> Experience > Areas of focus > Art > Buying and selling art
Collecting art can truly be a lifetime passion but it can also be a very valuable investment.
Our art team has decades of experience advising many of the world’s top collectors, dealers, galleries, museums, charitable organizations and auction houses on an array of legal issues connected with the buying and selling of fine art, antiques and other collectibles at private auction and privately.Art auctions taking place in salerooms around the world have presented art collectors with more opportunities to buy and sell art on a global platform. We can advise you on the numerous issues that may arise from these international art transactions, including foreign exchange rate issues, tax issues arising from non-US collectors keeping art in the US, as well as tax issues resulting from importing and exporting art across state and national borders.
If reasons arise to sell your works in a collection, e.g. “trading up” by buying a better example, or changing collection focus, or market opportunity to buy or sell, or myriad other reasons, planning can make a substantial difference in the amount of tax that must be recognized upon a sale. By structuring the sale of one work and purchase of another as a like kind exchange that satisfies very specific IRS requirements, you may be able to defer gain recognition from the sale.
Partner | New York
Partner | London
Partner | Milan
Consultant | London
Of counsel | New York
Special counsel | London
Senior associate | London
Senior Associate | New York
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Our website will give you a flavour of the advice we provide - if you would like to talk to us for more information, please contact our client services team who will be happy to assist.
