Art collectors often require specialised estate planning approaches that differ from those used for more traditional assets. The unique nature, diverse forms, and complex ownership of artworks call for detailed inventories, careful selection and empowerment of executors and trustees, consideration of cross-border legal and tax implications, and thoughtful strategies to achieve preservation, fair distribution, or continuity of a legacy.
In this article, we explore how these considerations play out from a Singapore perspective, and what art collectors should keep in mind when planning for the future.
What is art and how is it different from other types of assets?
Art is an asset.1 Like any other asset, it is capable of being transmitted and transferred to the next generation. However, unlike other more traditional assets such as real estate, cash in the bank, stocks and financial investments, art is both unique and diverse in form, ranging from
- tangible works (or works presented through the use of physical materials) such as paintings, drawings, collage, prints, sculpture, installations, ceramics, print photography, tapestry, film, calligraphy; to
- intangibles such as the intellectual property rights (if any) attached to the tangible works, and works that use digital technology as an integral part of their creative or presentation process (e.g. digital art, non-fungible tokens (NFTs)).
Unlike other more traditional assets such as land, there is often no centralised or official registry or record of titles or ownership of most art forms. The history of a work of art's ownership – termed provenance2 – is not always easy to establish. In the context of paintings, for example, information about ownership can come from a range of sources, including "contemporary descriptions, inventories of collections, inventory numbers on the paintings themselves and auction sale catalogues".3 In the context of more contemporary works, the source of ownership information could be derived from documentation such as private sale and purchase agreements, consignment agreements, invoices, bank records of payments made and received, or museum acquisition and deaccession records. A buyer might also rely on the representations and warranties made by the seller that such seller is the sole legal and beneficial owner of the artwork in question, and that he or she has the power and authority to sell it. In the case of older or antiquated works of art, the chance of establishing a complete chain of ownership or custody often diminishes with passage of time unless clear and detailed records have been kept consistently.
In contrast to physical artworks, where ownership is typically proven through provenance records and contracts, the digital art world has embraced technology to establish alternative models of ownership. A digital creation can be "tokenised" on a blockchain, with ownership represented by an NFT. Because each NFT is unique and recorded on a distributed ledger, the blockchain serves as a verifiable register of ownership and transfer history.4
What type of estate planning should an art collector consider?
Long term succession planning can involve a range of complementary tools from trusts, governance planning around suitable investment holding vehicles and wills. To the extent that the art is owned by the individual collector, starting with a will is often the first step: apart from specifying who should inherit the art after the collector's passing, a will also serves more broadly to appoint executors.
Importance of appointing executor(s)
In Singapore and a number of jurisdictions with a common law tradition, there is the concept of administration of estate, whereby a personal representative calls in the assets and pays up the debts of the deceased (or at least retains sufficient assets to pay for the debts) prior to distributing the remaining assets to the beneficiaries. Where there is a will, this duty falls on the executor(s) appointed in the will, who proves his/her title by way of probate in Court.
In the absence of a will or the appointment of executor, or where the executor is unable to act and no substitute was appointed in the will, this role falls on the person who applies successfully for letters of administration in Court. Where a person dies without leaving a will or with no executors appointed, the starting point is to determine who is entitled to administer the estate (that is, to apply for letters of administration). Under Singapore law, certain classes of people are recognised, in order of priority, to have that right. However, this can become complicated when the deceased is a foreign-domiciled, raising questions of which jurisdiction's law should apply, and having to resolve potentially complex conflict of laws issues. Additionally, where there are beneficiaries who are minors or lacking in mental capacity, the Court would require the person seeking to be granted letters of administration to give security for due administration of the estate by way of an administration bond and two sureties,5 which further complicates the process for applying for letters of administration.
In the case where a person dies without leaving a will, until the letters of administration are extracted, a family member may not be recognised to have the authority to access the deceased person's assets and administer the estate, much less make distributions to the beneficiaries. This is in contrast to the executor whose authority and title emanate from his/her appointment in the will, to be proven through probate in Court.
Should specialist persons be appointed as executors of art collection?
Typically, the role of an executor is to locate the will, obtain probate, call in the assets, and pay any expenses or debts or taxes due from the estate. In Singapore, there is no requirement that an executor must be a professional person and it is not uncommon for family members or trusted friends to be appointed as executor, so that costs of estate administration are kept low. Where specialist advice or assistance is required, the executor could engage such specialists to assist them.
The type of specialist advice an executor will require in managing an estate that includes an art collection ultimately depends on the collector's intentions for how that collection should be dealt with. The advice needed will vary depending on whether the collection is intended to be distributed among family members after death; or preserved as a whole—for instance under a testamentary trust—so that it may be loaned or donated to institutions, or potentially monetised through future sales, reproductions, or exhibitions. In such circumstances, the executor, and thereafter the testamentary trustee, may require specialist support in the practical administration of the collection. This includes overseeing sales, storage, transportation, insurance and related logistical arrangements, as well as negotiating loan or exhibition agreements with institutions. Equally important are the legal powers conferred on the executor and trustee: the terms of the testamentary trust should be carefully drafted to enable long-term stewardship of the artworks, and to anticipate issues such as the retirement of trustees and appointment of new ones, so that the collection can be managed and preserved effectively over time
Preparing a comprehensive inventory list/catalogue
Like estate planning for any other types of assets, it is important for the art collector to draw up a full list or catalogue of what he or she owns. The reason is to aid the executors in locating the artworks after the collector's passing and handle them according to the testator's will. Such a list should ideally contain the following information:
- sufficiently identify the artwork in question, particularly if there are two or more works in the collection that look similar to each other, or if there are other similar works that have been produced by the artist. It would also be ideal to retain good visual records of the works (for example, with high-resolution images, taken from different angles)
- title and ownership records – e.g. invoices, bills of sale, auction house contracts, gift documents. If the work was co-owned (e.g. with a spouse, business partner or gallery), this must be documented to avoid disputes.
- intellectual property and reproduction rights – if the collector acquired copyright, moral rights waivers, or reproduction licences (e.g. rights to print images in catalogues or merchandise), these should be listed.
- exhibition and loan histories - records should be kept of past or ongoing loans to museums, galleries, biennales, as well as copies of loan agreements, condition reports on return, and any restrictions or credits required in exhibition catalogues
- pending obligations - any existing consignment agreements with galleries, or contracts to sell or donate works, as well as any outstanding restoration contracts or insurance claims should be recorded.
- source of the artwork and supporting documents, for example the person or entity from whom the artwork was acquired, the date of purchase and bank records showing the payment and receipt of funds if available;
- location of the artwork (e.g. is it in the owner's home or someone else's premises; or on loan to a museum and if so, for what period; or kept in secured storage with a service provider; and if so, in which country or jurisdiction) and all relevant supporting documents (for e.g., customs paperwork if the work has crossed borders);
- value – it would be useful for the owner to also document the purchase price, and/or recent appraisal reports annexing all relevant supporting documents (e.g. receipts, sale agreements, insurance policies or certificates of authenticity). Appraisals could have been carried out for instance, to facilitate the owner's desire to divide up the collection in an equitable way among several family members. If the artworks have been collateralised for financing purposes, then all documentation relating to such financing should be retained. Restoration or conservation reports should also be maintained, if the works have been physically restored or altered in any way.
The exercise of having such a list or catalogue provides the collector with more clarity about his or her collection and aids in the discussion with their lawyers in providing clear instructions on how their will should be drawn up.
Accessing the estate's assets and providing for extra costs and expenses
Where an estate is relatively straightforward — with assets that are easy to identify, access, and distribute, or readily convertible into cash — and the estate is solvent, the administration period from grant of probate to completion is typically short, often around six to twelve months. The position is quite different where the estate includes an art collection. Works may be located across multiple jurisdictions, requiring the executor either to obtain probate in those jurisdictions or to reseal the Singapore grant (where resealing is recognised) in order to establish legal title and authority to deal with the assets abroad. Although Singapore abolished estate duty for deaths occurring on or after 15 February 2008, overseas-held artworks may still be exposed to foreign inheritance or estate taxes, simply by virtue of being situated in those jurisdictions.6
The executor must therefore ensure that any such taxes are settled, alongside related expenses such as appraisers' fees, legal and accounting costs, and general administration charges. Collectors should assess whether their estate will have sufficient liquidity to meet these liabilities or, if not, which assets might need to be sold. The will should also specify how taxes are to be borne: whether they are payable from the general estate, or whether the burden should fall on the specific asset or artwork, effectively passing the cost to the intended recipient.
Where post-humous cross-border movement of works is anticipated, further costs may arise — including transport, insurance, storage, and customs or import duties. Again, clarity in the Will is crucial as to whether the estate or the legatee is expected to bear such costs, since this can materially affect the balance of the estate available for distribution. Hence although the administration of an estate may sound simple, a sizeable art collection, particularly one located across multiple jurisdictions, could take a longer time to administer.
Disposition: whether by bequeathing to a beneficiary, sale or donation
How to 'divide' up the artworks?
Unlike cash or financial assets, a single artwork cannot be physically subdivided and distributed in proportions to different beneficiaries. While it is legally possible to grant multiple individuals co-ownership interests in an artwork, there is no centralised registry of title for art (unlike for instance, the land registry for real estate7,) to facilitate or publicly record such fractional interests. This makes shared ownership of art far more complex in practice, as questions of possession, insurance, storage, and eventual sale must be carefully managed by agreement rather than by reference to a statutory register.
Where the artworks had been on display (e.g. in the collector's home) different levels of emotional association could also have been attached to the artwork by different family members. An art collector may have had certain philosophical thoughts and insights at the time the artwork was acquired at different phases of his or her life which may also not necessarily transmit identically to each and every family member or relative in the same way.
All of the above factors make it undesirable to leave a significant art collection to be distributed according to the laws of intestacy which mandates distribution to certain family members according to fixed shares. Even with a will, where the intent is to pass on artworks to family members or relatives, a generic percentage distribution of artworks among several family members or relatives is often unsuitable. An art collector who has deliberated thoughtfully on how the artworks are to be distributed could help to alleviate the decision-making process to be undertaken by the executor and the family later on, for example:
- Specific bequests of certain art pieces may be made to certain persons due to the alignment of the collector and the relevant family member or relative's artistic insights, or where the intended recipient has certain emotional connections with the works. Thought should also be applied if equalisation amongst beneficiaries is intended – for e.g. if one beneficiary is given a particularly valuable artwork, there may need to be cash or other assets allocated to other beneficiaries to "balance out" overall distributions "fairly."
- The collector may wish to seek advice on whether certain pieces should be kept together as a collection due to their artistic value (as opposed to breaking up what might otherwise have been a well-curated and artistically important series of works) to be passed on to the selected persons, or even to institutions.
Monetisation of artworks; not all artworks are necessarily money's worth
If the intention is to monetise the artworks through the sale of the works to generate sale proceeds to be distributed among family members, the collector should think in advance of what the expected timeline might be within which such artworks are to be sold – are they expected to be sold within a short period of time or over a longer time frame? If interest or demand in the market for the artist's work needs a longer time to pick up, some level of promotion may be needed to generate interest. Depending on the size of the collection and the artworks in question, the collector may wish to consider a long-term collaboration with art galleries, auction houses or art advisers on the possible options for monetisation of the estate. If monetisation of the works is the ultimate goal, then the collector may wish to seek advice early on the disposal of works even during his or her lifetime so as to best leverage off consumer demand or current market trends. The collector's Will should also empower management of the monetisation process over the long term.
For example, where the intention is to effectively monetise an art collection, executors or trustees should take care not to release too many works into the market at the same time. If a large number of pieces, particularly by the same artist, are consigned for sale in a short period, the market can quickly become oversupplied. This could result in weaker demand and depressed prices. In practice, estates that rush to liquidate collections risk undermining the very value they are seeking to realise. A more measured approach—through phased sales, curated offerings, or coordination with established galleries and advisers—can help protect long-term market value. Collectors may therefore wish to give explicit instructions in their estate plans about the preferred timeline and strategy for realisations, so that artwork value is maximised. Estate planning should therefore consider whether to hold, promote, or strategically introduce certain pieces, rather than disposing of them hastily.
When making provision for an art collection in a will, it is worth considering whether particular family members or descendants with relevant art training or genuine interest in the arts might be appropriate beneficiaries. Leaving works to those who are better placed to appreciate and care for them helps ensure the collection is not only preserved but also continues to have meaning within the family.
Where the collector's aim is to preserve the collection as a legacy, more than a simple bequest of individual pieces may be required. A testamentary trust can be used to hold the collection as a whole, with the Will empowering selected family members with the relevant technical knowledge to act as trustees. Alternatively, the Will can direct that they serve in an advisory capacity to professional or other trustees, particularly on matters such as conservation, exhibition or eventual sale. By setting out these arrangements clearly, the testator ensures that stewardship of the collection is entrusted to individuals who share the knowledge and commitment necessary to sustain it over time.
An art collector should also recognise that not every work in a collection has significant monetary value. It is sensible to plan in advance how such lower-value pieces should be identified and managed after the collector's passing. This may involve obtaining formal appraisals to confirm which works have little or no market value, and then deciding how they should be distributed. For example, family members could be allowed to choose items in a specified order set by the collector, or through a random draw. Where no one wishes to keep the works, clear instructions should be left as to whether they are to be donated to individuals or institutions who may appreciate them, and within what timeframe, so as to minimise the administrative burden on executors and trustees.
By thinking through these practicalities in advance, a collector can significantly ease both the workload and the emotional strain on their family and executors after his or her passing.
Donating artworks
Equally, due consideration must be given to potential donations of artworks. A museum or public gallery would already have their own collections policy and collecting practices, and a bequest of artworks that is incompatible with such policies and practices may create administrative issues or result in a mismatch of donative intent and the recipient's operations or rejection of the bequest altogether. Where donations are contemplated, art collectors are encouraged to think ahead and where suitable, commence the dialogue early with institutions of interest and tailor a suitable donation plan. While there are income tax incentives in Singapore to encourage the donation of artworks, they are very specific in nature and broadly apply only to approved donations.8 For example, in Singapore tax-deductible donations of artefacts will only be accepted if "the artefact has been deemed worthy of collecting by the National Heritage Board."9 Engaging in open dialogue with institutions before collection decisions are made helps ensure that acquisitions align with their curatorial needs, ultimately increasing the likelihood of a successful bequest after the collector's passing.
Collectors with broader philanthropic ambitions, particularly those seeking to support charities or non-arts institutions, need to think carefully about whether leaving artworks directly to such organisations is practical. Unlike museums, most charities do not have the infrastructure to handle works of art. They may lack secure storage, insurance arrangements, conservation expertise, or even the capacity to sell the works without incurring significant costs. What was intended as a generous gift can, in practice, become a burden, forcing the charity to divert time and resources away from its core mission in order to handle the bequest.
A more workable strategy in these cases is for the collector, or the executor acting under the terms of the Will, to arrange for the sale of the artworks and to donate the proceeds instead. This ensures that the charity receives a liquid asset that it can put straight to use for its stated purposes. It also allows the collector or executor to decide how and when the works are sold, to engage auction houses or art advisers where necessary, and to maximise value while protecting the reputation of the collection.
Legacy and law
"Art washes away from the soul the dust of everyday life" is a quote often attributed to Pablo Picasso. It evokes the ability of art to connect with and inspire the human spirit. In many ways, artwork is inherently unique not just from the humanities lens, but also from a legal perspective. A significant art collection therefore requires planning considerations that differ from those for other asset classes, so that a meaningful cultural legacy can be passed on in a deliberate manner that respects its distinctive qualities.
Footnotes
1 For brevity, this article does not delve into technical legal exposition of what constitutes assets or property. The Probate and Administration Act 1934 uses the words 'property' and 'assets' at various instances and at instances interchangeably; the Interpretation Act 1965 defines "immovable property" to include 'land, benefits to arise out of land and things attached to the earth or permanently fastened to anything attached to the earth', and "movable property" to mean 'property of every description except immovable property'.
2 "Provenance refers to the history of the ownership of a painting or other work of art." Provenance | Glossary | National Gallery, London, accessed 6 March 2025 [Click here].
3 Ibid.
4 Understanding how to establish ownership or custody of tangible works of art and the nuts and bolts of NFTs is complex and beyond the scope of this article. Rather, the purpose of this article is to highlight some of the key differences and the different estate planning considerations that may need to be considered by a collector of tangible artworks.
5 Paragraph 214(2), Part 24: Non-Contentious Probate Proceedings, Family Justice Courts Practice Directions 2024,https://epd2024-familyjusticecourts.judiciary.gov.sg/part-24-non-contentious-probate-proceedings#id-214.-security-for-grants-of-letters-of-administrationaccessed on 4 August 2025.
6 For instance, in the United States: "The US federal government assesses a 40% estate tax on the worldwide assets of US persons (ie, citizens and residents) valued in excess of the estate tax exemption amount (USD13,990,000 in 2025), and on the US-situated assets of non-US persons, including artwork and other tangible personal property, valued in excess of USD60,000.": see "Mastering the art of estate administration in the USA: navigating large collections" dated 27 May 2025 by Caryn Young and Allison Sweeney, Withers Bergman LLP.
7 For example, in Singapore, under the Land Titles System, a Land Titles Register is maintained and managed by the Singapore Land Authority.
8 See s. 37(1)(b) Income Tax Act 1947
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
