Many people place great stock in the collection of artwork they’ve amassed. When you are going through a divorce, you might find that this source of pride turns into a point of contention. This is because you might want to hang on to the artwork, but your ex might also want the same thing.
Some artwork collections are more valuable when they are together. This makes it hard to figure out what to do during a divorce. You and your ex might be reluctant to divide the collection, but you can’t stay married just because you want the artwork grouping to remain the same.
One thing that you need to do before you make any decisions about the artwork collection is to have it appraised. Getting an accurate valuation might make a difference. You can have the appraiser give you a value for each individual piece and for the collection as a whole.
After the valuation, you have three options. You can divide the set with your ex. You can buy out your ex’s portion of the collection. You can sell your portion to your ex. In some cases, the artwork and other assets can balance each other out, but this will take planning and negotiations.
There is one almost surefire way that you can protect the artwork from leaving your hands. That is to put it in the prenuptial agreement that is signed before you ever get married. In the absence of this, you might have to work through the negotiations so that you can get what you feel is necessary.
Source: Town and Country Magazine, “In a High Profile Divorce, Who Gets the Art?,” Julie Belcove, accessed March 21, 2018