Most art collections contain works that were inherited rather than bought, according to new research from Art Basel and UBS. Their Survey of Global Collecting 2026, written by Clare McAndrew of Arts Economics and based on responses from 3,100 high-net-worth collectors, found that 72 percent had received works from family or friends. Three quarters of respondents said they had kept at least some of the pieces they inherited.

Receiving a collection can be as much a burden as a gift. Wills are often minimal or absent, and valuable works are frequently left out of estate planning altogether, according to Rachel Peart, an art advisory specialist at UBS Global Wealth Management. Lawyers advise heirs to pause before selling, moving or dividing anything, and first to establish what is owned, how it is held, whether it is insured, and what tax may be due. In Britain, art counts as part of an estate for inheritance tax, charged at 40 percent above the £325,000 nil-rate band, so inheriting a painting worth £2 million can produce a tax bill of around £800,000.

The human side of the figures is illustrated by Huma Kabakci, who inherited more than 500 works at the age of 19 when her father, the Turkish businessman Nahit Kabakci, died suddenly without an estate plan. She studied curating at the Royal College of Art in London to learn how to look after the collection, which has since grown to more than 900 works by 200 artists. Over time she began selling some pieces to buy others, and she has started giving works away: in June this year she donated a first group of 65 works to the Lidice Art Collection in the Czech Republic.

The survey suggests Kabakci's experience is far from unusual, and that the art world will see more collections change hands between generations in the coming years. For families facing that moment, the advice from advisers is consistent: plan during the collector's lifetime, take stock before acting, and treat gifts to museums as a deliberate choice about legacy rather than a quick way to settle a tax bill.