Drawing Up a Plan: Tax and Business Strategies for Artists and Collectors... and Their Advisors
Tax Briefings 2017 (4:00 - 5:45 p.m.)
In this program, Jay Darby addressed the interesting differences between tax and business planning for artists versus art collectors - the parties on the opposite sides of art transactions. He was joined on the panel by Nicholas O'Donnell, as well as by Michelle DuBois, the highly regarded New England Director at Winston Art Group, a leading independent art appraisal and advisory firm, and Jill Arnold Bull, the North Regional Sales Leader and National Fine Art Specialist in Private Risk Management for Wells Fargo Insurance Services.
This seminar covered topics including:
- Current trends in the art markets, including "hot" and "cold" areas
- Tax and business planning for artists – be prepared to succeed!
- Sales and use tax planning on the sale and purchase of art
- Can artists ever claim "capital gains' treatment on a sale of art?
- How to sell and purchase art "tax free" by structuring the transaction as a "like-kind exchange"
- Tax-smart strategies for making gifts of art to museums and other charitable institutions
- Estate planning strategies for art collectors, including unique valuations problems raised by large art collections, art forgeries in a collection, so-called "blockage" and other cutting-edge issues
- Best practices and common causes of loss for art, jewelry, and collectibles.
- Why insurance for homes, cars, fine art, jewelry, and collectibles is a critical part of wealth management.