Art advisors know the intricacies of owning a collection. These advisors are great resources for managing things like taxes and estate planning. Here are six details about art collections that your consultant can advise.
Ensure you have the right insurance.
Art insurance will protect you from the unexpected. Art advisors are well-versed in the best ways to protect your collection. They can explain the different types of coverage and how claims are made.
Are you interested in insuring the collection of your choice? Ask yourself these six questions.
When to Sell Your Collection
You should always contact the original seller, gallery, or artist. Your art consultant can help you with this. Your consultant can help you find other options if the gallery or artist is not interested or available.
Learn how to choose the best gallery or auctioneer to sell a part or a whole of your art collection.
Find the right person for conservation.
Art advisors are either familiar with the conservationists or have the necessary tools to research them. They can manage art repairs, restore, and find candidates with the required experience.
How can you tell if the art restorer you’re working with is qualified? Ask them these questions to see if they can understand the complexity of the work.
Shipping Insurance – Take the Stress Out of Shipping
You should pay special attention to the packaging and shipping insurance when shipping artwork. Shipping some works may not be advisable, or you may need special crates and shipping materials. These situations can occur at any time. You can have your art advisor handle this.
How to Plan Your Estate
When planning your estate, advisors can be a valuable resource. Advisors can assist you in planning the future of your collection, even though most collectors do not start planning their estate until later in life.
Advisors will guide you through deciding whether to sell your collection, transfer it to your heirs via an LLC or donate your artwork.
Want to know more about this topic? Check out Estate Planning for Art Collections.
Make sure your taxes are accurate.
Advisors know how to handle payments best when purchasing art outside the state or filing taxes. Advisors are familiar with the differences in sales tax from one state to another and can help ensure everything is recorded and filed correctly.
You can sometimes save on taxes by displaying the artwork you purchased out-of-state before you bring it home. Learn how one collector was able to save over $60k in taxes.