Services for art collectors and investors
Our team assists institutional art collectors and individuals on legal issues relating to their collecting activities and valuation in connection with tax and estate planning.
Collectors and investors in art may be buying and selling works of art, raising capital or loaning artworks to museums around the world. We advise on and structure all elements of the acquisition process. We carry out due diligence, structure the transactions for optimal tax efficiency, draft contracts, review insurance arrangements, advise on shipping, import and export considerations, tax and after-sale warranties, and set up escrow arrangements.
For our art investor clients, we advise in implementing forward and reverse like-kind exchanges, and ensure that clients meet the complicated legal and timing requirements, in order to defer realization of capital gains taxes.
For collectors and their estates intending to dispose of works of art, we provide equally comprehensive services. If the sale is by auction, we negotiate the seller’s contract with the auction house, as well as structure and negotiate auction guarantees and advances on sale proceeds. For private sales, we draft and negotiate the sales contract as well as provide advice on insurance-related and federal, states sales and use taxation issues.
With extensive tax knowledge, we can help clients reduce the impact of taxation on cross-border movements of art, and counsel them on the best ways to structure their collection as part of a global tax planning strategy.
When art is subject to a claim, be it an issue of ownership or authenticity, a World War II looting claim, or a Spanish Government claim, we can help protect it. We also advise on import and export regulations, copyright and resale royalty rights.
- Drafted loan agreements to over 100 museums and institutions both locally and globally and for several renowned New York City museum exhibits.
- Negotiated consignment agreements with Christie’s and Sotheby’s for record breaking sales and purchases; in Spring 2013 we negotiated a total of over $118,000,000.00 solely in Christie’s sales.
- Acted for a Russian billionaire in the acquisition of several art collections.
- Advised a British landed family selling a major collection of French Old Master paintings.
- Assisted the trustees of a London-based art-collecting family in the purchase of an installation from a well-known contemporary artist.
- Acted for a British collector in a loan of precious jewels for an exhibition.
- Represented a Pennsylvania family in auctioning rare 19th Century artwork through Sotheby's New York.