Wednesday, October 16, 2013
What options does an artist or collector have when deciding about the fate of their art collection after their death?
Sell the artwork. The personal impact of parting with what may be a long-held possession can be great, but the real challenge is the difficulty that comes in assigning the value. An impartial, third-party appraiser will be essential.
Donate the artwork. Great works of art in many museums have small plaques with the name of the donor whose generosity made the exhibit possible. Donors should ensure the organization they are entrusting with the collection is of a similar mind about how the collection will be displayed.
Gift the artwork. Art can be a legacy, but should be properly planned. Gifting prior to death and after death requires different gift or estate tax strategies.
See Roe Taroff Taitz and Portman, LLP, Three Things Serious Artists or Collectors Should Know to Protect the Legacy of Their Art Collections, PR Newswire, Oct. 11, 2013.