This article was written by Keith Graham, Partner at Westbury Accountants and Business Advisors, AWAD’s Partner in this field
- What will happen to my art after my death?
- How can I ensure my family benefit from my lifelong work?
- Will my art retain its value?
- Who will manage my collection?
These and others are the sort of questions that we are being asked increasingly by our many artist clients. Of course, there are many advantages to becoming successful as an artist but success brings with it a whole new set of challenges.
What to do with your art?
In our experience, once artists begin to think about their own mortality, they become increasingly concerned with the question of what to do with their art. Many think that this is something that could be dealt with just by a well-drafted will; others wonder whether they should be setting up a foundation during their lifetime.
What is clear is that these questions have to be faced up to. Picasso died without a will leaving a legacy of massive legal battles. Dalí set up a foundation but his affairs were still extremely untidy. Rothko left clear instructions but his executors certainly did not understand fully (or chose not to) his real wishes. On the other hand, the Henry Moore Foundation is an excellent example of careful planning and competent management of an estate. (more…)