1 Sarah McDaniel, “The Cost of Superstition: Picasso’s Cautionary Tale,” Morgan Stanley, June 2022
2 Milton Esterow, “The Battle for Picasso’s MultiBillion-Dollar Empire,” Vanity Fair, Mar 7, 2016
3 Stephen Bayley, “The squalid afterlife of artists' estates,” The Spectator, Sep 17, 2016
4 Sarah McDaniel, “The Art of Donating Art,” Morgan Stanley, January 2022
5 Frank, R. (2021, February 25). “The wealthy are borrowing billions against their art collections and lenders are reselling the debt.” CNBC.
6 Shirley, A. (2022, May 17). “Art as an investment, the balance sheet view.” Knight Frank
7 Elroy Dimson, Paul Marsh, Mike Staunton, "Credit Suisse Global Investment Returns Yearbook 2018: Summary Edition", February 2018.
8 Dr. Clare McAndrew, "The Art Market 2017", An Art Basel and UBS Report by Art Economics, March 2017.
The opinions expressed by the authors are solely their own and do not necessarily reflect those of Morgan Stanley Smith Barney LLC (“Morgan Stanley”). The information and data has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley. This material has been prepared for informational purposes only. Neither the information provided nor any opinion expressed constitutes a solicitation by Morgan Stanley with respect to the purchase or sale of any security, investment, strategy or product that may be mentioned.
Investors must independently evaluate particular artwork, artwork investments and strategies, and should seek the advice of an appropriate third-party advisor for assistance in that regard as Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide any investment advice or advice regarding the purchase or sale of any artwork and this article is not a recommendation to buy art or add art as an asset class.
Investing in artworks entails the risk of losing all or a substantial amount of their investment. The value of all types of investments in art may increase or decrease over varying time periods. Past performance is neither a guarantee of future results nor indicative of future performance or results.
SIPC insurance does not apply to art investments.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
© 2023 Morgan Stanley Smith Barney LLC. Member SIPC.