Estate planning for an artist or collector is not merely a question of the distribution assets, it also entails creating a financial and artistic strategy in advance to carry on their legacy - which may include the creation of foundation, a trust or holding company. In all cases, ALP’s approach is to seek a plan that ensures that an artist or collector’s wishes are clearly communicated and are legally and financially sound, so they are understood and can be honored by the people and organizations entrusted with their legacy.
ALP works with and refers their clients to a financial professional with the goal of establishing a sound estate plan. Financial planning evaluates the current fiscal situation of an artist, collector or estate to match their goals with the appropriate management of assets and investments. In planning or managing an estate there are many investments and management considerations with respect to a client’s risk profile, timeline for investment and expectations — this is why it is important to choose an appropriate investment strategy in the best interest of the client.
Who do you trust with your art assets?
ALP also works with heirs to create a sound management strategy, taking the artist’s or collector’s status and sensibilities into consideration. As estate managers, ALP through the careful analysis and the selection of the appropriate legal, financial, accounting, academic and secondary-market partners provides an approach with the aim of sustaining the vision and values of the artists or collectors’ estates by maintaining relevance through publications, exhibitions, and sales.
Working with appraisal and valuation experts, ALP seeks to ensure proper authentication of artworks and determine a fair market value for each item within an estate. This information can then be used for tax purposes, help determine replacement value for insurance, or establish appropriate sale values.
Who is the right appraisal expert for your work?
Cataloging and an inventory of an artist’s body of work or a collector’s holding is essential for ensuring their legacy and wishes. A catalog also facilitates oversight and helps build prestige. ALP has a team of in-house registrars, and catalogers who have the experience and skills to manage the processes from a straightforward inventory of extant works (with images, and provenance and condition reports) to a catalog of select works, to producing a full catalog raisonné for print or digital publication.
Archival organization and assessment is another important and often overlooked aspect of estates and collections planning. ALP has in house archivists who can organize and catalog the various physical and digital material of an estate or collection including but not limited to: exhibition announcements and catalogs, ephemera, correspondence (both personal and professional), notebooks, exhibition or performance notes, the artist’s library, financial documents regarding artistic production and sales and gifts, digital files, etc. If this material is already organized, ALP can consult regarding de-acquisition or gifting it to ensure its conservation.
Registering the copyrighting an artist’s work is crucial to the ongoing protection of that work. Without copyright registrations, an artist’s work lacks the maximum level of protection afforded by copyright law. The commercial licensing of an artist’s copyright-protected work can also become an important income stream for an estate. ALP helps clients manage this process as well as by providing a referral to an appropriate attorney or agency.