Publications

Facing Estate Tax Challenges For Business Owners, Artists, And Gallery Owners
Art Sales, Art Collections, Tax Planning Matthew Erskine Art Sales, Art Collections, Tax Planning Matthew Erskine

Facing Estate Tax Challenges For Business Owners, Artists, And Gallery Owners

As 2024 progresses, the sunsetting of key tax provisions presents unique challenges for business owners, artists, art dealers, and gallery owners alike. With the estate tax exemption set to decrease and potential changes looming in capital gains and valuation practices, it is crucial to review and adapt estate and tax plans to avoid pitfalls.

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Do The Right Thing: Returning Looted or Stolen Art (and How Not to Buy It in the First Place)
Art, Art Collections Matthew Erskine Art, Art Collections Matthew Erskine

Do The Right Thing: Returning Looted or Stolen Art (and How Not to Buy It in the First Place)

Returning stolen and looted art is a complex and lengthy process, involving legal and political challenges. Nonetheless, transferring ownership to the government for repatriation, as exemplified by the Worcester Art Museum, aligns with property laws and represents the morally right course of action. Objects of this nature should be returned to their rightful owners or to the countries or cultures from which they originated if there is any doubt regarding their true ownership. To safeguard yourself from such situations, diligent research and thoroughness are imperative.

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Avoiding (or at Least Deferring) Taxes on the Sale or Gifting of Art
Art Sales, Art Collections, Artwork, Tax Planning Matthew Erskine Art Sales, Art Collections, Artwork, Tax Planning Matthew Erskine

Avoiding (or at Least Deferring) Taxes on the Sale or Gifting of Art

If your client is an artist, collector, or inheritor of art, when it comes time to plan to sell or gift the art, sale at auction could result in half of the hammer price going to taxes and fees. Consider using the charitable status of organizations like the Center for Art Law or Charitable Trusts to help defer or avoid the tax.

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Highlights Of the Art Market in 2022
Art Deals, Art Collections Matthew Erskine Art Deals, Art Collections Matthew Erskine

Highlights Of the Art Market in 2022

Artprice.com has released its report, “The Art Market in 2022”. At 72 pages, it is a comprehensive look at the global art market, which is especially interesting to professional advisors to collectors of Art. International fine art auction turnover rose slightly in 2022, more than one million artworks appeared at auctions in 2022, of which almost two-thirds (65%) found buyers.

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