It may seem to be a small thing, but in a world where the big private bank units are ramping up their outreach to wealthy art collectors, an advisor could do worse than finding out what his or her clients are interested in and why they find it so important.
Deutsche Bank, JP Morgan, and Citibank are just a few of the global wealth management organizations that are pushing art as a new asset class in its own right -- as a way to differentiate themselves and build up the reputation of their in-house art experts.
Whether art really surges into a $1 billion investment market this year as some suspect, amassing a large or small collection is unquestionably a goal of many high-net-worth individuals.
An advisor who can work with their clients to identify what they love and plan acquisitions -- and ultimately bequests -- accordingly can turn even the pursuit of the sublime into another planning goal like retirement, education, or philanthropy.
But to have the conversation, it helps to at least have a sense of what you're talking about. Find out what your clients collect and then learn what you can about that artist, medium, or genre. You don't need to talk like a professor, but knowing your Warhol from your Manet probably won't hurt.