Smart with Art: Art Lending, Wealth Management and Tax Strategies for Art Collectors
Sullivan hosted a virtual tax briefing "Smart with Art: Art Lending, Wealth Management and Tax Strategies for Art Collectors" on June 24, 2020.
The panel featured Joseph B. Darby III; Drew Watson, Senior Vice President, Art Services Specialist for Bank of America Private Bank; Richard James, Managing Director, National Wealth Planning Strategies at Bank of America Private Bank; and Michelle DuBois, the New England Director at Winston Art Group, a leading independent art appraisal and advisory firm.
The program covered a variety of important topics, including:
- Current trends in the art markets following the COVID Emergency
- How to use bank financing to purchase and later refinance art acquisitions
- Income tax strategies and Sales/use tax planning on the sale and purchase of art
- Opportunity Zones and special income tax strategies for art collectors
- Art and the Valuation Process – and a look at the IRS’s Art Advisory Panel
- 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, so-called “blockage discount” and other cutting-edge issues