For assistance planning and managing your artistic estate reach out at 0499 184 964 and email us at consult@artandcollectors.com. 

For most collectors, acquiring art is an expression of passion. The focus lies more on finding, exploring and enjoying a work of art than keeping track of it. Yet, when the time inevitably comes to consider where it will go when you’re no longer here, some practical questions must be answered. Setting up an estate plan for your art collection is the difference between leaving a legacy versus a problem – it is a set of clear instructions that tells your family and executor where you want your collection to end up.

Clarice Beckett, 'Misty Evening, Beaumaris'

 

Document! Document Document!

The first step is to gather all the relevant documentation you have, including invoices, Letters of Provenance and where relevant, Certificates of Authenticity. You may have also had your collection valued – if so, collate the appraisals or consider finding out if the value has changed at all. 

For full marks, keep an inventory of your collection that catalogues each work of art with a photograph and condition report. Depending on the size of your holding, this can be an enormously helpful gift to leave.

Sell, give or donate

Essentially, you have three options when deciding the fate of your collection. You can either sell works, leave them to a friend or family member or donate them to an institution. Do not feel the need to choose only one option as many collectors – and artists – will opt for a combination of all three. 

For those considering selling, getting in touch with a reputable art professional as you plan your estate is a sage idea. Some art dealers-cross-consultants will be able to provide advice on resale strategy and donation, as well as conservation, storage and value, ensuring your collection retains its significance and meaning. This is particularly germane in the case of artists leaving behind bodies of work; here strategic and long-term support can be the difference between legacy and obscurity. 

Have conversations

Lastly, as you move through the estate planning process, we advise you to have conversations. Find an executor you trust and an art professional, while also communicating to your family what you would like to have done with your collection. You may discover a loved one’s particular affinity for a piece or their concerns around housing it, in turn helping you to make effective, thoughtful and caring decisions. 

For assistance planning and managing your artistic estate reach out to us at consult@artandcollectors.com or phone 0499 184 964