Webinar Series: Understanding, Managing and Planning for Your Physical Art Collection

A fine art collection is more than an expression of taste. It is a complex asset that intersects intellectual property, tax law, estate planning and fiduciary responsibility. Yet many collectors and their advisors overlook the unique legal and practical considerations that distinguish artwork from other forms of personal property.

Our Private Client Services practice group is pleased to present a three-part webinar series designed to guide collectors, fiduciaries and their trusted advisors through the full lifecycle of a physical art collection. From understanding what it truly means to “own” a work of art, to structuring lifetime planning strategies, to navigating the administration of art assets after death, this series offers a comprehensive, multidisciplinary perspective. Each session brings together estate planning attorneys, intellectual property counsel and qualified appraisers to address the real-world scenarios collectors face. Whether you are building a collection, managing one on behalf of a client or preparing for a generational transfer, this series will equip you with the knowledge you need to protect, preserve and plan for these extraordinary assets.

Session 1: What Are Property Rights in Physical Art? Understanding Ownership, Rights and Valuation

Wednesday, October 28

Owning a painting is not the same as owning the rights to it. In this opening session, our intellectual property attorneys and a qualified art appraiser explore the often-misunderstood distinction between title to a physical work and the bundle of rights that may or may not accompany it. We will examine what ownership actually includes (the right to display, sell or loan a piece) and what it does not (copyright, reproduction rights and moral rights under the Visual Artists Rights Act). The session also covers how artwork is valued for different purposes, what collectors should look for in an appraisal report and how practical scenarios like loaning art to institutions or selling privately versus at auction bring these concepts to life.

Presenters: Bansari Amin and Amy Brozenic

Session 2: Lifetime Planning and Management of a Physical Art Collection

Wednesday, November 4

A collection that is not planned for is a collection at risk, exposed to unnecessary taxes, diminished value and family conflict. In this second session, our estate planning attorneys and an experienced art appraiser discuss how to treat a collection as both a personal and a financial asset. We will cover practical management topics such as appraisal timing, conservation best practices and maintaining provenance records. The session then turns to legal and tax planning strategies, examining how artwork fits into an estate plan through trusts, LLCs, lifetime gifting and charitable planning. We will also discuss inventory systems, record-keeping for heirs and fiduciaries and the increasingly popular “art letter of wishes.” A panel discussion rounds out the session with common mistakes and proven best practices.

Presenters: Sara Hire, Amanda Kruse and Andrea Roth

Session 3: After Death: What Happens to Art in an Estate?

Wednesday, November 11

When a collector passes away, executors and trustees face challenges unlike those presented by any other asset class. Art must be secured, insured and appraised quickly, and the decisions that follow carry significant tax and legal consequences. In this final session, our estate planning and administration attorneys examine IRS valuation rules, qualified appraisal requirements and the circumstances that trigger review by the IRS Art Advisory Panel. We then explore disposition options available to fiduciaries, including distributions to heirs, auction and private sales, charitable donations and the issues that arise with fractional or shared ownership. The session also addresses fiduciary duties, disputes among beneficiaries and authenticity challenges. We conclude with key takeaways and suggested next steps for collectors and the professionals who advise them.

Presenters: Sara Hire, Amanda Kruse and Andrea Roth

Questions? Contact [email protected].