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On Dealing with Artists’ Estates

By Loretta Würtenberger and Karl von Trott

Introduction

I. What Is an Artist’s Estate?

1. An Artist’s Estate in the Legal Sense

2. An Artist’s Estate in the Commonly Understood Sense

II. How Should Estate Work Begin?

1. Strategy Development

2. Securing the Oeuvre

3. Categorizing the Stock of Artworks

III. In What Forms Can an Artist’s Estate Be Administered?

1. The Imperative of the Artist’s Will

2. Administering an Estate Privately

3. Administering an Estate in an Institutional Form

4. Considerations in Selecting the Type of Estate Structure

5. Aspects of Nonprofit Status

6. Art, Taxes, and Structural Options for Estates

a) Continental Europe

(1) Germany

(2) Austria

(3) Spain

(4) France

(5) Switzerland

b) United States of America and United Kingdom

(1) Inheritance-Related Laws in the Anglo-American Legal Sphere

(2) Trusts

(3) Foundations and Artist-Endowed Foundations

IV. Who Should Administer an Artist’s Estate?

1. Internal Administration

a) Family Members

b) Third Parties Unrelated to the Family

c) Advisory Bodies and Supervisory Boards

2. External Administration

a) Galleries

b) Auction Houses

c) Museums

(1) Acquisition of an Estate by a Museum

(2) The Dream of One’s Own Museum

(3) The Artist’s Studio as a Place of Remembrance

d) Other Institutionalized Administrators

e) Specialized Service Providers and Independent Estate Administrators

V. How to Keep an Artist’s Work Alive?

1. Scholarly Research

a) The Archive

(1) Archival Organization

(2) Internal and External Custody of the Archive

b) The Catalogue Raisonné

(1) The Historical Development of Catalogues Raisonnés

(2) Standards, Methods, and Costs

(3) Catalogues Raisonnés Compiled during the Artist’s Lifetime

c) Estates and Authentication

d) The Artist’s Estate as a Stimulus for Academic Research

2. Active Collaboration with Museums

a) Initiating Exhibitions

b) Targeted Donations

3. Entering the Art Market: Branding and the Marketplace

a) Forming Active Relationships with Galleries

b) Market Strategy

c) Participation in the Secondary Art Market

VI. Should an Artist’s Estate Live Forever? Investments, Returns, and the Future

1. Sunset and Eternity Models

2. Estate Expenditures

3. Source of Income for Artist’s Estate

a) Selling Art

b) Copyright

(1) Reproduction and Distribution Rights

(2) Posthumous Editions

(3) Resale Rights

c) Real Estate

d) Additional Sources of Income

Summary

The Artist's Estate

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