Over the next quarter century, some $73 trillion dollars will be passed from America’s Boomer generation to its Gen X and Millennial children in what has been dubbed “The Great Wealth Transfer.” About half of that figure will go to just the top 1.5 percent of households, aka America’s collecting class.
That has made Sarah McDaniel’s job very complicated as of late. As head of the Art Resources Team at Morgan Stanley, McDaniel helps high-net-worth clients manage their art collections, but aging collectors are reevaluating their plans for who will inherit their art amid a rapidly evolving art market and the diverging tastes of the next generation.