
Collecting artwork is a personal experience. Families of means invest significant time and resources developing their art collections and enjoy their artwork in their daily lives. They hang prized pieces above their mantles, share intimate details about the works with friends and even plan the décor in their homes around the colors of a specific work. Like other investors, art collectors typically intend to pass the enjoyment of their unique collections on to the next generation in a sensible—and equitable—manner. However, works of art stir emotions, making equal distribution more complicated than, say, a portfolio of securities. Artwork also has some unique attributes—and some very distinct Internal Revenue Code treatment—that require s...
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