A Fine Arts Presentation and Discussion
Beyond Aesthetics:
Financial Aspects of Building a Fine Art Collection
April 29, 2006 – 3:00 pm at Hammonds House
Presented by Darwin F. Brown
Fine art, like real estate and securities, is an inherent part of an individual's estate. We collect or otherwise acquire differing amounts, genres and styles of art for a variety of reasons. The IRS, however, views them all dispassionately as stores of wealth…and taxes us accordingly! As a result, we must occasionally step away from our connoisseurship and aesthetic fascinations to consider the impact of fine art acquisitions on our total portfolio of assets.
This presentation will address tax implications for the active management of a fine art collection. More specifically, we will address:
- Estate planning considerations in the acquisition and disposition of artworks;
- Broadly defined disposition approaches including - lending, selling, and gifting artwork;
- Charitable Transfers – during a collector's lifetime and subsequently by the estate;
- Valuation and insurances issues related to all of the above.
The audience will leave the presentation with a greater appreciation for the overall estate impact of collecting fine art. As a result, participants should become not only better informed but also more excited about actively managing their collections and leveraging their fine art resources and advisors for the benefit of their estate, their loved ones, and their community.
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David Hammons, "Too Obvious", 1996 |
