آخر تحديث - 3 ديسمبر 2020
You may be wondering, “If this is a charitable contribution, is there a tax benefit involved?” Specifically for each state, it is worth consulting a tax lawyer on the possible tax benefits for lending your art to a gallery. The New York Times reported an art sale of a woman in Nevada who recently bought Francis Bacon`s triptych “Three Studies of Lucian Freud” for $142 million. With a cost of nearly $11 million in taxes, the buyer has the option to avoid these tax charges because he has lent the artwork to a museum in Oregon, a state without tax on turnover or usage. The user fee is explained in the next section. If you lend your artworks abroad, make sure they are protected by a similar clause. In this way, it cannot be referred to any confusion as to its authenticity, its owner or other concerns. 4 2. Unless the lender chooses to maintain its own insurance coverage for the duration of the loan, the institution insures this work of art, as part of a comprehensive legal insurance, for the amount indicated under this agreement, against all risks of material or external damage during the term of the loan. This directive sets limits on the acts of God and the usual exclusions in case of loss or deterioration due to wear, progressive degradation, moths, vermin, defects or damage inherent in a process of repair, restoration or retouching authorized, or for reasons such as hostile or belligerent acts in times of peace or war , nuclear or radioactive violence, reaction or contamination, insurrection, rebellion, civil war, obstruction of government authority, control or defence of such a deposit, quarantine seizure or destruction or customs regulations, confiscation by order of a government or authority, or risk of trafficking or transport or illicit trafficking. In addition to your personal artistic insurance, the museum should also offer a special insurance plan. This should be door-to-door, also known as “wall-to-wall” coverage.
This means that the artwork is covered for all restorations or the last assessment value from the moment it leaves your home to the time it is safely back in your home. It is your responsibility and prerogative to describe specific requirements and requirements in the loan agreement. For example, if your name is to be displayed with the room or where you want to see it at the museum. While contracts can be laborious, you work with attention to detail when you compose your credit contract. We advise you to start with a wish list and fears, and then consult your insurance agent or estate planning lawyer to help you confirm that they are all covered in the loan agreement, as well as the points discussed in this contribution. 7 Lender agrees that it will not take any action during the duration of this contract to limit or affect this guarantee, unless it receives written prior approval from the institution. (8) This agreement is governed by the laws of the State of Nevada and is interpreted in accordance with the laws of the State of Nevada, which are also the forum for all litigation arising from that agreement. This agreement cannot be ceded in advance by either party without the explicit written agreement of the other party. 9. This agreement and the annexes to which it is referred constitute, if applicable, the whole agreement between the parties regarding the purpose of this agreement and may only be amended at any time by mutual written consent of the parties. Any notification to any of the parties is sent to the parties at the above addresses by written or authenticated mail, requested return bulletin or night postal service with proof of delivery. As a lender, you should be informed of the tax breaks that you may want to use and address in the loan agreement.
This is what we learned from Derek Smith, president of AXIS Fine Art Installation, who is also an expert in shipping and storage.