The Art Collector's Business Plan
An outstanding art collection is an aesthetic masterpiece, but it is also an important and valuable financial investment. In short, the phrase "art appreciation" can have two simultaneous meanings. The purpose of this program was to help art collectors better understand the ways to enhance, protect and grow the financial value of their artworks.
Joseph B. Darby III, Michelle DuBois from Winston Art Group and Amy Corcoran from Bonhams, discussed:
- Avoiding the common pitfalls when buying works of art
- Protection from the risk of forgery
- Developing a successful auction strategy
- Tax issues that affect art collectors, including sales and use tax, property tax assessments and gifts and estate tax planning for individuals with substantial (valuable) art collections
- Structuring an art sale as a "like-kind exchange" so that "trading up" in an art collection can be done on a tax-free basis