Disposition planning
Sell, give, or keep: deciding what happens to a collection
Sooner or later every collection is reduced, divided or passed on. The decisions are rarely all-or-nothing. One object belongs at auction, another in a museum, a third with a grandchild who has always loved it. Disposition planning works through the collection object by object, so each decision rests on value, condition and market, not on guesswork.
The four options
| Option | Suits | What to weigh |
|---|---|---|
| Sell | Objects with a strong market and no family attachment | Venue, timing, seller’s costs, capital gains |
| Give to a museum | Works of real scholarly or regional importance | Whether the museum wants it, the deduction, the qualified appraisal |
| Bequeath | Property the owner wants kept until death | Estate valuation, how heirs will divide it |
| Keep | Objects in use, or with value best realized later | Insurance, care, documentation |
Museum gifts
How a museum gift actually works
A gift starts with the curator, not the tax return. The museum decides whether an object fits its collection, and many good objects are declined. Once a gift is accepted, a deed of gift transfers ownership.
For a deduction above $5,000, the donor needs a qualified appraisal prepared to IRS standards, and the museum signs Form 8283. Michael Parsons has prepared appraisals for museum gifts and bequests in Upstate New York and can explain each step before the first call to a curator. Charitable donation appraisals
Working with advisers
Alongside counsel and the CPA
The practice values the property and explains the market. The owner’s attorney and accountant advise on tax and structure. Keeping those roles separate is deliberate: the advice on what an object is worth should never depend on what anyone hopes to save in tax. For attorneys and fiduciaries
Independence
What the practice does not do
Parsons Fine Art Advisory does not buy or sell property, broker private sales or negotiate consignment terms on a client’s behalf. Where the plan is to sell, the practice sets out the realistic venues and lets the owner choose.
Disclosed at the outset
Michael Parsons is also a specialist at Cottone Auctions. That role is disclosed in writing at the start of every engagement, and the practice makes no recommendation of Cottone as a venue.
Rate
$225 per hour
Disposition planning rate, with any appraisal reports billed at the published rates. Fees are never contingent on value or on the outcome of a sale. Full fee schedule