So, what are your favorite and most valuable assets? Aside from your loved ones, you may turn to your stock portfolio, your business, or your real property. For some, however, their favorite and most valuable assets may be 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.
As a review of these two articles will reveal, when it comes to your art, there is more to it than meets the eye.Please visit our website for information on elder law and estate planning issues, and sign up for our free monthly e-newsletter. The archive on our website contains numerous blog posts on these legal areas as well.
Reference: Forbes (October 31, 2012) “Should Your Art Be Insured?”
Forbes (October 5, 2012) “Is Art An Asset Or An Investment?”