Unexpected inheritance - views ?

Albermarle

Daffodil1234 said:

The ideas about original artwork are interesting - that hadn't actually occurred to me, not sure what !   Also good one to think about lifetime membership of anything I find really worthwhile.

I am also starting to list some charities that I particularly support, with the idea of supporting local / national / global in different ways.

A good idea and if you happen to be anywhere near inheritance tax thresholds, money given to charity is out of your estate for good. 

Cobbler_tone

Daffodil1234 said:

The ideas about original artwork are interesting - that hadn't actually occurred to me, not sure what !   Also good one to think about lifetime membership of anything I find really worthwhile.

You can lose hours if you register on Bonhams. Don't forget the fees though. If buying directly from the artist it is 20% VAT on the hammer price + 28% Bonhams fee + 20% VAT. i.e. buying a piece for £10k costs you over £15k.
Gets the heart racing.

silverwhistle

tacpot12 said:

Buying something really nice, and also valuable could be a good way to enjoy the money. A piece of very good art could appreciate in value as well as providing years of joy. 

If you are a musician of any sort a better quality instrument? On that basis I recently bought a new whistle/flageolet: instead of a Generation or Clarkes, which are decent enough I splashed out €100 on a better quality one. :-)

Brie

I like the idea of spending money on something that is a memory of the person who has died.  (sorry for your loss)

Beyond that my go to if you don't know what to do with money is to stick it in premium bonds.  If you think of something in a year or 2 then you can pull it out of course.  

Yorkie1

Brie said:

I like the idea of spending money on something that is a memory of the person who has died.  (sorry for your loss)

Beyond that my go to if you don't know what to do with money is to stick it in premium bonds.  If you think of something in a year or 2 then you can pull it out of course.  

I was going to suggest PB, simply because the money can be parked there until release into an ISA, if that is the ultimate destination, and any returns are tax free.

QrizB

Cobbler_tone said:

Daffodil1234 said:

The ideas about original artwork are interesting - that hadn't actually occurred to me, not sure what !

You can lose hours if you register on Bonhams. Don't forget the fees though. If buying directly from the artist it is 20% VAT on the hammer price + 28% Bonhams fee + 20% VAT. i.e. buying a piece for £10k costs you over £15k.

Most of the artists I know (who probably aren't on Bonham's books) will happily sell direct to the public. No fee and usually no VAT either.

Moonwolf

If I was buying art I would either go to the Royal Academy Summer Exhibition in London, there is a lot of art there for all tastes and at all price points. I was particularly taken with some Norman Ackroyd etchings a few years ago, but he died in 2024 so they are more expensive now, wish I had bought one at the time.

Or I would go to smaller galleries, particularly specialist exhibitions, for example the SWLA annual exhibition at the Mall Galleries (I love Harriet Mead’s sculptures) or illustrations at Chris Beetles, you might even get an original Beatrix Potter if you are willing to pay for it.

I should add, this is to learn about the artists, you might want to buy from the gallery with their markup or look to contacting the artist directly later.

poseidon1

QrizB said:

Cobbler_tone said:

Daffodil1234 said:

The ideas about original artwork are interesting - that hadn't actually occurred to me, not sure what !

You can lose hours if you register on Bonhams. Don't forget the fees though. If buying directly from the artist it is 20% VAT on the hammer price + 28% Bonhams fee + 20% VAT. i.e. buying a piece for £10k costs you over £15k.

Most of the artists I know (who probably aren't on Bonham's books) will happily sell direct to the public. No fee and usually no VAT either.

Auction houses, galleries, antique fairs etc are my hunting ground for art and antiques since I retired.

Most of the thrill is in the hunt, and perhaps recognising  and acquiring the odd 'sleeper' that escaped the attention of professionals.     City breaks in Europe revolve around auction houses, museums and galleries. Also  the pastime is proving a great way to retain a degree of mental acuity in researching the difference periods, styles, genres, artists etc. 

 Indeed my spend in this  area  is what drives my need for an ever growing Sipp , ISA and GIA income portfolio. However, 19th century art and antiques was an abiding interest pre-retirement, so retirement has simply given me the unending  leisure time to now indulge.

barnstar2077

My vote, assuming you are already living a comfortable life, is for a campervan!  Keeping a chunk of money to pay for campsite fees.

It is such an individual decision though.  Take time to grieve before you make any decisions.

Cobbler_tone

QrizB said:

Cobbler_tone said:

Daffodil1234 said:

The ideas about original artwork are interesting - that hadn't actually occurred to me, not sure what !

You can lose hours if you register on Bonhams. Don't forget the fees though. If buying directly from the artist it is 20% VAT on the hammer price + 28% Bonhams fee + 20% VAT. i.e. buying a piece for £10k costs you over £15k.

Most of the artists I know (who probably aren't on Bonham's books) will happily sell direct to the public. No fee and usually no VAT either.

I know one artist who is reasonable and I commissioned an oil painting of my dog which was excellent.
Unfortunately little choice with Mackesy. His stuff is rarely available and don’t think many resell. His 64 lots went for over £700k.