Specialized insights

Ways an art collection can inspire philanthropic pursuits include:

• Loaning art to a museum requires careful planning to ensure that the artwork is properly cared for and protected during the loan period.
• Gifting a work of art or a collection to a museum is a mutual decision made by collector and museum with important considerations for both.
• Displaying works of art in the community at museums, universities, galleries, schools and other venues can bring mutual benefits; having a thoughtful strategy in place can guide decisions.

Planning for valuable artworks requires careful considerations, including:

• Collectors typically have strong emotional ties to the collections they have spent lifetimes building; careful planning during their lifetime is crucial to ensure their wishes are carried out.
• Artwork has unique planning considerations. Aside from fairly simple outright gifts or bequests, most planning for art does not fit easily into the traditional planning strategies used for other assets.
• Critical steps collectors should consider include valuing the collection, making gifts and bequests to family members, making lifetime and testamentary charitable transfers, selling the collection and liquidity planning to cover related estate taxes.¹