Collecting fine art is a methodical personal tribute to a particular artist, an idea or a whimsy and can be a major part of a client’s life pursuits. Collections, however, can be pricey. Deloitte estimates that 400,000 collectors in the top wealth segments hold $1.6 trillion in art assets in private collections.1 According to the Internal Revenue Service, “collectibles” include works of art, rugs, antiques, any metal or gem (with exceptions), any stamp or coin (with exceptions),
How to Help Clients With Sizable Collections
Determining the value of items is key.