In March, many sophisticated art collectors will bring their best works out of safekeeping for Maastricht, the most important fair of the year. Collecting families with exceptional art wealth will exhibit some of their most treasured possessions in this small Dutch town situated at the southernmost end of the Netherlands.

Editor's note: Randall Willette is a member of the editorial board at Family Wealth Report’s sister publication WealthBriefing.

This month, many important art business owning families and sophisticated collectors will bring their best works out of safekeeping for Maastricht, the most important fair of the year. Collecting families with exceptional art wealth will exhibit some of their most treasured possessions in this small Dutch town situated at the southernmost end of the Netherlands.

The European Fine Art Fair celebrates its twenty-fifth year in 2012 and art experts put its longevity and status as the world's leading art and antiques fair down to what some might call distinctly old-fashioned European family values. By all accounts the fair is bigger and better than ever with a particularly strong turn out by well-established collecting families from around the world.

It may not be usual to associate fine art and wealth management at first glance. There is, however, a long history in the collection of beautiful objects by wealthy European families and the discreet management of their wealth by a close group of professional advisors.

Art patronage has a long history in European culture and is responsible for some of the best artistic achievements of all ages. Although the Renaissance is regarded as the golden age of patronage, art still plays a crucial role in the portfolio of ultra high net worth families.

Today’s global financial families have a great deal in common and are committed to growing and preserving assets for future generations. High-quality works of art with strong provenance have become a safe haven in the current economic environment. Culture, traditions, and values vary widely between Americans, Europeans and Asian family offices, however all seem to agree that art can provide a long term store of value.

Family offices

Family offices are becoming increasingly aware art can be an important component of the investment planning for some of their most important private clients. At a time when financial markets have fluctuated dramatically, investment in high-quality works of art with strong provenance such as those on offer at Maastricht make them particularly interesting as a long-term investment.

The fair’s stringent vetting procedures are a major advantage. The vetting committee is comprised of academics and some dealers who are not exhibitors but who are pre-eminent in their field, to ensure that their decisions are unbiased. Dealers who were at the inaugural 1988 fair agree that it was far more parochial then, attracting mainly German, Belgian and Dutch collecting families but today it has become more international in its attendance.

From its modest beginning as the Pictura Fine Art fair in 1975, to its current position as the world’s leading fine art fair, TEFAF Maastricht has always sought to lead the way and set the standards which others follow. Apart from continually improving the breadth, quality and display of the items exhibited, many experts believe it has presented more able exhibitions and made groundbreaking initiatives in the way the art world does business. Equally important, exhibiting a broad range of fine arts and antiquities from across the world guarantees an international roster of clients.

The Bonnefantenmuseum, one of the city’s major museums, also aims to raise its profile during TEFAF by exhibiting private family collections, which will be reflected in their shows during the fair.

The museum's newly-appointed director, Stijn Huijts, aims to increase its collaboration with private family collectors and help them to open up their collections to the public. The Bonnefantenmuseum shows the private collection of the Dutch designer Martin Visser (13 March-17 June), with more than 100 works on loan from the Kröller-Müller Museum, Otterlo. The exhibition consists of 120 works, including paintings and sculptures by 35 artists with whom Visser collaborated.

As government funding of the arts in Europe becomes increasingly more difficult due to tight austerity measures we expect more museums to turn to private family collections to showcase their artistic and cultural heritage.