BloombergBusiness reports on the private wealth managers who teach the children of the ultra-rich the difference between a worthless Chuck Close piece and an invaluable Andy Warhol painting:
During the Citi Private Bank event, experts from Christie’s helped participants review a mock catalog of about a dozen works. They advised each team on criteria to determine value: a work’s quality, rarity, condition and history of ownership.
Attendees then bid on pieces that have been, or will be, auctioned including an Andy Warhol polaroid print of Giorgio Armani and a pair of ear clips by Seaman Schepps formerly owned by the Duchess of Windsor. Perrin then showed the teams what the works really sold for so they could see if they spent their money wisely.
Wells Fargo’s Abbot Downing and U.S. Trust, a unit of Bank of America Corp., have a financial education curriculum with individual coaching instead of boot camps. Some parents or grandparents require heirs to take it before telling them how wealthy they are and what they will inherit, said Chris Heilmann, U.S. Trust’s chief fiduciary executive. In June, the bank added a program for teenagers as young as age 13.
The young adults who attended Citigroup’s event have jobs and even some master’s degrees, but their parents want them to hone skills that are unique to their wealth – such as bidding on a Picasso or taking over a family business, said Kanagasabapathy.
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