← Back

In the Real World

Posted May 31, 2013
Written by Abigail Athanasopoulos
Category General

It’s so common to pick up the newspaper today and to hear about the fabulous artworks that are selling for millions of dollars, with some of these sales setting world records. While noteworthy, the reality is that for most people who own things, this is not the norm. What to do with what you own can be a problem when downsizing looms on the horizon. The urge to divest can come from changing tastes, children who have no interest in what you own, the desire to convert the physical assets and take a luxurious vacation, or perhaps things are getting to be too much trouble to maintain and you are losing interest.

Whether you decide to give what you own away, or to sell it, there are some serious considerations to think about and there are procedures to follow. An appraiser can provide you with important information regarding your tentative plan. For example: in giving, current IRS regulations exist for related use, holding periods and cost basis. For example: in selling: is auction best?  If so, which auction houses and what costs may be involved?  Might a direct sale to a collector or dealer be more beneficial?

If you own significant properties with high values there will also be factors to consider. While the rewards and benefits received may be greater dollar-wise or tax-wise, it is always best to ask the opinion of an independent appraiser who will do the necessary research to provide the information you need to make the best decision possible.  In the real world.