Judge orders sale of priceless art collection to settle divorce

The process of determining the division of assets can be a difficult one for many Colorado couples. If they have accumulated considerable assets and property, then it may be even more difficult to arrive at an agreeable settlement. In many cases, it may require the efforts of a family court judge in order to finalize an acrimonious divorce agreement.

Recently, a judge ruled that a priceless art collection will be auctioned off and the proceeds divided rather than attempt to decide which spouse should be awarded ownership. The husband’s professional valuation placed the collection at approximately $788 million, while the wife’s appraiser estimated the value to be around $625 million. In order to split the value as equally as possible, the judge decided that the majority of the collection should be sold. The wife was, however, permitted to keep a portion of the collection valued at around $40 million in order to preserve her standing in the art community.

The judge did order the wife to reimburse her former husband approximately half of that amount in an effort to ensure that the division would be equitable. Along with determining how to resolve the matter of the art work, the judge also ruled on how to divide the couple’s considerable property holdings throughout the New York area as well as the division of a luxury yacht and nearly $382 million in vehicles. The husband will retain ownership of the boat and cars, while paying his former wife about half of the value of them.

In addition, the wife will take possession of a silver collection and half of the couple’s cash assets valued at an estimated $62 million. The couple had been married for nearly 60 years and had acquired massive wealth during that time. The wife is expected to appeal the decision regarding the selling of their art collection. Colorado residents who are struggling to arrive at an acceptable divorce settlement may seek the guidance of an experienced attorney.

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