Executive Summary

Your art collection is an asset with both emotional and economic value. Deciding on its future is a personal, complex decision. Understanding planning strategies for your collection can provide peace of mind and help craft a vision for your legacy.

Key Points

There are several strategies to consider for passing on your art collection. Each has advantages, considerations and tax implications. In this article we review the following:

  1. Gifting to heirs
  2. Selling your artwork
  3. Creating a private foundation
  4. Donating to a museum
  5. Benefiting charitable groups

Conclusion

Treasured objects collected over a lifetime often represent an important part of your family’s legacy. Understanding your different options for passing on your collection is a first step in preserving your legacy.


FOR AN IN-DEPTH LOOK

Artwork and Your Legacy: Stewarding Your Collection