Estate Planning for Art Collectors: Strategies for Managing and Transferring Art and Collectible Assets

Rebecca Lockwood | Sotheby’s

Rebecca Lockwood joined Sotheby’s in 2014 as Vice President of the Fiduciary Client Group.

Rebecca advises individual and corporate fiduciaries on the valuation and sale of personal property. She works closely with clients and their advisors to provide appraisals for collection management, estate and gift tax, and insurance purposes, and to develop sale strategies for the liquidation of assets held in an estate or trust. During her time at Sotheby’s, Rebecca has been directly involved in the sale of many important collections and estates including Bowie/Collector, the Mellon Family Collection, the Collection of Elizabeth Mead Merck, the Collection of Lolo Sarnoff, the Collection of Ezra and Cecile Zilkha and the Estate of Mrs. John L. Marion. Prior to joining Sotheby’s, Rebecca served as Vice President of Trusts & Estates at Gurr Johns International.

Rebecca graduated from George Washington University with a bachelor’s in art history. She received a Master’s in Contemporary Art from Sotheby’s Institute of Art and a JD from New York Law School. Rebecca is also certified in Uniform Standards of Professional Appraisal Practice.

She has previously served as Chair of the Tax, Trusts & Estates Sub-Committee of the New York City Bar Association’s Art Law Committee and Vice-Chair of the American Bar Association’s Real Property, Trusts and Estate’s Section, Art and Collectibles Committee.

Anita Heriot | The Fine Art Group

Anita Heriot is President of The Fine Art Group, The Americas. Prior to founding Pall Mall Art Advisors in 2012 which was acquired by The Fine Art Group, Anita worked in the auction world as a Director of Appraisals and a specialist.

Anita works with our top clients and is the point person for several significant national relationships throughout the United States. A secondary market specialist with a focus on blue-chip artists, Anita has a deep knowledge of American art, German Expressionism, and Post-War Contemporary art.

A nationally sought-after speaker, Anita has lectured at the Barron’s 100 and 500 Summits; to over 30 chapters of Tiger 21, a high-net-worth learning network; to the investment forum of YPO, the premier leadership organization of chief executives in the world, to bankers, attorneys, insurance specialists and accountants throughout the United States. She has appeared on several TV shows and is frequently interviewed by the media for her insights into the art world.

Anita grew up in a family of art collectors and graduated from Bowdoin College with advanced degrees from the University of London and New York University.

Brad Cohen | Jeffer Mangels Butler & Mitchell LLP

Brad Cohen is a partner at Jeffer Mangels Butler & Mitchell LLP, where he advises ultra-high-net-worth individuals, family offices, and closely held businesses on complex tax, corporate, and estate planning matters. His practice spans estate planning, income tax, estate tax, sales tax, and charitable contribution strategies.

Brad has extensive experience helping clients manage, preserve, and transfer significant collections of art and other tangible assets, including jewelry, automobiles, and wine. He counsels collectors on acquisition, financing, donation, and sale strategies, and has guided many in establishing private museums and foundations for long-term stewardship. Combining deep tax knowledge with a family-office approach, Brad designs multigenerational plans that align personal, business, and philanthropic goals.

Session I – Proactive Collection Management and Succession Planning | 1:00pm – 1:45pm

• Five types of value and how they influence planning
• Benefits of a comprehensive collection audit
• Long-term collection strategy

Break | 1:45pm – 1:55pm

Session II – Tax and Transfer Planning for Art, Artists, and Collectors | 1:55pm – 2:40pm

• Taxation and estate planning for the artist, dealer, and art collector
• Recent transactions
• Income taxes
  • Types of sellers/buyers/donors
  • Acquiring and selling art
• Income tax charitable deduction during life
• Transfer taxes: Estate, gift, and generation skipping tax
  • Donations after death
• Estate administration
• Valuation
• Digital assets & NFTs
• Sales & use taxes
• Art crimes
• Copyright

Break | 2:40pm – 2:50pm

Session III – Valuation, Authenticity, and Legal Risks in Art Transfers | 2:50pm – 3:20pm

• Valuation methodologies and issues (including blockage discounts)
• IRS Art Appraisal Services & Art Advisory Panel: Practices and processes
• Authentication and droit moral: U.S. vs. EU approaches
• Legal considerations: Stolen art, WWII restitution, cultural patrimony
• Disposition strategies: Selling (private vs. auction), donating, and distributing property after death
• Market context: High-level update to inform planning decisions