What steps can you take to value, appraise and transfer your art?

The greatest wealth transfer in history is underway, and with that, collectible assets and notable art collections are also changing hands. Driven by a passion for the creative works they spend years educating themselves on, acquiring and displaying, many collectors dream of ultimately passing the collection on to the next generation to continue enjoying for decades to come. Yet, myriad dynamics may leave collectors concerned with the fate of their collection:

• One or more heirs may prefer to liquidate the collection, no matter how beloved it is to the collector, for financial or nonfinancial reasons, including differing aesthetic tastes
• Collectible assets like artwork have an inherent emotional element, and could be a source of conflict among heirs during transfer
• Large collections require significant resources to maintain, and some heirs may view the inherited collection as a burden, rather than a gift
• The tax and estate planning implications of transferring a significant collection can impact your ability to achieve your goals

Plan for the Future of Your Collection

Collectors have numerous options for transferring their collection — including by gift, by bequest, to museums and sale — each with consequential tax considerations. In Northern Trust’s guide to valuing, appraising and transferring your art, our experts provide insights, including case studies, on the planning implications of each option to ensure your decision aligns with your goals and that the pieces you spent decades collecting live on as you intended.