Whenever a person gifts or makes an estate plan for artwork things can get tricky. There are specialist advisers serving the art world that regularly work on the complex legal issues involving artwork that deals with taxes, legal concerns, and philanthropy. The difficulty in putting a value onto a work of art can often work in the interest of the art investor. If a person is selling a piece of art they might want the value to be high, and if they are including the art in their estate then they would want the artwork to be given as low of a value as possible. People should consult the expert advice of a professional so that they can create an estate plan that will let them get the most out of their art.
See Kyle E. Krull, How Should My Client Handle Artwork in His Estate Plan?, Wealth Management, October 14, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
