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Billion dollar art collection must be divided in divorce

On Behalf of | Nov 14, 2019 | Divorce

Couples often invest their money in a variety of different ways. While many people look to stocks and bonds, others might put their money into collectibles, such as art. Regardless of how a couple in Virginia or other areas of the country choose to invest their money, all assets must be divided in the event the marriage ends in divorce.

In fact, a couple in another state are left to fight over their art collection. The couple, who were married for just under 60 years, finalized their divorce in 2018. However, they are still left to decide the fate of their art collection, valued between $625 and $973.5 million and containing works by Pablo Picoasso and Jeff Koons.

The husband claims that the art represents approximately 60-70 percent of their assets. While his now ex-wife is not interested in selling the collection, he argues that they must be sold to allow them to maintain their lifestyle, whereas she would rather sell off pieces as it becomes necessary. An appellate judge awarded the woman $39 million of the collection; the rest must be sold.

Divorce is often difficult. Decisions regarding how assets will be dividing are challenging enough but may be even more so when there is a strong emotional attachment to a collection. When a split involves high assets, it is often necessary to have a professional who can guide the process, ensuring that all concerns are properly addressed. Fortunately, for people in Virginia seeking the next chapter of their lives, there are experienced professionals who can guide them throughout the process.

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Attorney Harvey S Lutins