Artwork can add a particular layer of complexity to the property division process for divorcing couples. Firstly, there is often an emotional connection to particular pieces that makes one or both parties reluctant to let them go.
Secondly, there are practical matters that need addressing concerning those pieces of art. The following are some questions to ask yourself regarding your collection, if you and your spouse are going your separate ways.
Can you house a particular piece?
Housing and displaying artworks can sometimes be a complex task. Let’s say you have a piece that is an installation, currently taking up one room in your 7-bed house. If the divorce leads to you moving to a smaller property, you may no longer be able to afford to give sole use of a space to that piece. It might be better to sell it to someone who does have the space to display and appreciate it.
Other artwork may not occupy so much space, but they may have very specific climate requirements. If you plan to move to a beachfront property in a humid area, a textile piece, for instance, may require climate-controlled conditions to prevent its demise.
How will you value it?
The value of a piece can change dramatically over time. Many artworks that are now worth millions were practically worthless in their creators’ lifetimes, for example. Determining how you will determine the value of a piece could be contentious. Maybe there is a piece you want to keep and your spouse has no fondness for, but they are reluctant to let go of it for its current value because they believe it will soon rise exponentially in value.
Would separating the collection matter?
Some artworks are individual pieces. Others, however, were conceived as part of a series, and for anyone owning the complete series, splitting the pieces up could potentially cause the individual value to drop.
Dividing property can be complex, whatever your assets, so seeking appropriate guidance is wise, especially when high-value assets such as artworks are involved.
