Speaker(s): Xiliary Twil
Art Legacy Planning - Life is Long. Art is Longer.
The discussion will include an overview of art appraisals, art insurance and the prevention of financial loss, the pros and cons of donating and gifting, the various trends in art lending and the consideration of art as an asset.
When considering art legacy planning, it's important to understand that developing an art collection requires time, energy, resources and most of all, passion. It is often difficult for collectors and artists to contemplate the significance and worth of their assets during their lifetimes. Let alone the impact and consequences of the inevitable disposition of their collections.
With advances in technology and communication, the art market has never been more dynamic and accessible. However, the necessity of art legacy planning is more crucial than ever. In this session with Xiliary Twil of Art Asset Management Group, she'll explore the changing trends in collection management and valuation practices within the art market, and the myriad approaches to art legacy planning.
What is Art Legacy Planning?
It's the process of developing a plan for the preservation, protection, and disposition of an art collection. The goal is to ensure that the collector's wishes are carried out in a way that maximizes the value of the collection while minimizing exposure to risk.
Why is it Important?
There are a number of reasons why art legacy planning is important. First and foremost, it ensures that your wishes for your art collection are carried out after you're gone. Secondly, it allows you to take advantage of rapidly changing trends in the art world so that you can maximize the value of your collection. And finally, it helps to protect your collection from exposure to risk.
What Are the Steps Involved in Art Legacy Planning?
There are a number of steps involved in art legacy planning. First, you need to inventory your collection so that you know exactly what you have. Next, you need to develop a understanding of the current market value of your collection. Once you have a sense of its value, you can start to develop a plan for its disposition. You need to decide whether you want to sell, donate, or leave your collection to beneficiaries upon your death. Each option has its own set of pros and cons that you will need to consider.
Xiliary Twil, ASA, is a valuation expert who founded Art Asset Management Group, Inc. in 2009. As an art historian and art collector, having successfully managed the business affairs of art galleries, private collections and exhibiting at international art fairs, Twil and her firm brings forty-two years of experience in the business of art. Xiliary is an Accredited Senior Appraiser with the...