Estate Planning for Art Collectors: Strategies for Managing and Transferring Art and Collectible Assets

Rebecca Lockwood, Esq., Executive Director| Sotheby’s

Rebecca Lockwood joined Sotheby’s in 2014 as Vice President of the Fiduciary Client Group.

• Education & Credentials

Rebecca graduated from George Washington University with a bachelor’s in art history. She received a Master’s in Contemporary Art from Sotheby’s Institute of Art and a JD from New York Law School. Rebecca is also certified in Uniform Standards of Professional Appraisal Practice.

• Professional Involvement

She has previously served as Chair of the Tax, Trusts & Estates Sub-Committee of the New York City Bar Association’s Art Law Committee and Vice-Chair of the American Bar Association’s Real Property, Trusts and Estate’s Section, Art and Collectibles Committee.

• Experience

Rebecca advises individual and corporate fiduciaries on the valuation and sale of personal property. She works closely with clients and their advisors to provide appraisals for collection management, estate and gift tax, and insurance purposes, and to develop sale strategies for the liquidation of assets held in an estate or trust. During her time at Sotheby’s, Rebecca has been directly involved in the sale of many important collections and estates including Bowie/Collector, the Mellon Family Collection, the Collection of Elizabeth Mead Merck, the Collection of Lolo Sarnoff, the Collection of Ezra and Cecile Zilkha and the Estate of Mrs. John L. Marion. Prior to joining Sotheby’s, Rebecca served as Vice President of Trusts & Estates at Gurr Johns International.

Anita Heriot, President | The Fine Art Group

Anita Heriot is President of The Fine Art Group, The Americas. Prior to founding Pall Mall Art Advisors in 2012 which was acquired by The Fine Art Group, Anita worked in the auction world as a Director of Appraisals and a specialist.

• Education & Credentials

Anita grew up in a family of art collectors and graduated from Bowdoin College with advanced degrees from the University of London and New York University.

• Recognition & Leadership

A nationally sought-after speaker, Anita has lectured at the Barron’s 100 and 500 Summits; to over 30 chapters of Tiger 21, a high-net-worth learning network; to the investment forum of YPO, the premier leadership organization of chief executives in the world, to bankers, attorneys, insurance specialists and
accountants throughout the United States. She has appeared on several TV shows and is frequently interviewed by the media for her insights into the art world.

• Experience

Anita works with our top clients and is the point person for several significant national relationships throughout the United States. A secondary market specialist with a focus on blue-chip artists, Anita has a deep knowledge of American art, German Expressionism, and Post-War Contemporary art.

Brad Cohen, Partner | Jeffer Mangels Butler & Mitchell LLP

Brad Cohen is a partner at Jeffer Mangels Butler & Mitchell LLP, where he advises ultra-high-net-worth individuals, family offices, and closely held businesses on complex tax, corporate, and estate planning matters. His practice spans estate planning, income tax, estate tax, sales tax, and charitable contribution strategies. Brad has extensive experience helping clients manage, preserve, and transfer significant collections of art and other tangible assets, including jewelry, automobiles, and wine. He counsels collectors on acquisition, financing, donation, and sale strategies, and has guided many in establishing private museums and foundations for long-term stewardship. Combining deep tax knowledge with a family-office approach, Brad designs multigenerational plans that align personal, business, and philanthropic goals.

• Education & Credentials

Brad earned his LL.M. in Taxation from New York University School of Law in 1981, his J.D. from the Maurice A. Deane School of Law at Hofstra University in 1979, and his B.S., cum laude, from Northeastern University in 1976. He is admitted to the State Bar of California and to practice before the U.S. Supreme Court, the U.S. Tax Court, the U.S. Court of Claims, and the U.S. Courts of Appeals for the Ninth and Federal Circuits.

• Recognition & Leadership

Brad has been recognized in The Best Lawyers in America for 2021–2026 and was named one of Opportunity Zone Magazine’s Top 25 Opportunity Zone Attorneys for 2020. He was listed as a Southern California Super Lawyer from 2005 to 2019 and in the 2013 Super Lawyers Business Edition (Business/Corporate, Los Angeles), and appeared on the Hollywood Reporter’s “Top 20 Troubleshooters” list of power lawyers in 2017 and 2018. He was recognized as a 2018 Partner of Distinction by the California Community Foundation and received a gubernatorial award for his qualified opportunity zone work.

• Professional Involvement

Brad serves as President of the Motion Picture and Television Tax Institute and is a past Chair of the Entertainment-Tax Subcommittee of the Los Angeles County Bar Association’s Tax Section, where he has also served as a delegate to the Section’s Washington, D.C. delegation. He is a Planning Committee member for the Cal CPA Education Foundation’s Entertainment Industry Conference and previously lobbied before the United States Congress for the Tax Reform Research Group. He practices in the firm’s Taxation, Trusts & Estates Department, which holds a National First Tier ranking in Trusts & Estates Law from U.S. News & World Report / Best Law Firms®.

• Experience

Brad’s practice blends corporate, partnership, income tax, and estate and gift tax planning for ultra-high-net-worth individuals and their closely held companies, including choice of entity, mergers and acquisitions, qualified small business stock structuring, financing, and succession planning. He is highly regarded in the music, motion picture, television, emerging media technology, and sports industries; he has advised on music catalog sales totaling over $1.4 billion in net sales price and serves as general counsel to Grateful Dead Productions. His clients have included studios, record companies, production companies, professional athletes and teams, performing artists, two former U.S. presidents, and a U.S. senator. Brad acted as principal counsel to the lead donor who financed the acquisition, delivery, and permanent exhibition of the Space Shuttle Endeavour at the California Science Center in Los Angeles. He also advises real estate clients on sales, acquisitions, deferred exchanges, and Qualified Opportunity Zone fund structuring, and counsels clients on tax controversy, executive compensation, and the tax aspects of marital settlement negotiations.

SESSION 1 – Proactive Collection Management and Succession Planning | 1:00pm – 1:45pm

In this session, we’ll explore how to take a proactive approach to managing collections, focusing on strategies that maximize value, facilitate sales, and ensure thoughtful planning. You’ll gain insight into the five distinct types of value, their methodologies, and purposes, and learn why a comprehensive collection audit is a powerful tool for informed decision-making. Finally, we’ll discuss how to plan for long-term success by adopting an offensive approach to succession planning, ensuring your collection’s legacy is secure.

BREAK | 1:45pm – 1:55pm

SESSION 2 – Tax and Transfer Planning for Art, Artists, and Collectors | 1:55pm – 2:40pm

This session explores the complex intersection of tax law, estate planning, and the art world-adressing the unique challenges faced by artists, dealers, and collectors. Brad Cohen will discuss strategies for acquiring, selling, donating, and transferring art with an emphasis on income, estate, gift, and generation-skipping taxes. The session will highlight recent transactions, valuation issues, and charitable deductions during life and after death, as well as sales and use tax considerations. Additional topics include digital assets and NFTs, art-related crimes, and copyright concerns. Blending practical insights with real-world examples (and a bit of humor), the session offers a comprehensive look at planning for tangible and digital art collections.

BREAK | 2:40pm – 2:50pm

SESSION 3 – Valuation, Authenticity, and Legal Risks in Art Transfers | 2:50pm – 3:20pm

This session offers practical guidance on best practices for planning around art and valuable tangible assets. Attendees will gain insight into key valuation methodologies, including potential issues such as blockage, and learn how the IRS Art Appraisal Services and Art Advisory Panel evaluate appraisals. The session will also cover authentication procedures, droit moral considerations (with a comparison of U.S. and EU approaches), and the legal landscape surrounding stolen art, WWII restitution, and cultural patrimony. Additionally, participants will explore strategies for selling, donating, and distributing art and collectibles after death, with a high-level market update to provide context for informed planning and decision-making.