Ronald Graham is managing partner of our Dubai office and head of private wealth.
His clients comprise international companies, high net worth individuals, families, multi-family offices, fiduciaries and funds.
Mr Graham has been a partner at Taylor Wessing since 2011, he has been managing partner of its Dubai Office since 2021.
He was admitted as a lawyer in 1996 and has spent a career acting for international companies, high net worth families, multi-family offices and funds in the UK, Middle East and further afield.
Why do you specialise in this area?
We specialise in advising our clients on legal issues around trophy assets because we know how relevant and important they are to our clients. We do not see ourselves as lawyers who can only advise on certain areas such as tax, trusts and probate but if you are committed to the private wealth sector, as we are, then you must provide a holistic service that includes advice on areas that matter.
Why is luxury assets so important to the industry?
Our clients are passionate about trophy assets and we are too! Many of our lawyers are involved in the art, classic car, yachting and wine and whisky world. That means we know the issues that can arise as well as regularly being part of the auctions and events that relate to these assets.
The luxury assets world is growing and evolving - new assets are becoming more relevant such as sports clubs and NFTs, values are rising such as the Mercedes 300 SLR from 1955 that sold in May 2022 for €135million (advised by Taylor Wessing), and the fact that whisky as an assets class has returned a 280 percent return in the last 10 years.
What are the main challenges facing luxury assets?
As values rise so do the challenges. The world of forgery and counterfeit goods has risen sharply and creates a real issue for buyers. Source of wealth and money laundering using trophy assets is a genuine concern to sellers whether they are private, auction houses or dealers. Also verifying provenance and history is a challenge - this can affect the value of items such as a car, jewellery and art. Proper legal advice and sale contracts can help to protect buyers and sellers. Finally, because some assets are now of such high value, owners are taking liens or loans against them and this gives rise to uncertainty over title - is the lender or the person selling who actually owns the asset.
What are your favourite ways to relax/switch off from work?
I really enjoy reading, as can be seen from a later answer, I find it an excellent way to switch off from the events of the day.
What’s one book you think everyone should read?
For a recent favourite book, I highly recommend, 'A Little Life' by Hanya Yanagihara. The novel follows four college friends as they navigate life in New York City, focusing particularly on Jude St. Francis, whose traumatic past profoundly affects his relationships. The book is renowned for its heartbreaking exploration of friendship, suffering, and the search for love and acceptance.
If you couldn’t do your current role what would your dream job be?
If I was not doing my current job I might be an art dealer. I love the history behind art or a car etc and seeing how that can be verified and what impact it has on value. I also think the way people will transact some of those high value items will change and this fascinates me - blockchain and tokenisation offer those less wealthy the opportunity to buy into the trophy asset world.
This article first appeared on TheWealthNet on 14 February 2025: view here.
