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Media Contact: Josh Dunn
(704) 374-4828

October 07, 2004
Wachovia Wealth Management Raises Art Awareness With Collectors

(New York, N.Y.) - Many collectors know everything they need to know about their art and other collectibles, but they fail to consider the full financial impact on their estate plan. In order to effectively transfer their legacy to subsequent generations, art collectors should seek out astute financial planning advice. That was the message Michael Mendelsohn, prominent art collector, philanthropist, lecturer and writer on inheritance planning on art and collectibles, and John Castrucci, Wachovia regional managing director of financial planning, delivered to a group of art enthusiasts during a seminar on Sept. 29, hosted by Wachovia Wealth Management at the School of Visual Arts' new Visual Arts Gallery in Chelsea.

Mendelsohn and Castrucci spoke to a group of nearly 50 and encouraged the collectors to work with a trusted and knowledgeable advisor and ask themselves the following questions:

Is your collection specifically included in your estate plan?
Have you considered the emotional and financial implications of passing along your collection to the next generation?
Do you have an exit strategy to get out of your collection?
Are your collectibles properly insured?
Are you taking the necessary steps to avoid an untimely fire sale?

"We find that clients have developed passions for their various collections," noted Castrucci. "But we also find that they have not always planned ahead or considered all of their options."

"It is important for collectors to consult with their financial advisors to help them understand all of the economic advantages and disadvantages of including art, antiques, and other valuable stuff strategically within their estate planning," concluded Mendelsohn.

The seminar, entitled "The Art of Succession: Strategies for Managing Your Art and Collectibles Today and Across Generations," was organized by the Wachovia Wealth Management team in New York to raise an awareness with clients on the various tax and estate planning ramifications of art and other collectibles. The event was structured to educate and entertain.

"Clients value and expect the discreet advisory services we offer that are designed to assist them in protecting collections and the wealth they have accumulated," noted Joseph Giglia, the managing director of the New York City Wachovia Wealth Management team. "We work with them to define and meet their personal financial goals.

"Wachovia Wealth Management offers a holistic and comprehensive approach tailored to meet each client's specific needs. We know clients are looking for ideas from an unbiased financial advisor who can help them simplify their finances and make intelligent decisions regarding artwork or any other investment option."

Wachovia Wealth Management offers a wide range of solutions and advantages for building, maximizing and preserving financial success for clients. Through approaches that bring a high degree of objectivity and innovation, Wachovia delivers comprehensive financial services through a team of financial experts, coordinated by a dedicated relationship manager who is attuned to the needs of each client. A holistic approach incorporates all of the disciplines related to managing a clients' wealth, from creation and growth to preservation and transfer to future generations, delivered in an integrated manner and customized to each client's individual needs and preferences.

With more than a century of experience in managing wealth, Wachovia Wealth Management provides a comprehensive suite of private banking services; debt solutions; investment management; financial planning; trust and estate planning and administration; charitable services; and insurance solutions. Investment offerings include alternative investments such as private equity, hedge and exchange funds. The Wachovia Wealth Management market is primarily 11 East Coast states, Washington, D.C., and selected national and international markets.

Before and after the seminar, those in attendance had an opportunity to tour the "Beginning Here: 101 Ways" exhibition in the new Visual Arts Gallery. The exhibition features the work of emerging and established artists active in the New York and international art communities, including Renee Cox, Inka Essenhigh, Toland Grinnell, Keith Haring, Joseph Kosuth, Justine Kurland, Robert Lazzarini, Sol Le Witt, Vera Lutter, Elizabeth Peyton, Alexis Rockman, Tim Rollins, Kenny Scharf, Lorna Simpson, Annie Sprinkle and Sarah Sze.

The Visual Arts Gallery is located at 601 West 26th Street, Suite 1502, in the landmark Starrett-Lehigh Building in Chelsea. The 73-year-old, 19-story property houses a number of galleries in the heart of New York City's professional art district. The gallery offers 9,041 square feet of exhibition space and a wrap-around terrace with spectacular views of southern Manhattan.

School of Visual Arts (SVA) in New York City is an established leader and innovator in the education of artists. From its inception in 1947, the College has pioneered numerous educational ideas, including the selection of professionals working in the arts and art-related fields as instructors. SVA provides an environment that nurtures creativity, inventiveness and experimentation, enabling students to develop a strong sense of identity and a clear direction of purpose.

About Wachovia
Wachovia Corporation (NYSE:WB) is the 5th largest wealth manager in the country, according to Barron's 2003 rankings of top Wealth Managers in the U.S., based on assets of $160 billion (which includes clients with Wachovia accounts of at least $1 million). Wachovia is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $418.4 billion, market capitalization of $58.3 billion and stockholders' equity of $32.6 billion at June 30, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 East Coast states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through wachovia.com.