As more companies slide into bankruptcy, trustees are increasingly tasked with selling unconventional and hard-to-value assets — from aging bourbon barrels and unused tax credits to fine art, crypto accounts, and thoroughbred horses. 

A recent Bloomberg article described the court-approved $36.5 million sale of a Claude Monet “Water Lilies” painting from the estate of a bankrupt hedge fund manager, alongside listings for environmental credits, judgments, and intellectual property (IP). 

IP is a common bankruptcy asset, but valuation can be challenging because it often varies based on interest and market trends. Trademarks are especially difficult to value. While bankruptcy lets a company break many contracts or obligations attached to its assets, that’s not always true for trademark rights. Additionally, investment and credit funds are interested in “esoteric” assets such as class-action claims, tax refunds, and litigation claims. 

Below are some key takeaways about the unusual and increasingly diverse range of assets being sold through bankruptcy proceedings. 

1. The universe of bankruptcy assets is getting broader — and stranger

Beyond real estate and equipment, estates are increasingly selling bourbon barrels, environmental and tax credits, crypto, IP, art, litigation claims, and judgments. Practitioners should expect more nontraditional assets that require specialized valuation, marketing, and buyers.

2. Valuation is now a core risk point

Assets like tax credits, emissions credits, IP, art, and claims are difficult to price and often carry regulatory, ownership, or recapture risk. Creditors and buyers should assume enhanced diligence costs, expert involvement, and wider bid spreads.

3. Speed and liquidity often outweigh theoretical upside

Trustees are frequently motivated to monetize assets quickly to reduce carrying costs, litigation expense, and administrative drag—even if that means selling at a discount rather than waiting for optimal market timing.

4. Court-approved sales materially change risk profiles

The “good faith purchaser” finding and sale free-and-clear of many liens and claims can significantly increase asset attractiveness and enforceability—particularly for royalties, judgments, and claims—making bankruptcy a preferred acquisition channel for some investors.

5. Holding costs and timing can drive outcomes

Assets like bourbon, horses, aircraft, and art require storage, care, insurance, or maintenance. These costs, combined with court approval requirements, can push estates toward earlier sales even when long-term value might be higher.

6. Niche investors are increasingly active

Distressed funds, specialty finance firms, royalty buyers, and litigation-claim investors are targeting esoteric assets such as tariff-reimbursement claims, class actions, and tax refunds—expanding the buyer universe beyond traditional distressed-debt players.

7. Marketing the asset is as important as the asset itself

Because markets for unconventional assets are thin, trustees and advisors are relying more on curated platforms, targeted outreach, and bespoke sale processes rather than traditional auctions.

8. Ownership and transfer rights must be vetted early

A proper and complete valuation of an intellectual property portfolio requires figuring out exactly what rights are involved and who owns them. Bankruptcy does not override all consent rights or usage restrictions. Early, precise mapping of ownership, veto rights, and regulatory overlays is essential to preserving value.