Florida Banking August/September 2025

TRUST & WEALTH MANAGEMENT

BEAUTY – AND ART – ARE IN THE EYE OF THE BEHOLDER HOW THE APPEAL OF COLLECTIBLES IS TRANSFORMING THE ART WORLD

BY ALEXANDER M. PARTHEMER, LL.M., AND RACHEL L. SEARS, PRIVATE WEALTH AND TAX ATTORNEYS AT JONES FOSTER

T he art market is undergoing a dynamic transformation, with collectors and investors increasingly turning their attention from traditional artwork – such as oil paintings, classical sculpture, and fine furniture – to more unconventional and eclectic categories. While Old Masters and Impressionist works still command respect and high values, a growing segment of the market is being driven by what many term “new art” or alternative collectibles. This trend includes everything from Tyrannosaurus Rex fossils and sneakers to ornate 19th-century shaving cream cups – items that blend cultural relevance, historical curiosity and rarity. These nontraditional collectibles often appeal to a younger, more diverse collector base that values storytelling, personal connection and cultural symbolism over formal artistic pedigree. At the same time,“ultra-contemporary” artists – those born after 1975 – are dominating gallery representation and auction demand, often with works priced under $10,000. These artists, like the collectibles they parallel, offer accessibility and a fresh narrative in a market that’s no longer defined solely by oil-on-canvas. Whether it’s prehistoric bones or limited-edition Air Jordans, the definition of art and value is expanding. For collectors and advisors alike, recognizing the shift toward the unique, experiential, and unconventional is key to understanding the future of the art world. As the art market continues to evolve, collectors face a shifting landscape shaped by generational preferences, emerging asset classes, and new challenges in valuation,

estate planning, and charitable giving. At a recent panel discussion,“Navigating the Old and New Art Markets: From Biedermeier to Birkin,”1 industry professionals from Kaufman Rossin, Jones Foster, and Ronald Varney Fine Art Advisors explored how the definitions of “art” and “collectibles” are expanding, and what this means for collectors, advisors and fiduciaries. Here, we highlight some of the key topics discussed and offer insights into navigating the new terrain of the art world. How Is the Definition of ‘Art’ Changing? Traditional notions of art have long centered around painting, sculpture, antique furniture and classical decorative objects. However, the market is increasingly embracing “nontraditional” collectibles that fall outside these categories. Fossils, sneakers, luxury handbags and even ornate 19th-century shaving mugs are now entering private collections, museum exhibitions, and high-profile auctions. This shift reflects both cultural and generational changes. Younger collectors, particularly Millennials and Gen Z, are more likely to gravitate toward items that reflect personal identity, nostalgia or cultural commentary. These pieces may not conform to classical standards of artistry, but they are gaining traction as meaningful, valuable assets. While traditional art still enjoys enduring prestige and long-established valuation methods, the rise of ultra-contemporary artists signals a growing appetite for innovation and immediacy. Recent studies show galleries increasingly prioritize these artists, particularly

1. “Navigating the Old and New Art Markets: From Biedermeier to Birkin,” April 10, 2025, Palm Beach Gardens, Florida, featured panelists Jennifer Quent (moderator) and Michael Kramarz of Kaufman Rossin; Ronald Varney of Ronald Varney Fine Art Advisors; and Alexander M. Parthemer of Jones Foster.

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