You know all of those Dutch masterworks hanging in your dinning room? Remember those Picassos in your entrance foyer? Did you forget about the Giacometti next to the golf clubs in your closet? For those looking to go full Marie Kondo, good luck giving away you multi-million dollar art collection: the best museums don’t want it.
“There’s this natural feeling that you can walk up to the Met and they’ll take your work,” Steve Schindler, chairman of the art law committee of the New York City Bar Association and a partner at Schindler Cohen & Hochman, told the New York Times. “It’s not so.”
These days, curators are becoming especially careful about the artwork they take, as committing to accepting a donation leads to expenses and upkeep down the road for the institution.
“We used to be a place where Grandma’s furniture ended up,” Stephanie Ingrassia, a trustee of the Brooklyn Museum of Art, said.
And get this: some blue bloods are actually paying museums an endowment to receive their art donation — art often worth many millions.
“The first thing people are surprised with is when the museum comes back and says, ‘I’ll take your painting if you give us an added endowment to care for the work of art,’” Evan Beard, national art services executive for U.S. Trust, told the Times. “Usually, a museum will want one or two specific items in your collection to fill gaps, and they look at everything else as cost because they’re going to have to store it.”
Alas, it’s so hard being so goddamn rich. [NYT]