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Cape Gazette
Lewes, Delaware
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March 2, 2012     Cape Gazette
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March 2, 2012

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: Cape Gazette FRIDAY, MARCH 2 - MONDAY, MARCH 5, 2012 75 For information on all of our programs please visit: UNDERSTANDING THE VALUE OF YOUR ART AND ANTIQUES While many homeowners have a general idea of their real estate holdings, fewer are cognizant of the value of their )ersonal possessions. It is essential to understand the value and cotlectibles. First consider the tax implications associated with ownership. The value of art, antiques, furniture, silver, jewelry and collectibles oscillate. ObjeCts today Can be triple their value compared to ten years ago and the reverse can also occur. Thus if the property is worth more than you originally thought, your estate may bear an additional estate tax liability which could in turn affect the planned disposition of your other assets. Second, understanding value of your art and antiques allows you to safeguard your collectionby having it p operly insured. Whether voucollect or have inherited family pieces, the last thing yoq need in case of a theft or damage to your art is to find out you have inadequate insurance! A professional fine art insurance specialist can tailor programs based on your specific assets and insurance needs. Lastly with art. and antiques as with any other investments, the key is to make a plan. Understand the value of your assets, properly insure them and understand the gift and estate tax structure. Qualified Independent appraisers can help clients understand the present value of your most cherished items. These specialists can separate the folklore from the facts and deterl}aine whether the oil painting purchased from the art gallery 30 years ago has risen in value. Or not, You should also sit down with your family and discuss the best way to deal with your fine art, antiques, jewel and other collectibles. You should not leave collectibles to children who do not wa t them, especially if an estate tax will apply to the transfer. If your children have n6 interest in retaining the collection, then consider either donating to a museum or selling the items. A plan that considers the emotional as well as financial implications can make for a smoother distribution of estate assets. However, the plan begins with establishinga thorough understanding of the value of your art and antiques. -Colleen Boyle is an art advisor and appraiser for Pall Mall Partnership. www. I An Exclusive Offer For Rehoboth Art League Members I I Pall Mall Appraisers &Art Advisors will donate 20% of the appraisal proceeds back to I Rehoboth Art Leag~e as a charitable donation on behalf of the client. All clients will receive a letter outlining the specificvalue of the donation which you may use as a charitabl~ deduction at tax time. FEATURED CLASS CANVAS AND CORKS Step by step instruction on creating your very own work of art. Next class create a sunflower painting! Thursday, March 15, 7"00 p.m. to 9:00 p.m. Instructor: Rosemary Connelly $35 members / $40 future members artists and arts education, and sponsors exhibits programs that reflect the diversity of the eommunity in an historic setting and in parmership with other organizations. I Young At Art A juried exhibit of artwork by elementary, middle, and high school artists throughout Sussex County. March 10 through March 23, 2012 Opening Reception Saturday, March 10, 11:00 a.m. to 1:00 p.m. The public is invited to attend. Fred Comegys: Through the Lens: A Photographic Journey Selections from the Delaware Art Museum Collection. II Wilbur Easter. near his Townsend home on Route 9. 1972, digital print on paper by Fred Comegys March 29 through April 22, 2012 Opening Reception Thursday, March 29, 5:00 p.m. to 7:00 p.m. The public is invited to attend. , Summer Camp Registration Is Open! See Our Website For Details Pottery Basicswith Kate Lear Tuesday evenings, February 28 to April 4, 6:15 p.m. to 8:45 p.m. or Wednesday mornings, February 29 to April 5, 9:30 a.m. to 12:00 p.m. All Levels, BYOB, Adults 21+ OPEN STUDIOS FOR MEMBERS Pottery Studio: Tuesdays and Thursdays 10:00 a.m. to 4:00 p.m. Printmaking Studio: Tuesdays 10:00 a.m. to 3:00 p.m. Writer's Group: Wednesdays 10:00 a.m. to 12:30 p.m. ~awar~ Rehoboth Art League,programs are made possible, in part, by grants ~on ~ftle from the Delaware Division of the Arts, a state agency dedicated to nurturing and supporting the arts in Delaware, in partnership with the National Endowment for the Arts.