Goldman Sachs is expanding its art and collectibles advisory business into Asia and the Middle East, aiming to serve more first-generation collectors who are beginning to plan for wealth transfer and legacy.

The bank launched its art and collectibles practice in the US six years ago and brought it to Europe three years later. It is now shifting focus to regions where wealth is growing quickly.

Leading the practice is Monica Heslington, head of art and collectibles strategy, who explained how the US lender is helping private clients manage and store their art collections, and unlock liquidity with collateralised lending solutions.

Goldman Sachs began increasing resources for clients in the Middle East and Asia earlier this year, responding to rising interest in art as part of long-term wealth planning.

Legacy building

“In Asia, a lot of clients are starting to think more about legacy and deciding what they are going to do with their art collections. Many of them are first-generation collectors that have accumulated significant collections,” said Heslington. 

“However, they often lack specialised professional advisors, such as attorneys and accountants, who have prior experience in art-specific estate planning,” she said, adding that these advisors are not familiar with the specific aspects of the market, as it is a different asset class. 

She noted that a common request from clients in Asia, particularly later-in-life collectors deciding on the future of their collections, is to know what practices are being implemented in other parts of the world. 

Beyond that, she also observed a high level of interest from younger clients who anticipate inheriting significant wealth. Many of these younger clients are either starting to collect on a small scale or are proactively preparing themselves to become collectors. They frequently request advice on best practices and what questions they should be asking as they develop their collections. 

The firm’s role is to share these global best practices and then work with the clients’ local advisors to determine if similar structures can be legally implemented within their jurisdiction, Heslington explained. 

Another trend she noted was that many collectors, particularly those focusing on Western art, are highly interested in gaining direct access to Western art experts located in major centres like New York or London to broaden their network and expertise.

Arts and collectibles advisory 

The firm’s advisory approach is structured around four pillars. First is art market navigation, which concerns the full asset lifecycle, covering strategic acquisitions, collections management, and strategic sales. 

The second pillar is tax, legacy, and global best practices, which focuses on long-term planning, including sophisticated legacy planning for equitable intergenerational transfer, and sharing international best practices.

“The third pillar is art financing. This service typically involves a loan amount equivalent to US$10 million, which usually requires approximately US$20 million in collateral. This represents a loan-to-value ratio of about 50%, and the collateral tends to be high-quality artworks that possess a strong secondary market,” said Heslington.

The fourth and final pillar is client engagement and events.   

She noted that a key consideration for art financing is the jurisdiction where the art is located. While US law often allows borrowers to keep the collateralised art at home, many other jurisdictions, particularly in Hong Kong and Asia, typically require the artwork to be placed in a professional storage facility for the duration of the loan.

This requirement often forces passionate collectors to decide if they are willing to part with their most cherished pieces that would otherwise be suitable loan collateral.

“We have done multiple car loans throughout Asia, but also in Europe and the US. That’s an area where we’re very comfortable across multiple jurisdictions. We’ve also done some wine loans as well,” she added. 

A personal collection

Heslington’s own collecting journey provides a personal blueprint for the global, cross-cultural dialogue she is helping to facilitate professionally. Her inaugural purchase, a work on paper by the late French artist Pierre Soulages — known for his gestural, strong style that resonated with an Asian sensibility — was acquired fresh out of college. 

“I’ve always been drawn to this abstract expressionist art, and I like the idea of having a collection that shows how that same kind of aesthetic is brought in from all different kinds of cultures,” she explained. 

Her personal art collection is driven by biographical connections and global cultural dialogue. Acquisitions reflect this, such as the Rafael Canogar piece linking her time in Spain to the New York art world, and the Lee Bae work fusing Asian aesthetics with her European training. 

As 2026 draws closer, her gaze is already shifting toward next year, with plans to spend more time in Singapore. “In particular, we have a very strong practice serving non-resident Indians and will be doing more events and programming as part of our outreach to this clientele,” she added.