Your Art Collection and Legacy Planning
Whether selling, giving or donating your art collection, early planning is critical to ensuring your goals are fulfilled.
Estate Planning for Art
As an art collector, you have invested time, energy and resources in developing expertise in art, and built a collection that fits your aesthetic criteria and interests. This often leads to, or results from, an interest in a particular artist, period or medium, and the cultivation of relationships with artists, auction houses and galleries. While the foundation of collecting is participating in this "dialog" and enjoying the beauty that art affords, extensive art holdings should also be considered when addressing personal finances and estate planning.
After investing time, effort and financial resources to establish an art collection, many collectors find it difficult to consider its future and final disposition. Unlike other financial assets or real estate, art is intensely personal. A collection reflects who you are and how you have lived. Estate planning with art can be a much more emotional process compared with traditional financial assets. Often, art is less about numbers and more about heartstrings and passion. As a result, many collectors find it extremely difficult to make planning decisions about the ultimate disposition of their art.
However, the very personal connection to art, and the fact that art cannot be sold as quickly as other financial assets, makes it essential to diligently plan ahead.