High net worth individuals are increasingly investing in art, watches, wine, classic cars and other collectibles. While these assets are often acquired out of passion, they are also becoming an important component of wealth and succession planning. As a result,
More about Wealth and assets: when emotional investments meet financial responsibilityThe stories our possessions tell We spend our lives accumulating possessions. Some are practical, some beautiful, some carry memories. They all tell stories about our lives. A favourite painting may remind us of a particular place or moment; a piece
More about Wealth and possessions: the stories we keep and the legacies we leaveWhy philanthropy matters to the UK’s cultural sector Sir Tristram Hunt has raised concerns that recent reforms to the UK’s non‑dom tax regime are making it noticeably harder for arts institutions to secure major gifts. Unlike countries where culture is
More about Are non-dom tax reforms inhibiting philanthropy?It was sadly announced last week that Stephen Friedman Gallery, London, is entering into administration after 30 years and Nedim Ailyan and Glynn Mummery of FRP Advisory were appointed as Joint Administrators as of today (12 February 2026). This news
More about Know your rights: protecting artists amidst gallery insolvencyDuring 2025 Clarissa Levi, Wedlake Bell’s Art & Heritage Counsel, and Richard Harwood KC of 39 Essex Chambers were joined by leading voices to discuss the issues that matter. Each episode offers expert insight into the legal, cultural, and economic
More about Exploring the stories behind our heritage – podcast seriesProtecting an object via the terms of the loan agreement A well-drafted loan agreement prescribes exactly how the object is handled and protected both during transport and after arrival at the institution. The agreement may specify who can handle the
More about The seven-minute heist: What the Louvre robbery teaches us about lendingThe changes outlined in the Budget are due to come into effect from 6 April 2026, and in the form they are suggested, they will restrict BPR relief to 50% on BPR qualifying assets over £1 million. This means an
More about Art and inheritance tax: Reforms and reliefsOffice of Financial Sanctions Implementation (OFSI) expands the list of “relevant firms” subject to financial sanctions reporting requirements to include high value dealers and art market participants. OFSI has issued updated guidance in its role in helping businesses comply with
More about New financial sanctions reporting obligations – What the art market needs to knowShipwrecks in the Caribbean and South America, filled with valuable cargo, remain unclaimed or are salvaged by private companies, with former colonial powers often asserting ownership. Why is the restitution of underwater cultural heritage so far behind that of land-based
More about The battle for sunken treasures: Restitution’s next frontierThe art market has witnessed several high-profile fraud and theft cases involving art advisers and dealers in recent years. Last year, art dealer Inigo Philbrick was sentenced to prison after pleading guilty to an $86 million fraud. A US court
More about Art and responsibility: Lessons learned from unscrupulous advisers