Knowledge Center

Tuesday, September 10, 2013

Key Issues for Collectors: Working with Museums, Dealers and Auction House

By Richard M. Horwood

Bloomberg BNA Tax Management Roundtable
New York, New York
September 10, 2013

A critical component of collecting art is deciding when and how to part with a piece or multiple pieces in a collection. After all, art collections are organic and undergo many iterations according to the goals and wishes of a collector. Collectors, their heirs and donees, and advisors need to understand the tax, legal, and personal issues involved in this process. A collector may need to consider whether to sell during his or her lifetime; heirs may not have knowledge about or familiarity with the collection or the value contained within. A dynamic process involving a consideration of collection value and the complexity, speed, and certainty of disposition will help develop an overall strategy.

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