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.
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:
- Gifting to heirs
- Selling your artwork
- Creating a private foundation
- Donating to a museum
- Benefiting charitable groups
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.