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To settle high asset divorce, art collection must be sold

| Nov 7, 2019 | High Asset Divorce |

The end of a marriage is almost always an emotionally difficult time. While some couples in Illinois are able to put their differences aside and come to an agreement with relatively little contention, other couples will ultimately have to ask a judge to make certain decisions for them. In fact, a judge presiding over a high asset divorce in another state has ordered that a couple’s art collection be sold in its entirety.

The case involves a billionaire couple who was married for approximately six decades before they choose to end the marriage. Unfortunately, the split has proved contentious and related proceedings have lasted several years. A major point of disagreement involves the couple’s art collection, said to be valued at approximately $700 million. The collection, which contains 165 different pieces, reportedly contains work from Picasso, Andy Warhol and Jackson Pollock.

Reports indicate that a judge has made a somewhat unusual decision to require the couple to sell the entire collection through the use of a mutually agreed-upon receiver. Reports describe the judge’s decision as a last resort. The collection is expected to be auctioned next year as art specialists need time to determine its value. 

While many divorces in Illinois have some degree of complexity, a high asset divorce, especially one that is contentious, can be especially so. As such, people who find themselves in such a situation often want a family law attorney with experience with such cases looking after their interests. Such professionals are familiar with the process and know how to ensure that all assets are appropriately valued to ensure a fair distribution.