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Artist LeRoy Neiman Dies in Manhattan

Earlier this week, we brought you the story of artist Thomas Kinkade’s estate from California.

This week, a local painter has passed away. LeRoy Neiman died on Wednesday in Manhattan, reports CNN. He was 91.

If you don’t know LeRoy Neiman by name, you definitely know his paintings. Neiman is best known for his sports artistry, capturing athletes and athletic events in his paintings. He was the official painter for five Olympiads and a regular contributing artist for Playboy magazine.

Many of Leroy Neiman's paintings belong to his estate and according to CNN, Neiman's wife of fifty-five years survives him. There is little news on his estate and his heirs at this time, nor is there any word on his funeral arrangements.

Art is timeless and its value can sometimes grow significantly after the death of the artist. Neiman's estate currently has the rights to much of his artwork and will continue to benefit from the sale of his art. Now, after his death, the value of his art could rise and the estate could keep seeing money coming in for years to come. Even as of the date of his death, his paintings are listed on his website for thousands of dollars.

For artists, estate planning is somewhat complicated. An artist may leave several unsold works at the time of his death. Any painter or artist should factor in the value of his (or her) potential post-death sales into the overall estate plan.

As of Thursday, June 21, all sales of LeRoy Neiman's paintings have been halted on his website. In addition to paintings, Neiman leaves behind books and other works of art.

As details of his estate emerge, we'll bring keep you up to date.

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