Fights and Taxes Can Arise When Art Collections Must Be Broken Up
THE WALL STREET JOURNAL | by DANIEL GRANT
September 21, 2014
Who gets that painting?
Of all the fights that can erupt during divorce proceedings or when a family member leaves behind a large estate, some of the biggest take place over the artwork.
“I’d put it in the same category as child-custody battles,” says Suzanne Landers, an attorney specializing in family law in Memphis. Emotional attachments to art can outweigh financial considerations, Ms. Landers says. It takes far longer to decide who gets what painting or sculpture than it does to divvy up houses, cars or even money, she says.
Serious art collectors might roll over in their graves—or never marry—if they knew what feuds their purchases were destined to inspire. On the other hand, lots of friction can be avoided if lovers of art and their families acquaint themselves with a few legal and tax basics.
What follows are some tips on how to decide, peaceably and equitably, who gets what, and ways of disbursing an art collection and minimizing taxes.
Read entire article at The Wall Street Journal