How can families preserve art, jewellery and heirlooms for future generations?
My family is a patron of culture and owns art, jewellery and traditional heirlooms. How can we preserve these assets across generations while balancing access, control and responsible monetization?
—Name withheld on request
A collection of paintings, sculptures, antiques, jewellery and other heirlooms carries with it a history of patronage and family legacy. While such assets are often intended to remain within the family, disputes may arise over custody, access, maintenance costs, restoration, sale or commercial use. One heir may wish to retain the collection in a family residence, another may prefer to sell certain pieces, while a third may want to loan the works to a gallery or museum.
Trust structure
By housing the collection in a trust, the family can preserve the assets as a consolidated pool rather than fragmenting ownership among multiple heirs. The trust deed can set out detailed rules governing how the collection is to be housed, maintained, insured, restored, displayed, used, monetised or, if ever necessary, transferred.
For instance, the trust may specify whether certain pieces should remain in a central family residence, rotate among family homes, be kept in professional storage, or be displayed through a gallery or private museum. It may also prescribe who will have custody and access, how often valuations should be conducted, whether restoration is permitted, and what insurance, security and conservation arrangements are required.
The trust may also govern the commercial and public-facing life of the collection by authorizing the trustees to lend artworks for exhibitions, display works publicly, license images for reproduction, use the collection for curated events, donate selected pieces to museums, or otherwise monetize the collection in a controlled and purpose-aligned manner. The trust deed may also permit ancillary activities such as exhibitions, guided tours, cafés, merchandise and curated events.
It can further specify how income from such activities is to be applied—whether towards conservation of the collection, charitable purposes, the benefit of family beneficiaries, or a combination of these.
Regulatory lens
From a regulatory standpoint, Indian trust law does not prohibit the settlement of artworks into a trust. However, the related tax implications should be examined carefully, particularly with reference to the nature of the trust and whether its beneficiaries are confined to the settlor’s or contributor’s family or extend to the public at large.
As art moves from private passion to cultural capital, the real question is no longer what a collection is worth, but what it is meant to become—a private legacy, a public institution, a revenue-generating asset, or a deliberate blend of all three.
Rohit Jain is the managing partner and Keshav Singhania, head of private client at Singhania & Co.
