The value of a fine art collection is both monetary and sentimental. Unlike other investments like stocks or real estate, art is often a passion and becomes very personal. It can be challenging for collectors to think about how they will incorporate their collection into their estate planning. Careful forethought is essential for the collector to maintain control of what happens to their beloved collection, even after they are gone.
Planning is Critical
Collectors who do not specify what will happen to their art after they pass risk having their collection dealt with in a way they would never want.
Careful planning, however, will ensure the fulfillment of the collector's wishes. Collectors have three options for what to do with their collection after they pass. Most collectors either gift, donate or sell their art. No matter what the preferred course of action is, they should be sure to have all relevant paperwork, such as bills of sale or appraisals, in a safe and accessible place.