Estate Planning for Art Collectors: Structuring Disposition Plans for Artworks and Collectible Items

Ms. Cohen joined Sotheby’s in 2023 as the Global Head of Fiduciary Client Group. She is responsible for leading the New York and London teams, working in close collaboration with the entire Sotheby’s Global Business Development team, Specialist Departments, and Chairmen to assist lawyers, bankers, family offices, and fiduciaries in planning for the lifecycle of their clients’ art collections through Sotheby’s broad range of services. She is dual-qualified attorney, in New York as well as a Solicitor in the United Kingdom.

Ms. Herman counsels clients on wealth transfer planning, including estate planning and trust and estate administration issues, charitable giving, and estate, gift, and generation-skipping transfer tax planning. Her practice encompasses a wide range of areas, including fiduciary litigation, tax-exempt organizations, and art law. Ms. Herman diligently monitors the ever-changing tax law landscape and looks for every opportunity to help her clients protect and pass along wealth in accordance with their preferences. She primarily serves New York and tri-state clients whose properties span the world. Ms. Herman advocates for beneficiaries and fiduciaries in federal and state estate tax proceedings and assists clients with pre- and post-nuptial agreements, post-mortem estate planning, probate filings, and marshaling and valuation of estate assets. She also handles estate and trust accountings, consignment agreements, preparation of estate, gift, and fiduciary income tax returns, trust decantings, as well as the removal, resignation, and appointment of fiduciaries.

Ms. Wallace represents art collectors, artists, foundations, galleries and scholars. She advises clients in matters of art ownership, authenticity, commissions, consignment, sales, valuation and copyright. Ms. Wallace also advises public agencies and private parties on permitting and compliance under state and federal environmental laws and advocates in environmental, project development, and general commercial matters in state and federal courts. In addition to advising on transactions, she manages litigation and alternative dispute resolution relating to these issues, as well as disputes arising out of nonprofits, duties of fiduciaries and directors, and probate matters.