Tailored planning with RBC Wealth Management for your art collections

A porcelain tea set. A signed landscape painting. A gold bracelet worn by a grandparent on their wedding day. These aren’t just objects—they’re fragments of a family’s story. And when that story changes hands—through inheritance, gifting or estate planning—what once bound generations together can quickly become a source of stress or disagreement.

It’s a scenario that plays out more often than you’d think. Families meticulously plan for financial assets but forget that sentimental ones carry their own kind of value. A painting or vintage watch might not appear on a balance sheet, but its emotional weight can be immeasurable. And if expectations around those pieces aren’t discussed early, they can create uncertainty later.

Part of the challenge is psychological. Money invites structure—forms, balances, statements. But when something holds sentimental value, people often hesitate to assign it a number. That reluctance can create emotional turbulence. Addressing those emotions early helps ensure the items that mean the most don’t become the ones that divide.

That’s why conversations about personal collections are increasingly finding their way into wealth management discussions. “Art collecting is a very personal endeavour,” says Sara Johnson, vice-president of high net worth planning services at RBC Wealth Management. “We diligently guide collectors through a risk management exercise to ensure that the emotional and financial considerations of an art collection are properly addressed and documented.”

The exercise starts not with paperwork but with stories: how an item was acquired, what it represents and who it was meant for. From there, advisors help families appraise and document these pieces to counsel them through the legal and tax considerations that can otherwise catch people off guard.

The goal isn’t just to protect value; it’s to preserve meaning. This is where RBC Wealth Management brings both practical experience and cultural sensitivity. The firm’s advisors understand that no two collections—or families—are alike. “The confluence of legal, financial and often sentimental considerations necessitates that we take a different approach when planning with our clients,” says Robyn Solnik, vice-president of high net worth planning services at RBC Wealth Management. “In addition to legal and tax planning, we engage with our client’s qualified tax and legal advisors, working together to ensure our client has a well-thought-out plan to pre-empt misunderstandings and disputes.”

RBC advisors recognize that stewardship isn’t only about preserving monetary value, but about continuity. That same philosophy informs RBC’s own art collection, one of the largest in Canada, encompassing more than 6,000 works of Canadian artists and installed in offices globally. RBC also actively sponsors events like Art Toronto and institutions such as the National Gallery of Canada and the AGO. Over the past 20 years, RBC and the RBC Foundation have invested more than $130 million to arts organizations around the world, reflecting their deep appreciation for the role of art in connecting our communities. It’s the same principle their advisors bring to client relationships—care, expertise and respect for legacy.

Good planning, after all, isn’t just about preventing disputes. It’s about ensuring the next generation understands not only what they’ve inherited, but why. The most effective estate plans balance fairness with sentiment—they reflect both the emotional and financial dimensions of ownership.

When viewed this way, wealth management becomes a kind of storytelling: a way to decide how your values will live on, long after you do. Whether that means keeping an heirloom in the family, cataloguing the objects that define your home or even donating a collection to a gallery, the first step is starting the conversation.

“After considering their aspirations for their artwork, our clients might consider engaging in conversations with museums and galleries,” says Heather Powers, director of RBC’s Charitable Gift Program. “But there are many other financial considerations that our advisors can help them understand, including whether their works can be certified as a Canadian Cultural Property in collaboration with the museums, tax implications for the client or if they need other charitable contributions to reach their philanthropic objectives.”

Discussing the meaning behind a family’s cherished pieces can bring generations closer, turning potential conflict into connection. These conversations reveal what families value most—not just what they own, but what they stand for.

Contact an RBC Wealth Management advisor today to discuss your collection’s legacy and ensure its worth is valued for generations to come.

This article has been prepared for use by the RBC Wealth Management member companies, RBC Dominion Securities Inc.*, RBC Phillips, Hager & North Investment Counsel Inc., RBC Global Asset Management Inc., Royal Trust Corporation of Canada and The Royal Trust Company (collectively, the “Companies”) and their affiliate, Royal Mutual Funds Inc. (RMFI). *Member – Canada Investor Protection Fund. Each of the Companies, RMFI and Royal Bank of Canada are separate corporate entities which are affiliated. The information provided in this document should only be used in conjunction with a discussion with a qualified professional advisor when planning to implement a strategy. â / ™ Trademark(s) of Royal Bank of Canada.  Used under license.   © Royal Bank of Canada. 2025. All rights reserved.