Advisor Max Briggs loves art. A planner with FLC Capital Advisors in Palm Desert, Calif., Briggs serves as a board member for the Palm Springs Art Museum. There, he rubs some highly celebrated art-loving elbows, including some of the institution's honorary trustees, like singer Barry Manilow and actor Kirk Douglas.

But even Briggs - whose firm manages $160 million in assets - says his sophisticated clients generally treat their paintings and sculptures "as something they are enjoying, not something they are monetizing in their lifetime."

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