Art is a precious asset that is admired, bought, sold and moved throughout a collector’s life. But, once that life ceases, what happens to the art? Art collections are often an overlooked area in trust and estate planning. But, incorporating it into the process early on can make for a seamless and secure future for the art–and ensure it maintains its virtue.
SRI has a long history of assisting collectors, executors and financial advisors in making informed decisions about how to incorporate an art collection into an estate plan. We play the role of a discreet partner and can advise on a variety of issues–including custodial storage, art securitization and fiduciary accountability.
So, what should a collector think about when determining the fate of their art collection?
How big is the collection?
To head off future feuds between heirs, make sure every piece of the collection is documented and appraised. This is the foundation for planning, and you’ll want to work with an art-centric expert. We live and breath art and assist collectors with photographic and documentation services, inventory management and condition reporting.
How valuable is the collection?
As with all assets, the value of art can change over time, and art collectors will want to have a good sense of what their collection is worth when creating trusts and estate plans. We have exclusive partnerships with highly-specialized organizations for art forensics and appraisal services, and can coordinate logistics for in-house or on-site art appraisals.
Do I bequeath the collection to heirs, a museum or sell it?
This is obviously an important set of decisions, which can quickly become complicated when trying to coordinate the logistics. To take the burden off the collector and their bequeathed, SRI helps clients store and transport artwork as needed. We provide local, domestic and international transportation in climate-controlled, secure vehicles that only ship fine art. And, we work with numerous dealers, galleries and auction houses and can coordinate logistics beyond transportation, including installation. Plus, we can store the artwork in one of our secure, museum-grade storage facilities until it’s ready to be dispersed.
Contact us to discuss the individual needs of your art collection and how we can assist with all facets of trust and estate planning for your artwork.