Goldman Sachs Expands Art Advisory in Asia to Court Next-Gen Heirs

Goldman Sachs is no longer just managing portfolios in Asia—it’s now managing Picassos, too.

In a push to tap into Asia’s growing class of young ultra-rich, the investment bank is expanding its art advisory services in Hong Kong, Singapore and beyond. These aren’t just gallery tours and curated lists. Goldman is teaching heirs how to treat family art like any other asset: monetize it, plan for its inheritance, and—when needed—borrow against it.

“Clients are asking: what do we do with the collection now? What about the next generation?” said Monica Heslington, Goldman’s head of art and collectibles strategy.

With an estimated US$83 trillion in global wealth set to pass down over the next two decades—much of it in Asia—the timing is precise. But it’s also strategic: the art market is in a slump, especially in Greater China, where high-end sales dropped 46% last year. That’s left collectors hesitant to sell, and more open to collateralizing instead.

A blue-chip collection worth US$20 million could secure a US$10 million loan, Heslington said, provided it includes proven works with solid secondary-market traction.

Goldman’s art pitch isn’t just financial. At its recent Hong Kong summit, over 100 heirs attended workshops, mock auctions, and even debates on real vs. metaverse collections. Bespoke walk-throughs at Christie’s were part of the draw. Singapore and Taiwan visits are next. The Gulf is also on the radar.

This isn’t just a boutique play—it’s part of Goldman’s broader private wealth strategy to anchor itself in Asia’s dynastic boom. But there’s a lesson baked in: owning art is no longer about taste alone. It's about liquidity, leverage, and legacy.

Hong Kong might be hurting, but it’s still the capital of Asia’s art trade. Goldman knows it—and it’s betting its heirs do, too.

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