Article On Succession For Art In The European Union

David Goepel (Edwin Coe LLP) recently published an article entitled, The Art of Succession An E.U. Perspective, 10 Artbanc Market Intelligence 18-21. Provided below is an excerpt from the article:

Families whose wealth includes a significant art portfolio face specific challenges, particularly if, as is often the case, the wish is to retain the collection intact. By definition, art cannot be ‘divided’ equally between members of a succeeding generation (or at least not without irredeemably reducing its value!) Professional advisors involved with families of this sort face a particular set of challenges in devising a succession plan to ensure that a large art portfolio can pass harmoniously in accordance with the family’s wider estate planning objectives. This article will examine some of the options and tools  available for professional advisors to address the common issues faced by owners of art collections, particularly where the priority is to ensure that the collection is kept intact.