A recent US Fifth Circuit Court decision over the estate of collector James A. Elkins Jr has considerable implications for collectors leaving behind works after their death. The court decision allowed a considerable discount on the the Elkins Family’s collection, which included pieces by Pablo Picasso, Henry Moore and Jackson Pollock, as the works were owned partially by the collector’s children, and not wholly by himself. “Finally we have an applied fractional discount based on the facts,” says art lawyer Joy Berus, in Newport Beach, Calif. “These are major discounts. It’s a huge affirmation that opens the door to help art owners reduce their estates.”Read more at Forbes
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Court Ruling Allows Fractional Discounts for Estate Art Collections
