Managing an artist's estate when you are their gallery

01The first priority: securing the works

In the days following the death, the dealer's priority is to identify and secure every work in their possession: stock pieces, consigned works, works on loan for exhibitions, works in transit. This inventory must be documented with precision, as it will form the basis of discussions with heirs and other rights holders.

Pace Gallery has navigated this situation repeatedly with major artists in its programme. Each time, the first step was to establish a joint inventory with the estate's representatives, to avoid any subsequent misunderstanding about the ownership of works held by the gallery. The distinction between works owned by the gallery outright, works on consignment and works simply held for exhibition must be clarified without ambiguity.

The dealer must also immediately contact collectors who have works on loan, institutions displaying pieces and shippers holding works in transit. The chain of responsibility must be maintained without interruption.

02The relationship with heirs: between law and diplomacy

Succession law determines who inherits the moral rights and the economic rights over the works. Under French law, moral rights are perpetual, inalienable and transmissible to heirs. This means the heirs have the right to oppose any use of the work that would compromise the artist's integrity or honour. Economic rights (reproduction rights, droit de suite) are also transmitted, for a period of seventy years after death.

The dealer has no legal obligation to continue the relationship with the heirs, unless a contract so provides. Conversely, the heirs may choose a different dealer. The reality is that both parties benefit from collaboration: the dealer knows the artist's market, their collectors and the relevant institutions, while the heirs hold the rights and, often, access to the studio and unpublished works.

Conflictual situations are common. Heirs may be multiple, in disagreement among themselves, or unfamiliar with how the art market operates. Marian Goodman Gallery, which has managed several important estates, emphasises the importance of establishing a clear contractual framework within the first weeks: representation mandate, scope of action, remuneration terms and duration of engagement.

03Managing the market: the risk of a posthumous flood

An artist's death typically triggers a surge of works onto the market. Heirs, collectors and secondary dealers seek to capitalise on the media attention and the price increases that often accompany a death. This selling pressure, if not contained, can cause a mid-term collapse in the artist's market value.

The dealer's role is to regulate this flow. Limiting the number of works released for sale, choosing distribution channels carefully, declining auction consignments that risk producing disappointing results: these decisions require long-term strategic vision. Hauser & Wirth, upon taking over the Philip Guston estate, implemented a controlled release policy that maintained and then increased the artist's prices over a decade.

The opposite temptation — holding back all works while waiting for prices to rise — is equally risky. The art market requires a regular flow of transactions for prices to remain active. An artist whose works no longer appear on the market risks fading from view, regardless of the quality of the work.

04The catalogue raisonné: a foundational project

The catalogue raisonné documents the entirety of an artist's output: every piece, with description, dimensions, technique, provenance, exhibition history and publication history. This document, monumental in scope, is the reference tool for authentication and the fight against forgery.

Compiling a catalogue raisonné is a long-term project — often five to fifteen years of work. The gallery can contribute by making its archives available (sales records, correspondence, exhibition photographs) and by partially funding the research. Galerie Lelong & Co has supported several catalogues raisonnés for artists in its programme, recognising that this investment, while not immediately profitable, strengthens the long-term value of the work.

Some galleries take the initiative of launching the catalogue raisonné themselves, engaging an art historian or specialist researcher. Gagosian has funded catalogues raisonnés for several artists on its roster, an investment that signals long-term commitment and constitutes a powerful argument with heirs and collectors.

05The foundation or committee: structuring memory

For artists whose work carries significant weight, creating a foundation or scholarly committee allows the estate to be managed over the long term. The Fondation Giacometti in Paris, the Calder Foundation in New York and the Succession Picasso offer reference models.

The dealer can play a driving role in establishing these structures, contributing market expertise and an institutional network. Galerie Templon has been involved in structuring several estates, facilitating dialogue between heirs, museum institutions and lawyers specialised in art law.

The authentication committee, often attached to the foundation, validates or rejects the authenticity of works submitted to it. This power is considerable: a work rejected by the committee loses all market value, while a validated work gains legitimacy. A dealer who sits on such a committee, or has access to it, holds a strategic advantage in the secondary market.

06Posthumous exhibitions: maintaining visibility

After the death, exhibitions become the principal lever for enhancing the work's visibility and value. A retrospective at a major museum — Centre Pompidou, Tate Modern, MoMA — can durably transform the perception and market standing of an artist. The dealer plays a central role in the genesis of these exhibitions, connecting curators with heirs, lending works from stock and facilitating loans from collectors.

David Zwirner Gallery has orchestrated ambitious posthumous exhibition programmes for several artists, coordinating simultaneous presentations across its New York, London and Paris spaces. This multi-site strategy maximises media coverage and reaches diverse audiences.

Smaller galleries can organise tribute exhibitions in their own spaces, inviting critics and independent curators to contribute to the catalogue. These exhibitions, even at a modest scale, signal to the market that the work continues to be championed and supported.

07The secondary market: monitoring and intervening

After an artist's death, the secondary market takes on heightened importance. Auction sales become a public barometer of market value, and every result, whether high or low, influences the perception of worth. The dealer must monitor this market closely and, in certain cases, intervene by purchasing works that risk selling below estimate, to protect the price level.

This practice, common among major galleries, requires liquidity and detailed knowledge of the auction calendar. White Cube and Gagosian are known for intervening strategically in auction rooms to support their artists' prices. For a mid-size gallery, direct intervention is often too expensive, but systematic monitoring of auction results at least allows the primary market pricing strategy to be adjusted.

The dealer can also work with auction houses to optimise the conditions of sale: appropriate estimates, catalogue placement and targeted marketing campaigns. Christie's and Sotheby's are generally open to collaborating with galleries that represent the estate, as this collaboration reduces the risk of unsold lots.

08The continuation of a commitment

Managing an artist's estate is not merely a market matter. It is the continuation of an engagement that, for many dealers, began as an aesthetic conviction before becoming a commercial relationship. The galleries that manage estates most successfully are those that articulate this personal dimension with rigorous professional management. An artist's legacy is not protected by good intentions but by precise inventories, solid contracts, ambitious exhibitions and constant vigilance over the market.