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If You’ve Always Wanted to Collect Art


If You’ve Always Wanted to Collect Art

Education is your best ally when buying an expensive piece of art, as discussed in “Buying art: A cautionary tale,” from the Kansas City Star. Before making a first offer, you’ll need to know a lot about the artist—whether alive or dead, still active or retired—and just as importantly, who is selling the artwork. And while you may love the piece, be sure to have a good grasp on the artist’s popularity. If you don’t care about its market value, that’s fine, but you should know it before your purchase takes place.

Your knowledge about the art piece itself should encompass its condition, the fact that it’s signed and/or dated, the provenance or the history of ownership, and whether it’s included in the artists’ catalogue raisonné. You should also look into any recent sales by the artist and sales by comparable artists.

You should also know the seller and their reputation, and understand the terms of the sale. What is your recourse if there is a problem with the art? What is their commission on the sale? It is important to get the details.

After the purchase, you need to consider your long-term plan for the art. Think about whether you’d like this piece to be a gift to a museum or charitable organization. This is a common practice among art collectors … it’s a way to enhance their legacy and extend the enjoyment, education, and history of the piece by sharing with others.

Don’t forget to insure any artwork, whether it is a single valuable piece or an entire collection.

To avoid any future misunderstandings, speak with your heirs about your collection and your long term plans for it. They may treasure certain pieces just as you do, or they may not care for any of your collection. An estate planning attorney will have recommendations for how to handle transferring the artwork to your heirs and/or a museum or gallery, including making gifts of the artwork that will count as charitable deductions.

Do you own valuable art and live in Miami-Dade, Broward, or Palm Beach counties in Florida? Laws are constantly changing-- has your estate plan been reviewed in the last 2-3 years? Call me (954-888-1747) right away for peace of mind. I can help!

  • My practice is exclusively estate planning and probate,
  • I have prepared numerous estate plans in 16 years of practice,
  • I have administered estates and trusts through Probate all over Florida,
  • I am a Certified Financial Planner Professional™, and
  • I am here for YOU today and there for your FAMILY tomorrow.

Reference: Kansas City Star (December 7, 2016) “Buying art: A cautionary tale”

Why would we recommend D.T.F.? Several Reasons: Your ability to explain complex estate problems, clearly and patiently; your total lack of arrogance and pretense; a strong feeling that you are motivated by what you perceive is best for your client, rather than what would generate the largest legal fees; finally, and importantly, you are a lovely guy. A.C.

Two words cannot sum up the entire process of creating my “trust.” I enjoyed your attention to detail, your patience of explaining terms and conditions until I understood, also giving me copies to read and understand. Thank you for your suggestions on what was best for “me” but still allowing me to make my choice. Most of all, thank you for thinking of “me.” Wells Fargo said “you were the best” I cannot deny that. Again thank you very much for everything. Anna is an asset or a compliment to the firm. She is warm and very caring. It was great doing business. Thank you.