Goldman Sachs is expanding its art advisory services in Asia, betting that the region’s wealthy families are ready to scale up their collections and professionalize how they manage them. The move signals fresh competition among banks and consultancies in Hong Kong, Singapore, and across the region, where new money and maturing tastes are reshaping the high-end art market.
The bank’s effort arrives as Asia’s collectors close the gap with peers in the US and Europe. It also reflects a shift in wealth planning, where paintings and sculptures sit alongside venture stakes, property, and philanthropy in family portfolios.
“Goldman Sachs Group Inc. is building up its art advisory services in Asia, as wealthy families catch up with those in the US and Europe on collections.”
Why Asia’s Art Market Is Ramping Up
Asia’s wealth base has grown for decades, but collection habits have matured more recently. Hong Kong remains a key auction hub, while Singapore has surged as a base for family offices. China’s collector class is broader than a decade ago, and buyers from South Korea, Japan, Indonesia, and India are more active.
The Art Basel and UBS Art Market Report has consistently shown China among the top three art markets by sales in recent years, alongside the US and the UK. While global totals have fluctuated with the economy, Asia’s share has held up, backed by demand for contemporary and modern works.
Policy shifts have played a role. Singapore has attracted global wealth with stable taxes and rule of law, making it a staging ground for collections and foundations. Hong Kong’s auction scene has remained resilient even as some galleries diversified to Seoul and Tokyo.
What Expanded Advisory Could Cover
Art advisory is more than buying and selling. Banks often help clients manage risk, valuation, lending, and legacy planning around collections. That includes documenting provenance, coordinating insurance, and advising on sales strategy. It also ties into philanthropy, as families set up museums or lend to public shows.
- Collection strategy: themes, artists, time horizons, and budgets.
- Valuation and financing: appraisals and lending against art.
- Risk management: storage, conservation, and insurance.
- Tax and estate planning: donations, foundations, and trusts.
For Goldman, integrating art into broader wealth plans can deepen client relationships. For families, the appeal is simplicity and scale—one team that can coordinate auctions, private sales, loans, and estate structures across borders.
Rising Demand, New Pressures
As first-generation fortunes in Asia pass to heirs, collections are becoming more formal. Younger buyers are often digital-native, price-aware, and open to both blue-chip and emerging artists. Advisory firms now field more questions on transparency, resale prospects, and fair value.
That growth also brings challenges. Art markets can be opaque, with price swings and uneven liquidity. Export rules vary widely, and cross-border loans against art can be complex. Compliance standards are tighter, with more scrutiny on source of funds and cultural property laws.
Auction calendars are also shifting. Sales in Hong Kong have faced currency and travel headwinds at times, while Seoul’s gallery week and Tokyo’s fair circuit have drawn attention. Advisors must track these shifts to time purchases and sales.
The Competitive Field
Goldman’s move meets a crowded field. Major auction houses offer in-house advisory, private banks run specialist desks, and boutique consultants cater to top-tier collectors. The pitch often turns on access to works, research, and discretion.
Regional institutions add pull. New museums and private foundations in Shanghai, Seoul, and Singapore have raised the bar for lending programs and institutional support. That, in turn, can lift the stature and value of collections that appear in public shows.
Numbers That Frame the Moment
Global art sales have hovered in the mid-$60 billion range in recent years, according to the Art Basel and UBS Art Market Report. The US remains the largest market, but China typically ranks second or third by value. Meanwhile, the Monetary Authority of Singapore has reported more than 1,100 single-family offices established by the end of 2022, highlighting the region’s concentration of private capital that often spills into collecting.
What to Watch Next
Success for Goldman’s build-out will hinge on talent and trust. Advisors with deep artist knowledge, auction savvy, and cross-border legal fluency are scarce. Families will test whether bank-led teams can match the independence and niche expertise of boutiques.
Market signals to monitor include fair attendance in Hong Kong, Seoul, and Tokyo; lending volumes secured by art; and donation activity to regional museums. Any shifts in tax or import rules could tip the balance between onshore holdings and offshore storage.
For now, the move captures a clear trend: art is no longer a side interest for Asia’s wealthy. It is part of strategy. If advisory teams can balance taste with discipline, the region’s collections—and the institutions that host them—are set to grow.
