Argentine Inheritance and Art Law: Inherit a Painting, an Art Collection. Artists, Collectors in Argentina

Argentine Inheritance and Art Law: Inherit a Painting, an Art Collection. Artists, Collectors in Argentina

Argentine Inheritance and Art Law: Inherit a Painting, an Art Collection. Artists, Collectors in Argentina

Argentine Inheritance and Art Law: Inherit a Painting, an Art Collection. Artists, Collectors in Argentina

What if you’ve suddenly become a collector not quite by choice? Maybe one day you get a call: A Family member has died and left you with her beloved painting, or a whole house full of art. What next?

Cataloging 

The first step to preparing your new collection for selling or donating is to create a catalog of the works you’ve inherited.

Hopefully, there will be a lot of information that was already prepared by the artist or dealers that you’ll have access to for help with this. Some things you’ll want to know are the artist’s name, titles of the work, dates when the work was created, whether or not the work has been exhibited and where, and the provenance (or history of ownership) of the piece.

Take a photograph of each piece and organize everything so that someone looking into the collection can have all of the information they’d need about each work easily available in one place. If you don’t have much information at the ready and don’t know much about art to determine these things yourself, or if it simply sounds too tedious, you can always hire someone else to do this for you like an appraiser, art historian, or research student. You may also want to hire an archivist to make sure the works are stored properly since their condition is an important factor in their value.

Research and Appraisal 

Once you have a better handle on the collection, do some research on the artists and works you’ve inherited. Study up on their place in art history and the market, as well as the place your works, in particular, have in their career. You can get a sense of the piece’s value by researching what similar works have sold for at auction with tools like Artnet’s Price Database. Sometimes it is necessary for tax purposes to get the work officially appraised. Connect with an auction house, independent appraiser, or curator to gather information and determine the value.

Deciding Where the Collection Should Go

There are three main options to choose from. For example, putting it up for auction, selling it to an art dealer, or gifting it to a museum or other academic collection.

  • Auction Versus Gallery: Typically, works sell for less at an auction than with a gallery. But, for less valuable pieces, they may end up having more visibility with an auction.  Also, many galleries won’t accept pre-owned art. Especially if the artist is not particularly well-known and the collection is a big assortment of pieces rather than focusing on one artist, period, or movement. Ask local curators to see if they have advice on dealers that specialize in the artist, region, or period your collection represents. Look for a gallery that sells similar work to what you have to offer and is successful at doing so.

Argentine Inheritance Art Law Inherit Painting Art Collection Artists Collectors Argentina

  • Consignment Versus Selling it Outright. With a dealer, you may sell the work directly or give it on consignment. You’ll be loaning the work to them without getting any money upfront. Then, you get a portion of the proceeds if/when the piece sells. Most often, you’ll get more money from consigning the work. The market will determine the price and the turn-around time will be lower.
  • Donating: Contact museums, schools, or historians to see if they’d accept the collection as a gift. You will contribute to cultural and historical preservation, and it’s also a tax-deductible charitable donation. It’s always a good idea to involve a lawyer that specializes in managing estates. Also, you’ll definitely want to hire a lawyer to help you through the process.

 

Argentine Inheritance and Art Law: Inherit a Painting, an Art Collection. Artists, Collectors in Argentina

Argentine Inheritance and Art Law: Inherit a Painting, an Art Collection. Artists, Collectors in Argentina

 

Comments

To sum up, getting a good appraisal can be really crucial to selling your painting. After inheriting something like this, you never really know how much the monetary value might actually be.

Argentine Inheritance Art Law Inherit Painting Art Collection Artists Collectors Argentina








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