Implications of public acquisition
Have you thought about the implications of a public institution or collecting body taking your archive?
Legal, financial and emotional
In terms of copyright, Power would want his family to retain copyright in the work, possibly for a fixed period. Magnum could continue to sell the licensed material and his family would not have to think about it.
“What I think about most of all is the burden I might leave behind…I worry about over-estimating the value of it all, because of the problems that could arise if, after my death, the tax man decides my archive is worth millions and my family have to sell it in order to pay inheritance tax. I heard a similar story recently, which really alarmed me. I must get a will."
Power observes that it would be extremely helpful if a number of photographers ina similar position could get together to try and find the best way forward for all at the same time. "Making a will for a photographer, especially one working within the art market, can be complicated and expensive. With crossovers between so many of us, we could probably get one lawyer skilled in such matters to prepare a general document or template which could simply be tweaked for each individual."
“If push came to shove, I’m less concerned about the work ending up in a tip, than my family ending up with something that they don’t know the value of.
"I don’t know who would help with advice to the family after you’ve gone, and deal with your will, if you didn’t have something in place. In my case, my family would go to Magnum. They would know they (Magnum) sell prints, and know their potential value, but they wouldn’t understand copyright laws. It’s why we want Magnum to survive.”