I had the distinct pleasure of interviewing Alexia Walker, the top independent arts advisor to family offices and directly to families of influence. The interview provided me with valuable insights into treating valuable paintings as part of the asset management strategy for the entire family investment portfolio.
Here’s a recording of the interviews:
Introduction and Professional Context
I entered the family office space somewhat indirectly, through my work as an independent art advisor. I founded my advisory practice in 2014, with a specific focus on modern and contemporary African art. For me, this was both a cultural and a strategic decision—Africa is home, and the continent has an extraordinarily rich artistic heritage that is increasingly being recognised globally.
From the outset, I have always viewed art not only as a cultural expression but also as a financial asset. This perspective was reinforced early in my career when I came across a Deloitte Luxembourg global art and finance research report highlighting the growing collaboration between wealth managers and art advisors. These partnerships aim to provide clients with a more holistic approach to managing their wealth: one that includes art collections as part of the overall portfolio.
When I launched my business, I approached family offices directly to introduce this concept. At the time, the idea of integrating art advisory into wealth management was not widely understood, particularly in South Africa. However, over the past decade, there has been a significant shift. Today, it is increasingly common for family offices to either partner with independent art advisors or to develop in-house expertise in this area.
Art as an Overlooked Asset Class
One of the key observations I have made in my work is that art is often the least managed asset within a family’s portfolio. This is not because it lacks value—on the contrary, collections can represent a substantial portion of a family’s wealth, but rather because art is deeply emotional and not always perceived as part of a formal investment strategy.
In South Africa, for example, it is not unusual to encounter collections valued at R20 to R30 million or more that sit entirely outside the formal wealth management framework. This creates a range of risks. While these risks may remain invisible during stable periods, they become immediately apparent in moments of stress, such as insurance claims, divorce, debt restructuring, or intergenerational succession.
What interests me most about working with family offices is precisely this intersection: where an asset of significant financial and cultural value exists, but without the governance structures typically applied to other forms of wealth.
Key Areas of Engagement: Governance and Risk Management
In my experience, the primary areas of discussion with families and family offices fall into two broad categories: governance and risk management.
From a governance perspective, the starting point is to establish a clear framework around the collection. This includes questions such as:
- Who owns the collection?
- Is it held in an individual’s name, a trust, or a corporate structure?
- What are the tax and succession implications of these structures?
While I do not provide tax or legal advice, my role is often to facilitate conversations between the relevant professionals to ensure that the art collection is properly integrated into the broader estate planning framework.
Risk management is equally critical and often more complex than clients anticipate. Many collections are not formally valued, or valuations are outdated. Interestingly, the assumption is often that collections are underinsured, whereas I frequently encounter the opposite—collections that are overinsured due to unrealistic valuation methodologies. Art does not appreciate linearly; in fact, many works decline in value over time, while only a select few increase significantly.
Beyond valuation, there are additional risks related to:
- Documentation and provenance
- Authentication of artworks
- Conservation and storage conditions
- Logistics, particularly for collections held across multiple jurisdictions
Art is a physical asset, and its preservation requires ongoing, specialised care. Without this, both financial and cultural value can be compromised.
The Role of the Family Office: Capability Gaps and Advisory Integration
A recurring challenge I observe is that family office professionals are often not equipped to engage meaningfully with art as an asset class. Relationship managers may be aware that a client holds a significant collection, but may lack the knowledge or confidence to incorporate it into broader wealth discussions.
As a result, art frequently remains outside the advisory conversation.
To address this, part of my work involves engaging directly with family office teams, providing guidance and, in some cases, informal training. The objective is not to turn wealth managers into art specialists, but rather to equip them with the confidence to recognise when a collection requires attention and to initiate the appropriate conversations.
This reflects a broader principle within family office structures: the effective management of complex wealth increasingly depends on integrating specialised expertise.
Independence and Conflict of Interest
One of the most important considerations in art advisory—particularly in a family office context—is independence.
The art market is inherently opaque and often characterised by conflicts of interest. Many individuals who present themselves as advisors are, in fact, dealers or intermediaries with a vested interest in transactions. Even when advisors appear independent, undisclosed commissions can create misaligned incentives.
For this reason, I have structured my practice to be entirely conflict-free. I do not hold inventory, I do not act as a dealer, and I do not receive commissions from third parties. My remuneration comes solely from the client.
From a family office perspective, this level of independence is essential. Without it, it becomes difficult to ensure that advice is aligned with the client’s best interests rather than influenced by market dynamics or transactional incentives.
Generational Wealth: A Case Study in Complexity
One of the most interesting experiences in my career involved working with a family following the death of a prominent South African collector. The collection, comprising more than 500 works, had been built over many years but without any formal governance structure.
Following the collector’s passing, several challenges emerged simultaneously:
- The collection was dispersed across multiple properties and storage facilities
- Documentation and authentication were incomplete
- Family members held differing views on the future of the collection
- There was no clear strategy for preservation, sale, or display
What followed was a multi-year process of consolidation, documentation, valuation, and alignment. This included establishing accurate records, addressing authentication issues, ensuring appropriate insurance coverage, and facilitating discussions among family members to reach a shared understanding of the collection’s future.
This experience illustrates the broader risks associated with unmanaged assets in the context of generational wealth. Without governance, even highly valuable collections can become sources of conflict rather than a source of continuity.
Leadership Philosophy
The most valuable leadership advice I have received is to remain open to all perspectives, regardless of hierarchy.
In practice, individuals operating at more junior levels often have insights that are not visible at senior levels. However, organisational structures do not always create space for these perspectives to be heard.
Having spent much of my career as an entrepreneur, I have also developed a deep appreciation for the operational aspects of business. When you have been involved at every level—from strategy to execution—you gain a more comprehensive understanding of how value is created. This, in turn, supports better decision-making and fosters greater respect for others’ contributions.
Global Perspective and the Role of Language
My bilingual fluency in French and English has played an important role in shaping my professional engagements. While I am based in South Africa, I have increasingly developed relationships with family offices in France, where there is a long-standing interest in African art.
This creates a unique positioning: being based on the African continent while engaging with international collectors and institutions. There is also significant potential to expand into Francophone Africa, which represents an important, though still underdeveloped, network within the broader art ecosystem.
Language, in this context, is not only a practical tool but also a means of building trust and navigating cultural nuance.
Personal Influences: Discipline and Continuous Learning
Outside of my professional work, I am deeply committed to taekwondo, a Korean martial art. This has become an important part of my life, both physically and intellectually.
What I find particularly compelling is that taekwondo operates as a structured system of continuous learning. It requires discipline, study, and progression over time—qualities that are equally relevant in business and advisory work.
The practice also incorporates elements of history, philosophy, and language, reinforcing the idea that mastery is not confined to a single domain, but can be developed across multiple dimensions.
Conclusion
My work with family offices ultimately centres on one key objective: ensuring that art collections are understood, managed, and integrated into a family’s broader wealth framework.
This requires more than technical expertise. It requires coordination across disciplines, clarity in governance, and, importantly, alignment within the family itself.
As family offices continue to evolve, I believe there will be greater recognition of the importance of managing non-traditional assets—such as art—with the same level of rigour as financial capital.
In this context, the role of the advisor is not only to provide expertise but to bring structure and coherence to assets that are often deeply personal but insufficiently formalised.
To contact Alexia, follow this link HERE.
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