Art Collection Management II: Estate Planning for Artists and Collectors
With fine art consultant Joy Wolfe & estate and probate attorney Tamara Block
This is part two of an ongoing discussion on the responsibility of owning artwork and having an art collection management system in place. Do you have an estate plan in place and know who will receive your precious collection? Is your collection documented and appraised? Do your children want it? Collecting is an individual and very personal experience. Knowing what you have, its current value, documentation and provenance, insurance, art storage, conservation and de-accessioning are some of the myriad of issues when owning artwork.
Joy and Tamara both have worked with clients that have art collections or family members who were artists. Every individual has a unique set of circumstances they are working with when estate planning. If there is a large collection of artworks, the collector should develop a strategy for deaccessioning the collection. There are many things to consider such as capital gains, selling expenses, deciding to gift or sell, and the tax considerations for each.
Being a collector herself, a consultant and advocate for artists, Joy has been involved in all areas of art collecting, managing collections, as well as being an interior designer and custom picture framer for over 35 years. She works with art institutions as a liaison to provide training to her clients in preservation and conservation when handling art collections.
Tammy Block is a licensed attorney in both Minnesota (admitted in 1998) and South Dakota (admitted in 2000) with a practice that serves clients in a relationship based model. She has over 20 years of legal experience working with clients in estate planning, real estate and small business matters. She travels within two hours of the Twin Cities to serve clients in a broad geographic area. Her goal is to provide families and individuals with a sense of security and to make the process easy to understand.
Whether you are an artist, significant other, family member or art collector, this course is for you. They will provide an overview of the resources available and a comprehensive plan to move forward in documenting your collection, protecting your assets, and strategies you can implement to feel confident in your decisions.