Sonja Moro & Michael Duffy
Your art collection can be a source of joy for decades or a source of conflict the moment you are gone. We sit down with Sonia Morrow (Los Angeles) and Michael Duffy (Atlanta) from Bank of America’s Art Services Group to talk about the intersection of passion, high finance, and the surprisingly delicate art of letting go.
We get concrete about art legacy planning and estate planning for collectors, artists, and accidental collectors who inherit valuable works. Sonja and Michael explain what people often miss: the carrying costs of art, the logistics of storage and lending, and why selling can be harder than buying. We also unpack a common misconception about philanthropy and museum donations. A gift can be a real burden for an institution, with costs for insurance, conservation, registration, staffing, and space, and a museum may decline a work even when intentions are sincere. Planning early and confirming fit can keep your collection from becoming an estate hot potato.
Then we go straight at the question everyone asks: is art an investment? Michael lays out the real math behind fees, taxes, and the 28% collectibles rate, and why many works would need to double in value just to break even. We close with practical ways to involve your family sooner, run healthier conversations, and protect relationships while honoring the soft legacy you want to leave behind.
