本研究旨在探討臺灣私人銀行於現行制度環境下，發展藝術資產管理與家族傳承服務之可行性與限制，並提出具在地適用性的策略建議。研究採質性研究方法，透過深度訪談私人銀行授信、信託與稅務專家、藝術市場專業人士、法律專家，以及前輩藝術家家屬與文化機構代表，分析臺灣在藝術資產鑑價制度、動產擔保機制、法遵風險與市場結構等面向所面臨之制度限制與實務挑戰，並輔以瑞士、美國與新加坡之國際制度比較進行整合分析。

研究結果顯示，臺灣藝術金融生態在估價制度、公信力資料庫、擔保與清算機制等面向仍存在明顯結構性缺口，短期內不具備發展可規模化或產品化藝術融資業務之條件。然而，隨著高資產家族在藝術資產保存、跨世代傳承、家族共識與流動性管理等治理需求日益明確，藝術資產已逐漸由「收藏累積期」轉向「治理與傳承期」，成為整體財富治理中不可忽視之資產類型。

本研究認為，臺灣私人銀行若跳脫以融資為核心之金融化思維，轉而採取治理導向與循序式建構策略，將藝術資產管理定位為家族治理與長期關係經營之延伸服務，並透過跨領域專業整合、內部能力培育與高度個案化之風險控管機制，仍具實務發展可行性。藝術資產管理不僅有助於回應高資產家族之治理與傳承需求，亦可作為私人銀行深化客戶關係與形塑差異化服務定位之重要策略工具。

This study examines the feasibility and constraints of developing art asset management and family succession services within Taiwan’s private banking sector under the existing institutional environment, and proposes context-specific strategic recommendations. Using a qualitative research approach, it conducts in-depth interviews with private banking professionals in credit, trust, and tax planning, art market practitioners, legal experts, heirs of senior artists, and representatives of cultural institutions. The analysis focuses on institutional and practical challenges related to art valuation systems, movable collateral mechanisms, compliance risks, and market structure, supplemented by comparisons with institutional practices in Switzerland, the United States, and Singapore.

The findings show that Taiwan’s art-finance ecosystem continues to face structural gaps in valuation frameworks, data infrastructure, collateralization, and clearing mechanisms, rendering art-backed lending unsuitable for scalable or standardized products in the short term. However, as high-net-worth families increasingly emphasize governance needs in art preservation, intergenerational transfer, and liquidity planning, art assets are shifting from collection accumulation toward governance and succession, becoming an integral component of holistic wealth governance.

This study argues that Taiwanese private banking should move beyond a lending-centric approach and adopt a governance-oriented, incremental strategy. By positioning art asset management as an extension of family governance and long-term relationship management—supported by cross-disciplinary integration, internal capability building, and customized risk controls—private banking can achieve practical viability while strengthening client relationships and service differentiation.

一、期刊論文
1.Ashenfelter, O., & Graddy, K. (2003). Auctions and the price of art. Journal of Economic Literature, 41(3), 763–787.
2.Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
3.Boot, A. W. A. (2000). Relationship banking: What do we know? Journal of Financial Intermediation, 9(1), 7–25.
4.Diamond, D. W. (1984). Financial intermediation and delegated monitoring. Review of Economic Studies, 51(3), 393–414.
5.Etro, F., & Stepanova, E. (2021). The market for art: An economic analysis. Journal of Economic Surveys, 35(5), 1261–1294.
6.Goetzmann, W. N., & Nozari, M. (2021). Art as collateral. Journal of Finance, 76(2), 1–38.
7.Gorton, G., & Metrick, A. (2012). Regulating the shadow banking system. Brookings Papers on Economic Activity, Fall, 261–312.
8.Habbershon, T. G., & Williams, M. L. (1999). A resource-based framework for assessing the strategic advantages of family firms. Family Business Review, 12(1), 1–25.
9.Mei, J., & Moses, M. (2002). Art as an investment and the underperformance of masterpieces. American Economic Review, 92(5), 1656–1668.

二、專書
1.Allen, F., & Gale, D. (2000). Comparing financial systems. Cambridge, MA: MIT Press.
2.De Roover, J.-P. (2020). Private banking and wealth management. Globe Law and Business.
3.Gersick, K. E., Davis, J. A., Hampton, M. M., & Lansberg, I. (1997). Generation to generation: Life cycles of the family business. Harvard Business School Press.
4.Hughes, J. E., Jr. (2013). Family wealth: Keeping it in the family (Rev. ed.). Bloomberg Press.
5.Jaffe, D. T. (2018). Borrowed from your grandchildren: The evolution of 100-year family enterprises. Wiley.
6.Velthuis, O. (2005). Talking prices: Symbolic meanings of prices on the market for contemporary art. Princeton University Press.
7.Ward, J. L. (2011). Keeping the family business healthy. Palgrave Macmillan.
8.Zorloni, A. (2016). Art wealth management: Managing private art collections. Springer.

三、編輯書章節
Bourdieu, P. (1986). The forms of capital. In J. Richardson (Ed.), Handbook of theory and research for the sociology of education (pp. 241–258). Greenwood Press.

四、機構/團體出版之報告
1.Art Basel, & UBS. (2025). The Art Basel and UBS Survey of Global Collecting 2025. UBS.
2.Capgemini, & UBS. (2025). World Wealth Report 2025. Capgemini Research Institute.
3.Citi Private Bank. (2025). Global family office report. Citigroup.
4.DBS Private Bank. (2022). New economy, next generation (with Financial Times). DBS Bank.
5.DBS Private Bank. (2025). 家族辦公室與藝術品投資. DBS Bank.
6.McAndrew, C. (2025). Art & finance report. UBS & Art Basel.
7.中國信託商業銀行、波士頓顧問公司。（2024）。《臺灣超高資產客群財富洞察報告》。
8.日本家族企業學會企畫編輯委員會（FBC）、後藤俊夫等。（2024）。《日本家族企業白皮書》。

五、學術研討會/工作論文
1.Bennett, B. (2023). Art-secured lending and evaluating the loan-to-value ratio in art and real estate lending markets. Conference paper.
2.Giardini, G. (2021). Art-secured lending: Obstacles and proposed solutions. Working paper.

六、期刊／雜誌文章
《典藏古美術》。（2026）。第 400 期：〈藝術資產化及其傳承〉。

七、學位論文
張靖琪。（2024）。《鑑價機制於臺灣藝術市場之建立與應用潛力》
（碩士論文）。

八、電子網路資料
石隆盛（2025）。〈斷鏈型孤島市場特徵〉。取自
https://artouch.com/art-views/issue/pressure-testing-reflecting-in-times-of-crisis-and-resetting-the-coordinates/content-188601.html

九、翻譯書籍
Rozell, M. (2022) 。《藝術收藏家手冊：從購藏及持有藝術品的權威指南》