Art Collectors need good advice if their collection is to be disposed of in an appropriate way after their death.
It's very much easier to generate questions about what an art collector needs to think about with respect to the eventual disposal of his or her art collection - than it is to come up with the answers!
However if you don't know some of the questions to ask it's certain you'll never come up with the answers.
Here are some things to think about if you collect art and want to be able to dispose of it in the best way possible - whatever that may be.
Return to THE ART LEGACY
Handbook of Practical Planning for Art Collectors and Their Advisors
by Ramsay H. Slugg
Paperback: 144 pages
Publisher: American Bar Association
Publication date: November 7, 2015
This book is intended to be accessible to the American art collector as well as those who provide professional advice to art collectors.
It addresses three key issues relating to the ownership of art
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THE VALUE OF YOUR ART COLLECTION
REFERENCE: Estate Valuation
DISPOSAL OF YOUR ART COLLECTION
Disposal of a small or large art collection can be tricky.
The key thing is to make sure that an art collection that goes to auction is placed with the best auction house to reach the right people. I've seen some absolutely "art criminal" decisions in relation to disposal of some art - where it's very clear those interested in collecting such work were wholly unaware that it was being sold.
Estate Planning - Disposal - for Art Collectors
A number of art galleries and museums have benefited from the donation of art over the years - in a donor's life time and on their death
There are however a number of considerations in relation to:
A Tax-deductible Donation (USA)
The rules in the USA to realise a charitable income tax deduction are as follows
Donations of artwork to a public charity, such as a museum or university with public charity status, can entitle you to deduct the artwork's full fair market value.
REFERENCE: Donating Art
The Internal Revenue Service (IRS) rules contain detailed requirements about the qualifications an appraiser must possess and the contents of an appraisal. Doeren
THE THORNY ISSUE OF TAX!
REFERENCE: Tax Considerations
The Art Collector's Handbook:
A Guide to Collection Management and Care
by Mary Rozell
Series: Handbooks in International Art Business
Hardcover: 232 pages
Publisher: Lund Humphries;
Publication date: New edition March 1, 2014
Provides the first comprehensive overview of art collection management, for collectors and professionals. There are There are chapters on how to acquire art, cataloguing the collection, approaches to valuation, insurance, shipping and storage, conservation and collection care, sharing collections, and parting with the collection.
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Rated 5 out of 5 stars by 2 customer reviews (USA)
The Art Collector's Handbook: A Guide to Collection Management and Care from Amazon.co.UK
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