At IEQ Capital, continuous learning remains central to how we deliver value to clients. IEQ Elevate, our internal professional development platform, is designed to deepen expertise, foster long-term growth, and enhance client experience. As a predominantly employee-owned firm, we believe that education, ownership, and a values-driven culture create a direct benefit for those we serve.

A recent session, hosted by IEQ Founding Partner Frank McFarland, explored the increasing intersection between art, finance, and wealth management. The session featured guest speaker Kamal Zargar, an art market expert whose career has spanned major museums, international art fairs, and private collection management. Together, McFarland and Zargar examined the strategic considerations surrounding art acquisition, management, and legacy planning for ultra-high-net-worth families.

Reframing Art as an Asset Class

A central theme of the discussion was the role of art as an asset. While personal passion often drives art collecting, Zargar emphasized that many clients are beginning to view art through a more strategic lens. Rising valuations, greater market transparency, and increased institutional participation have elevated the financial significance of art holdings. Thoughtful stewardship of a collection, including acquisition planning, insurance, conservation, and appraisal, is increasingly regarded as akin to the careful management of an investment portfolio.

Planning for New Entrants to the Art World

For clients interested in acquiring art, a disciplined approach is essential. Zargar emphasized the importance of developing one's own taste and a clear collecting plan – a process best cultivated through viewing a significant volume of art in person. He outlined best practices for acquisitions, including working with established galleries, participating in museum acquisition committees, and building relationships within the art community. Partners who can guide clients toward these practices can help clients avoid impulsive purchases and support the development of collections with lasting cultural and financial value.

Managing Existing or Inherited Collections

Clients who already own significant collections, or who inherit art assets, face a distinct set of challenges. Zargar outlined key areas where professional management is critical:

  • Collection Management: Implementing best practices for insurance, conservation, storage, and appraisals to protect long-term value.
  • Estate Planning: Integrating art assets into broader wealth transfer plans to minimize disputes and maximize philanthropic impact.
  • Art Lending: Using art as collateral for liquidity strategies without relinquishing ownership.
  • Strategic Philanthropy: Structuring donations to museums or foundations to align with legacy goals.
  • Deaccessions: Selling or reallocating works to strengthen the overall quality and cohesion of a collection.

Zargar noted that the absence of formal management often leads to underappreciated risks, whether financial, logistical, or reputational.

The Broader Value of Art Engagement

Beyond financial considerations, McFarland and Zargar emphasized the qualitative value of engaging with the art world. Meaningful involvement with museums, exhibitions, and cultural institutions can foster multi-generational dialogue, deepen personal fulfillment, and enhance a family’s legacy beyond material wealth. For many families, art represents not just an asset but a cultural contribution that extends their influence and values.

About the Speakers

Kamal Zargar has spent his career at the intersection of the art and finance worlds. After completing undergraduate and graduate degrees in literature, art, and art history, he served in roles at institutions such as the National Gallery of Art, Frieze art fairs, and Crozier Fine Arts. His work across key global markets, including Washington, DC, New York, London, San Francisco, and Los Angeles, provides him with a comprehensive understanding of both artistic and financial dimensions of collecting.

Frank McFarland is a Founding Partner of IEQ Capital and serves on the firm’s Investment Committee. Over a career spanning more than two decades, he has advised wealthy families and institutional investors at firms including Fidelity Investments, Merrill Lynch’s Private Banking and Investment Group, Luminous Capital, and First Republic Bank. Mr. McFarland earned his Bachelor of Science in Accounting from Syracuse University and remains active in community initiatives supporting families in need.

This material is as of the date indicated, not complete, and subject to change. Additional information is available upon request. No representation is made with respect to the accuracy, completeness, or timeliness of information and IEQ assumes no obligation to update or revise such information. The information set forth herein has been developed internally and/or obtained or derived from sources believed by IEQ Capital, LLC (“IEQ Capital”) to be reliable. However, IEQ Capital does not make any representation or warranty, express or implied, as to the information’s accuracy or completeness, nor does IEQ Capital recommend that the attached information serve as the basis of any investment decision. This document has been provided to you solely for information purposes and does not constitute an offer or solicitation of an offer, or any advice or recommendation, to purchase any securities or other financial instruments, and may not be construed as such. It is not intended to be, nor should it be construed or used as, investment, tax, accounting, legal or financial advice. IEQ provides no assurance or guarantee that any investment will be successful or that any returns will be achieved. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. The opinions expressed in these presentations solely represent the views of the respective speaker.  Nothing expressed in these presentations should be viewed as investment advice or a recommendation to buy or sell any security, nor creates an advisory relationship with IEQ Capital.  Certain information has been provided by and/or is based on third party sources and, although believed to be reliable, has not been independently verified and IEQ is not responsible for third-party errors, omissions or representations.