A closer look The Fine Art of Transferring Your Treasured Collections

In Brief

• Collected with passion and love, art and collectibles can be a deeply meaningful legacy to hand down for generations to come.
• Yet those emotions, and the illiquid nature of the assets, can add significant complexity to the process of transferring art or collectibles in a way that maintains family harmony and satisfies key financial goals.
• These complexities make transferring a whole collection, or even one or more individual pieces, to the next generation especially challenging.
• Whatever you envision as the next home for your art (with your family, with a museum or charity, or with an outside buyer), it’s vital to communicate your intentions with family members, appraisers, trustees, and others, and to build flexibility into your plans.