When a massive star dies, it collapses with an enormous explosion that produces a supernova. In some cases, the remains become a black hole, the enigmatic phenomenon that traps everything it comes into contact with—even light itself.

The life cycle of stars informs the most recent works by artist Lauren Fensterstock, who applies the principles of such stellar transformations to human interaction and connection. From her studio in Portland, Maine, she creates dense mosaics of fragmented crystals and stones including quartz, obsidian, and tourmaline that glimmer when hit by light and form shadowy areas of intrigue when not.

Cloaking sculptures and large-scale installations, Fensterstock’s dazzling compositions evoke natural forms like flowers, stars, and clouds and speak to cosmic and terrestrial entanglement. “I have to admit that I agonize over the placement of every single (piece),” the artist shares. “There are days where it flows together like a magical puzzle and other days where I place, rip out, and redo a square inch of surface again and again for hours. Even amidst a huge mass of material, every moment has to have that feeling of effortless perfection.”

“The totality of time lusters the dusk” (2020), mixed media, installation at The Renwick Gallery of the Smithsonian American Art Museum. Photo by Ron Blunt

The gems are sometimes firmly embedded within the surface and at others, appear to explode outward in an energetic eruption. Celestial implosions are apt metaphors for transformation, the artist says, and “pairs of stars speak to the complexities of personal connections… In the newest work—which explores vast sky maps filled with multiple constellations—I attempt to move beyond a single star or an isolated self to show the entanglement of the cosmic whole.”

While beautiful on their own, the precious materials explore broader themes in aggregate.  Just as astrology uses constellations and cosmic machinations to offer insight and meaning into the unknown, Fensterstock’s jeweled sculptures chart relationships between the individual and the universe to draw closer to the divine.

The artist is currently working toward a solo show opening this fall at Claire Oliver Gallery in Harlem. Inspired by her daily meditation practice, she’ll present elaborately mapped creations of lotuses, black holes, fallen stars, and a bow and arrow that appear as offerings to the universe. In addition to that exhibition, the artist is showing in May at the Shelburne Museum and will attend a residency in Italy this September, to work on a book about entanglement and artist muses. Find more about those projects and her multi-faceted practice on her website and Instagram.

Detail of “Dwelling” (2023), vintage crystal, glass, quartz, and mixed media, 18 x 16 x 13 inches. Photo by Luc Demers

Left: “The Undiluted” (2023), vintage crystal, glass, quartz, obsidian, tourmaline, and mixed media. Photo by Luc Demers. Right: “The Unhurt” (2023), vintage crystal, glass, quartz, and mixed media, 22 x 27 x 14 inches. Photo by Luc Demers

“The totality of time lusters the dusk” (2020), mixed media, installation at The Renwick Gallery of the Smithsonian American Art Museum. Photo by Ron Blunt

Left: “The Many” (2023), vintage crystal, glass, quartz, and mixed media, 38 x 38 x 10 inches. Image courtesy of Claire Oliver Gallery. Right: “Heart of Negation” (2022), vintage crystal, glass, quartz, and mixed media, 54 × 54 × 14 inches

“Eclipse” (2022), vintage crystal, glass, quartz, obsidian, tourmaline, and mixed media. Photo by Luc Demers

“The Order of Things” (2016), shells and mixed media

Do stories and artists like this matter to you? Become a Colossal Member today and support independent arts publishing for as little as $5 per month. The article Lauren Fensterstock’s Cosmic Mosaics Map Out the Unknown in Crystal and Gems appeared first on Colossal.

The most recent Art Basel and UBS Global Art Market Report [1] reported that the Global Art Market, while down 4% year-on-year from 2022, has passed the 2019 pre-pandemic levels to $65 Billion on 39.4 million transactions, up 4% over 2022. This strength of the Global Art Market is good news, but it poses a challenge to art collectors and their estate planners. Any volatility can complicate estate planning and volatility in the value of collections in particular, leading to potential tax complications and challenges in asset distribution among heirs. However, sophisticated estate freeze techniques offer effective solutions, allowing collectors to manage and mitigate these risks. Here’s an exploration of the top strategies that art collectors can utilize to safeguard their legacies in the face of market uncertainty.

Understanding the Challenge

Art collections are unique assets not only because of their cultural and personal value but also due to their potential for significant appreciation. However, this value can be highly volatile, influenced by market trends, artists’ reputations and economic factors. This volatility can create estate planning challenges, particularly concerning estate tax liabilities and the equitable distribution of assets.

Estate Freeze Techniques

1. Family Limited Partnerships (FLP) and Limited Liability Companies (LLC)

By transferring art into an FLP or LLC, collectors can manage their collections under a business structure, gifting or selling shares to heirs at current values, and having the artwork treated as an investment rather than as a collectible. This strategy not only keeps the future appreciation of the art out of the collector’s estate, it also preserves control over the collection during the collector’s lifetime, while providing significant income tax advantages for the collector.

2. Grantor Retained Annuity Trust (GRAT)

A GRAT involves transferring art to a trust, where the collector retains the right to receive an annuity for a fixed period. This results in any appreciation above the IRS-approved interest rate passing to the beneficiaries tax-free, effectively freezing the estate value of the art at the time of the initial transfer.

3. Intentionally Defective Grantor Trust (IDGT
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Selling art to an IDGT in exchange for a promissory note can also freeze its current value for estate purposes. The trust pays the seller an interest rate, while any appreciation beyond this rate accrues to the beneficiaries without additional estate or gift tax.

4. Qualified Personal Residence Trust (QPRT)

Not just for real estate, a QPRT can include art displayed in the residence. The trust freezes the value of the art along with the home, with the future appreciation passing to heirs, thereby reducing potential gift and estate taxes.

5. Charitable Lead Annuity Trust (CLAT)

A CLAT allows collectors to support charities while eventually passing the art to heirs. The trust’s initial value is reduced by the present value of the income stream to the charity, lowering the taxable estate.

6. Other Notable Techniques

· **Grantor Retained Income Trust (GRIT)**: Similar to a GRAT but the collector retains the income instead of an annuity. This technique should be combined with a program of leasing artwork through the FLLP or FLLC.

· Dynasty or Purpose Trust: Extends the benefits of a freeze beyond one generation.

· Self-Canceling Installment Note (SCIN) and Private Annuity: Both allow for a transfer of assets in exchange for a financial instrument that provides payments to the collector with significant tax benefits, if the collector passes away before the end of the note’s term.

Benefits of Using Estate Freeze Strategies

These techniques not only help to manage estate tax liabilities but also allow collectors to achieve their legacy goals, such as keeping collections within the family or donating to cultural institutions. By locking in current market values and controlling how collections are handled after their passing, collectors can ensure that their estates are not forced to sell off pieces in a potentially unfavorable market.

Conclusion

The volatile nature of the art market makes it essential for collectors to consider advanced estate planning techniques. Estate freezes are a crucial strategy, allowing collectors to navigate market fluctuations and secure their financial legacies. With proper legal and financial advice, these strategies can be tailored to meet individual needs, ensuring that both financial goals and personal values are maintained for generations to come.

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