Readers' forum: Posters and prints

My client has advised me that in his hippy days – the 1960s – he bought and acquired some posters advertising rock concerts festivals performers bands and shops. At the time they cost very little or were effectively worthless after the event and some cost nothing. He has recently been told that on the right day at auction these could be worth a reasonable sum of money. This gives rise to the possible tax implications.

The client has owned the prints for 50 or more years and has not actively bought and sold over the intervening period so I presume there is no question of income tax but what about capital gains tax? My first thought was whether the prints would be wasting assets? I suppose ‘back in the day’ there was little idea that they would be of any use...