When Love Ends, Who Keeps the Picasso? Dividing Art and Collectibles in Divorce

Divorce is never only about dividing assets. For many couples, the most difficult conversations don’t revolve around bank accounts or real estate—they center on the art, antiques, wine, or collectibles that hold both financial and emotional weight.

Over the years, I’ve seen how these items often represent more than monetary value. They are memories, passions, and sometimes even identity. When the time comes to decide who keeps them, the process can feel overwhelming. But with the right guidance, it is possible to find clarity and reach decisions that protect both financial futures and personal meaning.

Why Professional Appraisals Matter

Unlike cash or securities, the value of art and collectibles is highly subjective. A professional, impartial appraisal is essential for achieving a fair division.

As Tara Finley, ISA, AM, founder of Anubis Appraisal and Estate Services, notes:

Impartial appraisals by independent appraisers are essential when establishing the Fair Market Value of items to be divided. To ensure accuracy and credibility, parties should engage an accredited or certified appraiser who is USPAP (“Uniform Standards of Professional Appraisal Practice”) compliant.

During the research phase of the appraisal, the appraiser will find comparables that have sold in the secondary auction marketplaces. The benefits of the data and values received are twofold. First, the client will learn the current Fair Market Value of the property, and second, the auction data received will provide the client with the names of the best auction houses that have sold comparable antiques, art, and collectibles. In this way, the appraiser not only determines value but also becomes a trusted resource for guiding clients on where and how to sell to maximize their proceeds.   

If the collection is large or highly specialized—think rare coins, fine art, or memorabilia—it may be wise to bring in niche experts. In many cases, each spouse hires their own appraiser, or both agree on one neutral professional. Documenting the process carefully helps prevent future disputes.

Special Considerations for Wine Collections

Fine wine presents unique challenges. As my colleague Taylor Gang, our Wine Sommelier Wealth Manager, explains:

 “Unlike most collectibles, wine isn’t always easy to sell. Liquidity is limited, and in many states, reselling alcohol without a license is prohibited. Even when legal avenues exist—such as auctions, consignment with licensed retailers, or certain private sales—these transactions can take time, involve costs, and often result in discounted values.”

For this reason, couples with wine collections should consult not only a wine appraiser but also a beverage law attorney to fully understand their options. Without careful planning, what seems like a valuable collection can become a complicated—and frustrating—asset to divide.

Approaches to Division

Once values are established, there are several ways to divide art and collectibles fairly:

• Physical Division – Each spouse takes specific pieces. This works best when both parties have comparable interest and knowledge.
• Buyout – One spouse retains certain items and compensates the other with cash or marital assets of equal value.
• Sale and Split – The collection is sold, and proceeds are divided. While this can provide a clear path forward, it may not appeal to couples with sentimental attachments or if the market is weak.

Balancing Value with Emotional Attachment

Numbers alone can’t capture the emotional weight of art and collectibles. One spouse may see a painting as priceless because of the memories it holds, while the other views it only as a financial asset.

In these moments, fairness goes beyond the math. Sometimes, trading assets—such as one spouse keeping a beloved family heirloom in exchange for another retaining a rare collectible—can preserve goodwill and reduce conflict.

Planning for Future Interests

Certain assets require additional foresight. Artwork on loan to museums, commissions still in progress, or intellectual property rights (such as royalties from artwork created by one spouse) must be addressed in settlement negotiations. These future interests can be just as important as the tangible items in the home today.

Finding Clarity in a Complex Process

Dividing art, antiques, and collectibles in divorce is both a financial and emotional journey. Having the right team—including a divorce attorney experienced in high-value property division, trusted appraisers, and financial advisors—can make the process more manageable. Tax professionals may also be needed to advise on potential capital gains or other tax implications of selling certain assets.

At its core, this process isn’t only about division. It’s about protecting your financial future and making thoughtful decisions in a time of transition. With professional valuation, open communication, and creative compromise, couples can move forward with clarity—and preserve both value and meaning in the next chapter of their lives.

Connect with us to learn how Evensky & Katz / Foldes helps clients navigate the financial complexities of divorce and protect their future.