The Accidental Collector
Wealth Advisory Services
Goldman Sachs Private Wealth Management
Over the course of their 40 year marriage, Martha and Sam Prudence amassed a valuable collection of post-war and contemporary artwork. Their efforts began modestly enough when Martha, fresh out of post-graduate studies, purchased her first contemporary painting by a living artist in New York City because it was priced within her (then) modest means and, frankly, she thought it would look beautiful adorning the empty wall above her couch. One year later, and newly married, the couple purchased their second contemporary painting from a yet unknown artist and a “collection” was born. Today, Martha and Sam have a substantial private collection which includes works on paper, paintings and sculptures.
A valuable art collection presents the opportunity to craft a legacy that can last for generations. At some point along the path to achieving your vision, however, consideration should be given to some of the nuances of art ownership. To a great extent, how these nuances affect you will depend on who you are (in the eyes of the IRS) and whether you plan to sell your collection, give it to your family or donate it to a charity. In this article, our Wealth Advisory Services group describes the factors you should consider.
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Goldman Sachs does not provide tax, accounting, or legal advice to its clients and all investors are strongly urged to consult with their own advisors regarding any potential strategy or investment.