Topics in this article were discussed at an expert panel discussion entitled ‘Exploring the transition from successful artist to artist’s estate’, hosted by Lockton at Tate Britain on 25 September 2025.
Conversations about legacy can feel uncomfortable, but they are essential. Artists should begin discussing their estate – with both family members and experienced professionals – as early as possible to ensure a smooth transition. To build a robust legacy, the core elements of an estate must be assessed, including key insurance considerations.
Don’t leave your will to chance
Currently, in the UK, 56% of adults do not have a will (opens a new window). This leaves their succession and assets to chance, with their money, property, and possessions distributed according to the rules of intestacy (opens a new window).
For artist, a poorly run estate can result in the following risks to their descendants, reputation, and work:
Unlike spouses or long-term partners (who must be named), children are not beyond inheritance tax. While this issue can be complex due to family dynamics or foreign rules on property held abroad, addressing it is critical. Inadequate planning could result in families being burdened with finding a significant sum of money to secure access to assets/portfolios.
Leaving an estate in a chaotic manner without records is likely to impair the reputation of an artist and their body of work. An orderly distribution of assets can play a key role in the longevity and development of an artist’s legacy, and help avoid claims from unexpected heirs, court battles, and mismanagement of their work.
When an artist passes, the market for their work often declines. For example, this could be due to a large portion of their works coming on to the market simultaneously. Sudden valuation drops could have significant repercussions on what beneficiaries will receive. Artists therefore have a vested interested in ensuring their portfolio maintains its value.
Failure to establish an estate can result in a body of work becoming splintered across galleries and geographies – limiting the possibilities of future exhibitions.
Artists typically start out precociously, without the funds or foresight for future estate planning. As a result, they are unlikely to address these issues or build in stability from the start of their career.
How can industry experts help?
It can be hugely beneficial to contact agents, managers, or curators to act as custodians, preserve archives, and manage estates as relatives of artists will largely have misunderstandings and inexperience within the art industry or no interest in handling it.
It is essential, in collaboration with industry experts, that a legacy is developed and bolstered beforehand. Creating and enhancing a reputation is invaluable for facilitating interest in future displays of work.
Artists will require a professionally worded will, as the practical side of establishing one can be complex and multifaceted. For artists unexposed to these issues and intricacies, it can be a steep learning curve to get up to speed and comprehend the relevant laws, regulations, and tax implications.
Developing a catalogue raisonné
Without organisation, artworks may be unlabelled, unnamed, or lack key dates or information – crucial determinators of value. Developing an appropriate catalogue raisonné can negate this risk, by establishing the authenticity of an artist's output by providing authoritative documentation and scholarly commentary.
A catalogue raisonné lists all known works by a particular artist – serving as a crucial reference by providing essential details, such as each artwork’s title, dimensions, date, medium, provenance, and exhibition history. However, this can be a difficult task to manage, and a catalogue raisonné will require a cataloguer/researcher who understands the collection as fakes can regularly appear in the market. Galleries can assist with photos and copies to help build comprehensive databases that document a body of work.
Insurance considerations for an artist’s estate
Bespoke art insurance policies can help with estate and succession planning. For those involved in both the setting up and running of an estate, some of the important areas to consider, include:
Presenting inventory/schedule to insurers – A thorough catalogue raisonné can help with cataloguing art works and presenting them in a suitable schedule. Insurers will require a schedule of the works of art that includes: the artist, title, medium, dimensions, location, and sum insured.
Basis of valuation – Art is notoriously difficult to value as it is a luxury product, not a commodity. Valuations are dependent on the state of the market which is heavily influenced by various factors. Artists must consider the basis of valuation carefully and take advice from legal and tax advisors before contacting a broker and presenting their rationale for the basis of valuation to their insurers.
Ownership – Consider the legal framework that has been put in place and ensure that all beneficiaries are named insured on all insurance policies. This will ensure claims payments can be made directly to the correct party or beneficiary.
Nature of the estate/foundation – To secure coverage that is fit for purpose, artists must establish where the works of art are to be held, if they need to be transported or stored, and if the art is open to the public or third parties, or held privately. Some estates, for example, will hold archives that can be accessed upon application by academics and research students.
Insurance as part of wider risk management – Consider the relevant risk scenarios and how insurance can act as part of risk mitigation. If the art is open to the public, advise your broker who will work with a specialist surveyor to advise on the risks associated with being open to the public to ensure cover and limits are established to reflect these risks. If held privately, make sure that works are kept in safe conditions raised off the floor and in an appropriate temperature-controlled environments.
Professional Indemnity (PI) for those cataloguing art – PI cover is crucial for foundations and estates that authenticate and/or value works. This can provide protection against alleged professional negligence claims brought from third parties who are disputing their professional expertise. However, the risks are high for insurers, and this is reflected in the limits and premiums they offer.
Talk to us
Whether you have already set up, or considering transitioning to, an artist's estate, discuss the key elements of succession planning by reaching out to a member of the Lockton Fine Art Team here (opens a new window).
Banner image: Henry Moore in his Maquette Studio, Perry Green c.1968. Photo: John Hedgecoe. Reproduced by permission of the Henry Moore Foundation.
