Three Options for Art Collectors

What optionsdoes an artist or collector have when deciding about the fate of their artcollection after their death?

Sell the artwork.  The personal impact of parting with what may be a long-heldpossession can be great, but the real challenge is the difficulty that comes inassigning the value.  An impartial,third-party appraiser will be essential.

Donate the artwork.  Great works of art in many museums have small plaques with thename of the donor whose generosity made the exhibit possible.  Donors should ensure the organization theyare entrusting with the collection is of a similar mind about how thecollection will be displayed.

Gift the artwork.  Art can be a legacy, but should be properly planned.  Gifting prior to death and after deathrequires different gift or estate tax strategies.

See Roe Taroff Taitz and Portman, LLP, Three Things Serious Artists or Collectors Should Know to Protect theLegacy of Their Art Collections, PR Newswire, Oct. 11, 2013.