Wednesday, March 17, 2010

Michael Crichton's art collection

The L. A. Times reports Christie's to auction off Michael Crichton's art collection. They expect to fetch $100 million or so.

The back story is fascinating for T & E lawyers. Crichton had what looked to be an ironclad estate plan, but there was one thing he did not foresee—fathering a child who would be born after his death. We don't know if Crichton knew his wife was pregnant at the time of his death, we only know that both his living trust and his will were silent on the possibility. The surviving spouse won an action to have the baby declared an heir, and he was awarded one third of the estate.

Crichton apparently did not contemplate the sale of his art collection, but a sale is needed to create estate liquidity and begin distributions to the heirs.

BTW, I am currently listening to Crichton's State of Fear on CD as I commute to work. It's excellent.

1 comment:

JLM said...

In a previous Crichton post, we linked to a NY Times column which quoted Crichton's description of three qualities required to be a serious art collector:

Knowledge

Devotion

Dementia