provenance records get scattered, valuations become out of date, storage is overlooked, and future planning drifts. Professional valuation services bring clarity and structure. For clients, this might mean:
- Documenting the collection with an illustrated list
- Pulling together all records into a single, easy-to-access archive
- Providing up-to-date valuations for insurance, probate, or tax planning
- Highlighting key works that could be considered for sale, loan, or donation
offering peace of mind that collections will be protected as they pass from one generation to the next.
In many ways, my work in collection management is about market insight and storytelling: helping people understand what they own, why it matters, and how to safeguard it for the future. Many instructions involve tax planning and can serve as the basis for a working document for family division.
Beyond its cultural significance, art is now firmly recognised as an asset class in its own right. For some families, it sits alongside property, investments, and business holdings. For advisors, this brings both opportunities and responsibilities. Values shift with taste, condition is critical, and timing is key. That’s why Lyon & Turnbull’s advisors are uniquely placed to provide clients with current market values, specialist knowledge, and sound business acumen.
One of the highlights of my career has been working on A Taste for Art : Selected Works from the Paisley Art Institute Collection, a project that brought together lawyers, trustees, and advisors to safeguard an organisation to offer a wonder selection of works. It was a reminder that behind every collection lies not just monetary value, but also heritage, identity and pride.
Our approach at Lyon & Turnbull is always collaborative. Whether guiding a family with a vast private collection, or advising on the sale of a single masterpiece, we see ourselves as long-term partners in stewardship. For many of our clients, art will remain both a passion and a responsibility and, increasingly, an important financial consideration. As collections grow in size and significance, so too does the need for careful planning.
