Publications
The Art Of Managing A Collection
Management of artwork and other collectibles can be simplified by aggregating assets based on: 1.) the role that the owner plays for income tax purposes; 2.) the owner’s goals in life and at death. To manage collections effectively, we need perceptive market analysis with the ability to sort significant trends from fads, we need detailed expertise with income and estate taxes peculiar to tangible assets, and last but not least, we need to be sensitive to the feelings and emotions peculiar to the collector and heirs.
The Met Is selling Art? The Debate Over Deaccessioning Continues
The business model of every art museum has been under enormous stress during the pandemic and economic reality of 2020. The American Association of Museum Directors made a 180-degree turn on the use of funds from the sale of art from the museum’s collection last spring allowing some of the proceeds to be used to meet operating costs. The debate continues over whether the temporary lifting of the restrictions should be made permanent, amplified by the Metropolitan Museum of Art considering selling art and using the proceeds to cover operating costs.
How To Divide Personal Property In An Estate
When I help settle an estate the most challenging task is mediating what is the “best” way to divide the jewelry, art, furniture and other tangible personal property of the deceased among their heirs. People behave irrationally when they feel that they were promised something under the will. They already feel that the item is theirs. This is compounded by the friction between and among family members that existed during the decedent’s lifetime.
So, what is the best way to divide your assets? The fact is that there is no “best” way to divide assets, but there are some things you can do, or refrain from doing, to help avoid a family fight.
Whither Donations Of Art To Museums In 2021?
What is the future of art collections and museum donations for 2021 and beyond?
Will museums with limited capacities be willing and able to accept specific artwork or even entire collections, now owned by artists and collectors who are in their 80’s and 90’s?
“What is required is planning for a current and ongoing collaboration between artists and collectors on one hand,and museums on the other for the creation and access to a virtual as well as physical collections.”