Citywealth Forum USA 2026 speaker spotlight: Sherri Cohen, Senior Vice President and Global Head of the Fiduciary Client Group, Sotheby’s

Date: 22 Apr 2026

Karen Jones

Beyond the Frame: Managing and Transitioning Major Art Collections

Overview

Sherri Cohen provided a market-focused perspective on the evolving art landscape, drawing on Sotheby’s global auction data and client experience. Her remarks centred on valuation, market concentration, and the increasing breadth of what is now considered collectible.

She set out how the art market was performing at the top end, while also highlighting the growing diversity of buyers and assets, and the implications this has for families managing significant collections. She noted that tastes can shift over time, and that while some works or categories fall out of favour, only a relatively small group of major artists consistently retain value across decades.

Key Themes from Sherri Cohen

1. A Market Driven by the Very Top End

Cohen pointed to the continued strength of the high value segment of the market. While a relatively small proportion of lots exceed the one million dollar mark, they account for the vast majority of total auction value.

This concentration means that a collection’s overall worth is often dependent on a limited number of key works. For families, that creates both opportunity and risk, particularly when those works come to market.

2. Record Sales and Market Signals

Recent headline sales illustrated the scale of demand at the top end. Sotheby’s sale of Gustav Klimt’s Portrait of Elizabeth Lederer for $236 million set a new benchmark for modern works.

Cohen also highlighted the breadth of high value items now achieving significant prices, including a 

Jane Birkin’s Birkin bag selling for $10 million

These examples reflected the expanding definition of valuable assets within the market.

3. A Broadening Buyer Base

Cohen noted the growing presence of new bidders. Younger collectors, alongside buyers from regions such as the Middle East and India, are increasingly active in auctions.

This shift is influencing demand and contributing to changing tastes across categories. It also introduces greater variability in pricing, particularly for works outside the most established segments of the market.

For instance Sotheby’s moved into sports memorabilia, underpinned by its exclusive partnership with the NBA, which reflects a broader shift in the positioning of athletic artefacts as luxury collectibles. The auction house now serves as the league’s official channel for game worn items, including jerseys and footwear linked to specific players and moments, sold through curated auctions and private sales. The approach places emphasis on provenance and scarcity, aligning sports objects with the conventions of the art market. For the NBA, the arrangement offers tighter control over authentication and a new revenue stream, while Sotheby’s gains access to a growing global audience of collectors, many of them younger, drawn to high value pieces that can command six or seven figure prices.

Most recently, Sotheby’s has also focused on high-profile, athlete-led sales, including collections from Tom Brady and Scottie Pippen, with a Stephen Curry sale scheduled next. These auctions typically feature game worn jerseys, sneakers and personal memorabilia tied to defining moments in each player’s career, reflecting the growing demand for authenticated, provenance-rich sports artefacts positioned at the top end of the collectibles market.

4. Art as a Financial Asset

The discussion also addressed the increasing treatment of art as an asset class.

Cohen pointed to the use of third party guarantees and lending against collections as tools to provide liquidity and flexibility. These mechanisms allow owners to retain works while accessing capital, but require careful consideration.

5. Valuation, Provenance, and Risk

Despite strong headline figures, Cohen emphasised the importance of provenance and documentation. Gaps in ownership history or authenticity can have a direct impact on value.

She also noted that the market is uneven. While some works achieve record prices, others may struggle to attract buyers, particularly where demand has shifted.

6. Collections and Generational Change

Cohen linked market dynamics to the broader issue of succession. As collections pass to the next generation, differences in taste and engagement can influence whether works are retained, sold, or donated.

This in turn affects what comes to market and how collections are ultimately dispersed.

Closing Perspective

Cohen’s remarks provided a clear picture of a market that remains strong at the top end but is increasingly complex beneath the surface.

While record prices continue to attract attention, value is concentrated, demand is evolving, and tastes are not static. For families, this makes valuation, timing, and strategy central to how collections are managed over time.

Key Points from the Discussion

• A small proportion of high value works accounts for most auction value
• Record sales continue to set benchmarks at the top end of the market
• Collectibles now include a wider range of cultural and luxury assets
• New buyers are entering the market, particularly younger and international collectors
• Financial tools such as lending and guarantees are increasingly used
• Provenance and documentation remain critical to maintaining value

Fellow Panelists

Danielle Amato-Milligan, Philanthropic and Cultural Business Strategist at AmatoMilligan and Associates

Francesca Boschini, Director and Head of International Wealth Planning and Head of Insurance Solutions for the Americas at Deutsche Bank Wealth Management (Moderator)

Courtney Christensen, Senior Director, Trusts and Estates at Winston Art Group

For more information, click here.

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