Estate planning with ALP, ensures that the values and wishes of an artist are carried out after s/he dies, so that the people and organizations who are most valued are appropriately engaged with the remaining assets and infrastructure accumulated during a client’s life. Estate planning entails creating a strategy in advance to carry on an artist or collector’s legacy as long as possible. Ideally this is done while a person is living to ensure that an artist or collector’s wishes are made clear and evident as well as legally sound; however, ALP can work with heirs to create a sound strategy, taking the artist’s or collector’s sensibilities into consideration.
Financial planning evaluates the current financial situation of a living individual or estate to match goals with appropriate management of assets and investments while guiding decision making that is in the best interest of a client. There are many investments and managers to consider with respect to a client’s risk profile, timeline for investment and expectations—which is why working with a financial professional is important when choosing an appropriate investment strategy with respect to goals, risk tolerance and a timeline that are in a client’s best interest.
Managing the estate of an artist from Art Legacy Planning LLC provides an approach with the best interest of the client in mind. Through the careful analysis and selection of the appropriate legal, financial, accounting, academic and secondary-market partners ALP aims to keep the wishes and values of the artists’ estates it represents in perpetuity.
Cataloguing an artist’s estate or collection is essential for ensuring the legacy of individual artworks or an entire collection. A full catalogue of an estate or collection provides oversight and helps build prestige. ALP has in house cataloguers who are trained to create a system that complements the client’s needs. From a straightforward catalog of extant works (with images and condition reports) to a full catalogue raisonné with print or digital publication, our team has the experience and skills to manage this process.
Archival organization and assessment is another important and often overlooked aspect of estates and collections. ALP organizes and catalogues the various physical and digital material of an estate or collection including but not limited to: exhibition announcements and catalogues, correspondence (both personal and professional), notebooks, exhibition or performance notes, the artist’s library, financial documents regarding artistic production and sales, and digital files. ALP has in house archivists who can do this process for the client; however, if the material is already organized we can also consult regarding de-acquisition or gifting it to ensure its conservation in perpetuity.
ALP works with appraisal and valuation experts to ensure proper authentication of artworks. Licensed appraisers will examine artworks and determine a fair market value for each item. This information can then be used for tax purposes as well as to determine prices for artworks.
The licensing and copyright of an artist’s work are significant immaterial holdings of an artist’s estate. These can become important income streams for an estate as well as a key means of maintaining relevance in current publications and exhibitions. ALP can help clients manage this process or can provide referral to an appropriate agency.
As consultants for accounting and law firms ALP provides a platform for other professional organizations partnering with us to provide clients who collect art the necessary services to navigate the nuanced art world. As collections age and evolve throughout a lifetime from acquisition to deaccession ALP provides the expertise needed to service the professional needs of artists and collectors with a discretionary and bespoke approach.