The field of strategic philanthropy has become more sophisticated and complex. Many individuals are recognizing that their art and collectibles can be sources of philanthropic funding.
Our expertise in the art and collectibles market as well as our experience in assisting donors and charities with philanthropic strategies positions The Fine Art Group as the thought leader in this space. Whether you are an individual, family, foundation, or non-profit organization, The Fine Art Group can help make your charitable vision a reality.
The Fine Art Group can guide you through different strategies to release value from your passion assets to achieve charitable impact:
- Gift to a Donor-Advised Fund (DAF)
- Sell the passion asset and allocate the proceeds toward impact investing, a non-profit organization or to a DAF
- Donate to a museum or public institution
EXAMPLES OF NON-CASH PASSION ASSETS
- Paintings and Sculpture
- Jewelry and Watches
- Pop Culture and Sports Memorabilia
- Coins
- Wine and Spirits
- Collector Cars
- Books and Manuscripts
- Other Valuable Collections
The philanthropic process begins with understanding the value of what is owned. To find out more about the advantages of a planned giving vehicle, and how to convert passion assets into charitable impact, read our expert insight.
For inquiries, please contact Colleen Boyle, colleenboyle@fineartgroup.com
Case Studies
Tax Savings by Donating Appreciated Artworks
A client had built a Modern and Impressionist collection over the past 30 years. His focus had changed over the recent years and two past acquisitions no longer fit the purview of the collection. The Fine Art Group advised on a hybrid approach for maximum results. One painting was directly donated to a museum and we assisted with the tax-related donation appraisal. For the other painting, The Fine Art Group guided him through the process of donating the piece to a donor advised fund, with a subsequent sale at auction after the donation. In this way, our client significantly contributed to multiple charitable causes while saving taxes.
Client is Downsizing and Looking for Solutions
A client owned a collection of men’s luxury wristwatches and a ladies jewelry collection for the past 20 years. The collection had appreciated over time and had a current Fair Market Value of over $1 million. Without heir, they contacted a donor advised fund to create a charitable account with flexible granting options to donate to diverse non-profit organizations. The donor advised fund worked with The Fine Art Group to monetize the collection to achieve the ultimate results. All proceeds from the sale were donated to the donor advised fund and made available for the collector to start contributing to various charitable causes.
Lifestyle Simplification
A couple in the US had one of the best Books and Manuscripts collections in the US and their four children and seven grandchildren were not interested in inheriting it. However, the multigenerational family wanted to create a legacy in their honor. The family decided to monetize the collection and create a scholarship fund in the client’s name. The Fine Art Group gave assistance throughout the entire selling process. We negotiated the costs associated with the monetization process and determined the best sale venue to maximize the selling proceeds.
