Because people build collections out of love, they often do not consider them with the same financial rigor that they would apply to other assets, and often just insure items for the price they paid for them.
What would you consider are your favorite and most valuable assets? Maybe it’s your stocks, business, or real estate. For some, however, their favorite and most valuable assets may be the beautiful art hanging on their walls.
If your art collection is important to you and your heirs, and truly valuable in and of itself, then it’s important to make proper plans to protect it.
In life we tend to limit our risks through various forms of insurance. Accordingly, when it comes to your art, this issue was addressed in a recent Forbes article titled “Should Your Art Be Insured?” This is not an easy question to resolve in every instance.
A previous article in Forbes explored another angle on personally-owned art. The article, titled “Is Art An Asset Or An Investment?,” added another take on the world of such art. Remember: the value of your “art” is really whatever someone would be willing to pay for it.
You may have heard that when it comes to art, there is more to it than what meets the eye. A true statement indeed, and even more impactful when you consider the valuation and planning for the artful assets you cherish.
You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Williamsburg, Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning
Reference: Forbes (October 31, 2012) “Should Your Art Be Insured?”
Forbes (October 5, 2012) “Is Art An Asset Or An Investment?”