Between The Birds And The Bees We’re Quite Busy Preserving Legacies
Ireland, 18 June 2018: International Art Experts speaking at Art Business Summit in Ireland have told the conference that art enthusiasts and collectors need to take immediate action to protect their legacy for future generations through succession planning.
The global experts in art, law, tax and wealth management were speaking following the recent Death and Taxes Report by Goodbody which looked at how we plan to pass our assets to our families. Only half of people have sought professional financial planning advice when it comes to inheritance despite the fact they want to preserve as much wealth as possible when passing on their assets.
Creating a legacy for future generations was the theme for this year’s Art Business Summit which took place in the luxurious Adare Manor Hotel in Limerick, Ireland. The Summit, Europe’s Leading Art Business and Networking Conference provided a rare opportunity for art enthusiasts to come face to face and meet Art World leaders advising on investing in art & antiquities and art collection management. It offered international insights into the Global art market, wealth management and succession planning.
Speaking at the Summit, Catriona Coady, Private Client Tax Specialist, Wealth Management with Goodbody’s said
“You do not want a situation to arise where the executor of a will is selling art at a significantly reduced cost because they did not understand what they were inheriting. Look at all your assets and decide what you would like for the next generation or what you would like them to do with them. How much tax is paid on inheritance can vary significantly depending on how much advance planning has been undertaken.”
Moderator Patricia Hunt, Director of the Hunt Museum’s Trust, Hunt Museum, Limerick shared her own personal experience of succession planning following the death of her husband. “It is so important. I’ve stumbled my way through the last fourteen years. If I had only known fourteen years ago what I should have known or know now, I would have planned better”.
Speaking at the Summit Ruth Cornett Director, Heritage and Taxation Advisory Service, Christie’s London said:
“I’m in a very privileged position of advising clients when they are in a very vulnerable position in their life. Often objectives are of emotional value but are not always recognised in the way that they should. Provenance affects value, value affects tax and tax affects inheritance and this affects decision making. These all have to be looked at together”.
Paul Collins, Head of Risk Services Ireland with Ecclesiastical Insurance highlighted the significance of insurance and risk management solutions in protecting art legacies.
“Claims come from interesting areas. We had a case where a number of Jack Daws came down a chimney causing massive damage to a client’s collection. But through the work of conservationists only five pieces of work couldn’t be fixed. We also once had a swarm of bees resident in an attic. Their honey seeped through the ceiling under which they were two pieces of art work on a table so between the birds and the bees we’re quite busy preserving legacies”.
Rosanne McDonnell, Lead Creator and Director of Art Business Summit added: Whether collectors collect as a matter of investment or for the love of art, all clients require expert guidance advice regarding taxation implications, valuations advice, estate planning, collection management systems and logistic services. Art is a long-term investment as it generates positive real return over time. What can be initially a financial investment gains significant emotional, societal and cultural value and historical significance. This investment becomes a legacy.
The event featured a range of international Art experts including the Countess of Dunraven, Georgina Adam, Art Market editor-at-large, The Art Newspaper and Author, ‘Dark Side of the Boom’, UK, Doug Woodham Managing Partner of Art Fiduciary Advisors and Author, ‘Art Collecting Today’,
New York, Freya Stewart CEO Art Lending and General Counsel, The Fine Art Group, UK, William Pearlstein Partner, Pearlstein and McCullough LLP, New York, John deVere White Managing Director, deVeres Auction House, Dublin, Mary Rozell Global Head UBS Art Collection, New York, New York, Maura Kehoe Collins, Independent Art Collections Advisory, Artiphile, New York, Ruth Cornett Director, Heritage and Taxation Advisory Service, Christie’s London, Arnaud Cywie Swiss Lawyer and Tax Expert, Borel & Barbey Avocats, Geneva and Rosanne McDonnell Lead Creator and Director Art Business Summit.