Tax Briefing Drawing up a Plan: Tax and Wealth Planning for Artists and Art Collectors

The phrase “art appreciation” is a wry double entendre:  Art is “appreciated” for its aesthetic value, but can also “appreciate” in economic value.  Art can prove highly “rewarding” in both a fanciful and a financial sense.  Recent art sales in some categories are enjoying historically high prices.  

In March 2021, an NFT for a digital artwork entitled “Everydays: The First 5000 Days,” created by artist Mike Winkelmann (also known as Beeples), sold for a staggering $69.3 million, the third highest sum ever paid at auction for an “original” work of art by a living artist.   These eye-popping prices have renewed scrutiny from hard-eyed investors looking to see what there is to see in one of the most ancient and venerable classes of investment assets.   Meanwhile, dramatic changes in federal tax law have glossed over and colored the tax and wealth planning strategies that can and should be used.   Our exceptional panel will give you a “behind the scenes” look at the current art scene, offer insights into the latest trends, developments, and strategies. 

Please join us for this exciting and highly entertaining foray into the world of art – you will definitely appreciate it!

Joining Jay Darby for this program will be:

• Juan C. Alonso, Senior VP and Chief Banking Officer for Wealth Management, Northern Trust Company
• Michelle Dubois, PhD, Senior Director of New England, Winston Art Group
• ​Whitney Mullare, VP Sales & Risk Consultant, Marsh Private Client Services (PCS)
• Chris Perry, President, Wealth Management New England, Northern Trust Company

Our panel will cover the following topics and more:

• Update on recent art sales – and what trends you should look for in upcoming art auctions
• Tax advice on to what do after the Tax Cuts and Jobs Act and before the impending Biden tax bill – find out what still works, what no longer works, and what may or may not work after December 31st
• Gifting strategies for art collectors, including making gifts of a fractional interest in the same artwork over multiple years to time charitable deductions
• Tax and wealth planning for an estate with a large (and often illiquid) art collection
• Borrowing against an art collection – another way to put your artwork to work
• What every art owner should know about insurance – and where to get it on the most favorable terms

PROGRAM SCHEDULE 

4:00 p.m. – 5:00 p.m.  Seminar 

5:00 p.m. – 6:00 p.m.  Q&A 

CPE Credits Available