Heritage Auctions’ Post

#Deaccession art of a personal sort… Some of our private practice includes deaccessioning artworks from Private or Estate collections, often placing with qualified non-profit organizations.

Do you want to write off a personal property donation in the 2023/2024 tax season? If so, here are guidelines (some recently revised by IRS) to help you as you prepare. Less than $250: A receipt showing the organization's name, date and location of the contribution, and a description of the property. The organization must provide this. Between $250 and $500: "Contemporaneous written acknowledgment" of the contribution from the organization including a description of the property. Over $500 to $5,000: Form 8283 with the tax return as well as contemporaneous written acknowledgement Over $5,000: A written appraisal of the property from a qualified appraiser, form 8283, and contemporaneous written acknowledgment. What is a "Qualified Appraiser"? See this: https://lnkd.in/gezCckJM #personalproperty #taxes #fineart #donation #2023donation #2024donation #irsdonation #qualifiedappraiser #donationappraisal #qualifiedappraisal #fineartappraisal #personalpropertyappraisal #form8283 #taxwriteoff #preparation

Have you considered integrating art and collectibles into your estate plan? With the art market valued at $1.7 trillion and contemporary art appreciating at 14% annually, it's a valuable asset. Explore strategies for cataloging, appraising, and discussing your estate with beneficiaries. Whether you choose to gift, sell, or donate, a well-thought-out strategy will help to keep your legacy intact. #EstatePlanning #ArtInvestment #WealthManagement #LegacyPlanning

The latest issue of the LRC is out. It features a review by me of 'Statesmen, Strategists, and Diplomats: Canada's Prime Ministers and The Making of Foreign Policy.' https://lnkd.in/gyCp2H6e

I am donating my art to help raise money and awareness for the Casper Mountain Preservation Alliance. We will be raffling off my bronze sculpture ‘’COWBOY CODE’’ 19’’ x 10’’ price $3500. This sculpture is very appropriate as a symbol of our struggle to keep gravel mining off Casper Mountain. Tickets are $20. each or 6 for $100. and 100% of the funds are going to our legal fund. If you want to help, please buy some tickets it is for a good cause and you might win a Navarro bronze sculpture. Wyoming is known as the Cowboy State and respectable men and women who lived in the West were bound by unwritten rules that centered on hospitality, fair play, loyalty, and respect for the land. There was no law on the range back in the days when the cowman with his herds carved out a new frontier. Lack of written law made it necessary to develop a rule of behavior, which became known as the "Code of the West." These laws were a socially agreed upon code of conduct that helped shape the cowboy culture of the Old West and were respected everywhere on the range. The sculpture’s forward-facing horses symbolize the future and what lies ahead. Both standing still express the present. The cowboy turning in the saddle, looking back over the trail, represents the past. The brand in the middle of the base stands for the mark and pride he puts on the work he finishes. Surrounding the base are some of the Cowboys Codes of the West. You cannot go wrong practicing these principles in your own life: 1. Ride for the brand. 2. Your word is your bond. 3. Be tough but fair. 4. Do what has to be done. 5. Protect and help the weak. 6. Always finish what you start. 7. Take pride in your work. 8. Live each day with courage.

Here's an interesting article from artnet about the differences in the Gallery vs. the Auction markets. This is a scenario that appraisers and advisors often confront: how to reconcile variations between public auction records and the prices achieved at art fairs. For an insurance appraisal, we ensure that our valuations are consistent with Retail Replacement Value, reflected by gallery sales at art fairs. But we look to public auctions for Fair Market Value for an Estate Tax or Donation appraisal. Depending on the artist, Fair Market Value can sometimes be lower than Retail Replacement Value. https://lnkd.in/ebu8fyC8 #artmarket #artworld #insurance #artinsurance #estateplanning #estatetaxes #charitablegiving #artcollector #artappraisal #artadvisory #contemporaryart #artnet #artgallery #artauction

Have you considered integrating art and collectibles into your estate plan? With the art market valued at $1.7 trillion and contemporary art appreciating at 14% annually, it's a valuable asset. Explore strategies for cataloging, appraising, and discussing your estate with beneficiaries. Whether you choose to gift, sell, or donate, a well-thought-out strategy will help to keep your legacy intact. #EstatePlanning #ArtInvestment #WealthManagement #LegacyPlanning

Have you considered integrating art and collectibles into your estate plan? With the art market valued at $1.7 trillion and contemporary art appreciating at 14% annually, it's a valuable asset. Explore strategies for cataloging, appraising, and discussing your estate with beneficiaries. Whether you choose to gift, sell, or donate, a well-thought-out strategy will help to keep your legacy intact. #EstatePlanning #ArtInvestment #WealthManagement #LegacyPlanning

Salvaged items can be used in all sorts of projects around the home. Check out a few examples of material reuse in action from Community Forklift Fans: https://lnkd.in/e38peJWT Would you like to share Before and After photos from a creative reuse project that you’ve completed using salvaged materials from Community Forklift? Send the photos and a short description to outreach@CommunityForklift.org! #beforeandafter #upcycling #lighting #ecofriendly #nonprofit

Art isn't just to decorate one’s drawing room. The ultra-rich in the US use it for something totally unexpected: saving millions in taxes. Here’s how: Have you ever wondered how the ultra-wealthy manage to save taxes? Well, 2 surprising tactics make buying expensive artwork an ingenious way to save millions of dollars on taxes. (Bloomberg) Both involve purchasing expensive artwork. Let me explain it below. 1️⃣ Fractional donations: If you were to sell a multimillion-dollar worth of art, it would cost you millions in profit. But with fractional donations, you can: You can donate 20% of the painting instead of the whole thing. The full artwork value is tax-deductible immediately. Like co-parenting, you and the museum may share the art. While the museum displays it, you can own it. Over time, donating more "fractions" extends your tax benefits. After 10 years, the complete artwork passes to the museum. 2️⃣ The "buy, store, donate" maneuver This approach is complex and may not be suitable for everyone, but a simplified breakdown looks like this: First, billionaires purchase artwork for seemingly inflated prices. Let's say $50 million. Then it is stored in a "free port," a secure, tax-exempt warehouse, to avoid local taxes and import duties. After that, it's strategically put up for auction. Auction houses can potentially drive up prices. Sometimes even up to 40% Here's the key part: Instead of selling the artwork, the owner donates it to a museum for its full auction value. Now the IRS allows a tax deduction for the entire amount and effectively wipes out the tax bill on the initial purchase. Sometimes, it does feel like rich people would do anything but pay taxes :D Do you think expensive art is just a rich person's game, or is there more to it? #finance #tax #strategy #art