A 5.5 trillion art wave

Baby boomers are passing down an estimated 5.5 trillion pounds in wealth and artwork to younger generations over the next 30 years in Britain alone.

Boomers bought art obsessively

As the rich got richer and moved into larger homes, art spending accelerated dramatically. The number of artists selling at auction jumped from 8,300 in 1988 to 90,275 by 2012.

“Spending on art accelerated as the rich got richer, moved into ever-larger houses and became eager to splash out on discretionary purchases.”

Most inherited art is worthless

Unlike rare masterpieces, the vast majority of boomer-owned art heading to younger generations has questionable value. Supply far outweighs demand.

“The sheer tonnage of boomer-owned art is vast, and the total demand for it doesn't come close to the amount of supply that's about to arrive.”

Auction houses won't touch it

Major auction houses only handle the most valuable collections. Most inheritors will need to sell to professional estate liquidators or find other solutions.

Donate it for tax relief

In Britain, the cultural gifts scheme and acceptance in lieu can reduce inheritance tax. But museums must accept the work and it must meet high standards.

You might just keep it

Museums are overwhelmed with offers and increasingly selective. Fashions change, artists fade from memory, and what seemed valuable decades ago may now seem worthless.