Session I – Proactive Collection Management and Succession Planning – Anita Heriot
In this session, we’ll explore how to take a proactive approach to managing collections, focusing on strategies that maximize value, facilitate sales, and ensure thoughtful planning. You’ll gain insight into the five distinct types of value, their methodologies, and purposes, and learn why a comprehensive collection audit is a powerful tool for informed decision-making. Finally, we’ll discuss how to plan for long-term success by adopting an offensive approach to succession planning, ensuring your collection’s legacy is secure.
Key topics to be discussed:
- Five types of value and how they influence planning
- Benefits of a comprehensive collection audit
- Long-term collection strategy
Session II – Tax and Transfer Planning for Art, Artists, and Collectors – Bradford Cohen
This session explores the complex intersection of tax law, estate planning, and the art world-adressing the unique challenges faced by artists, dealers, and collectors. Brad Cohen will discuss strategies for acquiring, selling, donating, and transferring art with an emphasis on income, estate, gift, and generation-skipping taxes.
The session will highlight recent transactions, valuation issues, and charitable deductions during life and after death, as well as sales and use tax considerations. Additional topics include digital assets and NFTs, art-related crimes, and copyright concerns. Blending practical insights with real-world examples (and a bit of humor), the session offers a comprehensive look at planning for tangible and digital art collections.
Key topics to be discussed:
- Taxation and estate planning for the artist, dealer, and art collector
- Recent transactions
- Income taxes
- Income tax charitable deduction during life
- Transfer taxes: Estate, gift, and generation skipping tax
- Estate administration
- Valuation
- Digital assets & NFTs
- Sales & use taxes
- Art crimes
- Copyright
Session III – Valuation, Authenticity, and Legal Risks in Art Transfers – Rebecca Lockwood
This session offers practical guidance on best practices for planning around art and valuable tangible assets. Attendees will gain insight into key valuation methodologies, including potential issues such as blockage, and learn how the IRS Art Appraisal Services and Art Advisory Panel evaluate appraisals. The session will also cover authentication procedures, droit moral considerations (with a comparison of U.S. and EU approaches), and the legal landscape surrounding stolen art, WWII restitution, and cultural patrimony. Additionally, participants will explore strategies for selling, donating, and distributing art and collectibles after death, with a high-level market update to provide context for informed planning and decision-making.
Key topics to be discussed:
- Valuation methodologies and issues (including blockage discounts)
- IRS Art Appraisal Services & Art Advisory Panel: Practices and processes
- Authentication and droit moral: U.S. vs. EU approaches
- Legal considerations: Stolen art, WWII restitution, cultural patrimony
- Disposition strategies: Selling (private vs. auction), donating, and distributing property after death
- Market context: High-level update to inform planning decisions
Closed-captioning available