Sizing Up the Value Of an Art Collection

Art collectors can spend thousands of hours and hundreds of thousands of dollars or more in collecting paintings, sculptures and other works. But many of those collectors spend far less time and resources deciding what happens to that collection after they die.

Whether you collect art as a labor of love or as a means to diversify your investment portfolio, it is important to invest time in deciding whether to donate all or part of the collection to a museum, gift it to family and friends, or sell it and distribute the proceeds.

"The biggest mistake people make is not planning," says Ramsay Slugg, a managing director and wealth strategist with Bank of America Private