Inheriting art: Legacy, liability, and the power of smart stewardship

Inheriting a piece of art or an entire collection is rarely straightforward. While it may come wrapped in emotional resonance, it also arrives with a hefty dose of practical complexity: legal, financial, and even personal. That’s especially true when the art in question doesn’t reflect your tastes, beliefs or lifestyle. Perhaps you’ve inherited a series of 1980s Neo-Expressionist works that feel out of step with your minimalist sensibilities. Or perhaps the art once treasured by a previous generation now reflects values you no longer share.

Whether you see your inheritance as a treasured legacy or a mismatched trove, the question remains: what do you do next?

When art inheritance challenges personal taste

It’s not uncommon for heirs to find themselves custodians of artworks that feel out of place - emotionally or aesthetically. The evolution of taste is natural and so is the sense of disconnect that can arise when your inheritance reflects another era’s eye. Rather than defaulting to storage or impulsive sales, this is the moment to craft a deliberate strategy.

Enter the concept of selective deaccessioning - a tool long used by museums, and increasingly by private collectors.

A thoughtfully curated approach asks:

• Which pieces hold cultural or historical significance?
• What works genuinely resonate, either emotionally or visually?
• Which pieces could be sold to finance acquisitions that align more closely with your vision?

With Artscapy, collectors can digitally tag, rank, and assess each work, factoring in everything from condition to provenance and market trends. This empowers inheritors to move from passive recipients to active stewards, curating a legacy that feels authentic.

Artscapy offers a professional appraisal service tailored for both tax reporting and insurance purposes. Whether you’re managing a few high-value works or a sprawling family collection, Artscapy’s appraisals are conducted by qualified experts and can be easily archived within your digital collection. Here is a sample report for your perusal.

One strategic solution to cover tax obligations (without rushing into unwanted sales) is securitised lending. By borrowing against the collection’s value, you can unlock liquidity while retaining control of the art.

Artscapy exists to support collectors at every level of this journey - from those inheriting a single print to those managing family legacies spanning generations. With robust collection management tools, integrated valuation support, and a growing ecosystem of experts, Artscapy turns complexity into clarity.

Taxation: The immediate financial challenge

Beyond questions of taste, tax remains the most urgent issue. In the UK, artworks form part of the estate subject to Inheritance Tax (IHT)- a potential 40% liability based on fair market value at the date of death. In the US, federal estate tax presents similar challenges.

That’s why, upon inheritance, one of the first essential steps is obtaining a formal valuation of the entire collection. This isn’t just about knowing what you have, it’s about meeting legal obligations and ensuring you’re adequately insured.

Artscapy offers a professional appraisal service tailored for both tax reporting and insurance purposes. Whether you’re managing a few high-value works or a sprawling family collection, Artscapy’s appraisals are conducted by qualified experts and can be easily archived within your digital collection.

Bridging the gap: Using art as collateral

One strategic solution to cover tax obligations (without rushing into unwanted sales) is securitised lending. By borrowing against the collection’s value, you can unlock liquidity while retaining control of the art.

Specialist lenders provide bespoke loans, with art acting as collateral. The better documented your collection: valuation, provenance, condition, the more favourable the terms. Artscapy’s archive features and integration with vetted appraisers simplify this process, giving you leverage when negotiating loan agreements. This can be especially useful if you’re looking to retain part of the collection while financing tax payments or acquiring works that better suit your tastes.

Estate planning and long-term strategy

Inheriting art isn’t just about the present. It’s a starting point for your own legacy. Many collectors use trusts, foundations, or bequests to ensure their collections are preserved or passed on according to their values. With Artscapy, multi-generational planning is built-in. You can manage shared access, catalogue condition reports, and maintain an artwork’s full digital dossier—making it easier for future heirs, estate planners, or even museums to navigate what comes next.

Photo taken at Treasure House Fair 2025 by Bethan Street.

From custodian to curator

Inheriting art is both a privilege and a puzzle. It may challenge your aesthetic preferences, stretch your financial planning, and demand legal acumen. But with the right tools and a clear strategy, it becomes an opportunity: to honour legacy, express your own vision, and steward cultural value forward.

Artscapy exists to support collectors at every level of this journey - from those inheriting a single print to those managing family legacies spanning generations. With robust collection management tools, integrated valuation support, and a growing ecosystem of experts, Artscapy turns complexity into clarity. For more information on how to sell, you can also refer to our three-part guide to selling that walks you through every step of the journey.

Your inheritance doesn’t have to define you. With intention and the right tools, you can define what it becomes.