Guy Gilchrist art archive goes to auction at Julien's

Guy Gilchrist is auctioning his original comic strips, illustrations, memorabilia and hand-painted instruments at Julien's Auctions through Friday, Nov. 17. The sale spotlights decades of work tied to Jim Henson's Muppets, Nancy and other pop-culture properties, along with Gilchrist's concerns about estate taxes on artists' archives.

Why it matters: - Guy Gilchrist's archive puts decades of original comic art and memorabilia on the market in one sale. - The auction highlights how artists' estates can face steep tax and valuation pressure after death. - The collection spans work tied to some of the most recognizable family brands in comics and entertainment.

What happened: - Gilchrist is offering "The Lovers, The Dreamers, & Guy: The Guy Gilchrist Collection" at Julien's Auctions this week. - The sale runs online through Friday, Nov. 17 at 10 a.m. PST. - The collection includes hundreds of original hand-drawn strips and panels from "Jim Henson's Muppets," "Nancy" and "The Rock Channel." - The auction also includes illustrations from the "Tiny Dinos" book series, hand-painted musical instruments featuring Henson characters and more than 40 years of memorabilia.

The details: - Henson chose 24-year-old Gilchrist and his brother Brad to continue Kermit, Miss Piggy, Gonzo and other characters in the daily comic strip "Jim Henson's Muppets" after the TV show's run ended in 1981. - The Muppets strip reached 80 million to 150 million readers in more than 660 newspapers across 80 countries from 1981 to 1986. - Gilchrist later worked on projects for Henson, Disney and MGM. - Gilchrist helped develop "Fraggle Rock," "Muppet Babies" and "Teenage Mutant Ninja Turtles," before taking over "Nancy" as writer and illustrator from 1995 to 2018. - The collection includes original comic strips and panels, and some still retain their protective vellum. - The sale also includes a full-color "Nancy" panel featuring Ringo Starr with his autograph. - Other items include a replica Kermit puppet made by puppeteer Terry Angus, a mask from the original "Creature From the Black Lagoon," Walter Lantz "Woody Woodpecker" animation artwork and a signed "Beetle Bailey" book by Mort Walker. - The archive also contains signed record albums and photos by The Beach Boys, Brenda Lee, Hayley Mills, Priscilla Presley, Ann-Margret and others.

Between the lines: - Gilchrist said he wants to avoid leaving his collection as a tax burden for his children. - He said the IRS values artwork still in an artist's home at the cost of supplies and materials, but after death the work is valued at fair market value based on comparable sales. - Gilchrist said the difference can create a liquidity squeeze for heirs because the estate may owe up to 40% of that value. - Gilchrist said donated painted guitars can produce only small charitable deductions, even when similar guitars have sold for as much as $80,000. - Gilchrist also said he has donated 20% of everything to charitable causes and sees the auction as a way to share his life's work with fans and families.

What's next: - Bidding remains open on Julien's Auctions' website through Nov. 17 at 10 a.m. PST. - More information is available at GuyGilchrist.com. - Bidders can register through Julien's Auctions.