MCLE SELF-STUDY ARTICLE NAVIGATING THE COMPLEXITIES OF FINE ART AND COLLECTIBLES FOR FIDUCIARIES

Written by Jaime B. Herren, Esq.^* and Simon A. LeBleu, Esq.^**

I. SYNOPSIS

"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success."-Pablo Picasso

Picasso’s words resonate profoundly in the world of estate planning and, even more so, when considering the complexities of managing fine art. Art is quintessentially unique and distinctive. Such valuable and intricate assets require meticulous planning and strategic foresight to ensure they are preserved, appreciated, and appropriately passed on to future generations. Appreciation of art and collectibles pervades culture, history, and mediums: Barber dimes and baseball cards, Hermes handbags and Tiffany lamps, historical busts, and René Lalique’s mascots, Pablo Picasso’s Cubism masterpiece paintings and Cindy Sherman’s centerfold series to Andy Warhol’s screen prints, and Beeple’s non-fungible token ("NFT"). As the landscape of wealth management evolves, incorporating fine art and collectibles into estate plans has become increasingly essential. New and traditional art forms mandate unique planning but utilize some of the same fundamental steps and techniques.