As an extension of the Private Client Group, Anchin's Art Group offers a unique suite of services specifically designed to meet the needs of Art Collectors, Galleries and Artists' Foundations.
Art is a unique asset class that requires specialized knowledge. The members of Anchin's Art Group have extensive experience in providing essential guidance and implementing appropriate strategies. Our expertise and esteemed reputation for serving clients in the art space, together with leveraging the human capital of the Firm's nearly 350 professionals, position Anchin's Art Group perfectly to meet the many challenges and issues facing our clients.
- Art Collectors
- Tax-free exchanges
- Estate and other tax planning
- Asset tracking
- Art Galleries
- Financial statement preparation
- Income tax compliance
- Needs assessment and advisor introductions – banking and other specialists
- Specialized accounting requirements
- Artists’ Foundations
- Governance and board development
- Family participation
- Staffing and foundation management
- Inventory control and monitoring
- Strategy analysis and grant implementation
- Donating Art and Collectibles - A Discussion of Important FactorsAugust 22, 2017
As opposed to selling art, which results in capital gains tax, or keeping art in the family, which may result in estate or gift taxes, donating art will bring a federal and possibly a state tax deduction.
- Art and Other Collectibles - Tax ConsequencesJuly 31, 2017
Question: Why do you purchase and collect artwork and other collectibles? At first glance, such a question may not seem to have any connection to filing your annual tax return. However, the answers you give will go a long way in determining how any income you receive and expenses you incur as well as any gains or losses upon sale or disposition relating to your collectibles are reported on your tax return. Consider which of the following responses apply to you. Then continue reading to see the tax consequences of your answers.
- Collectibles: Alternative Investing Beyond Private Equity and Hedge FundsMarch 31, 2017
Collectible items are also a type of alternative investment — and, like all the others — come with their own rules and considerations.
- Preservation of Your Art CollectionFebruary 28, 2017
Art has become an increasingly popular investment vehicle in recent years and as with any investment, it must be protected.
- Avoiding an Art Collection “Fire Sale”August 31, 2016
Some key planning factors to consider
- NYS Art Collectors Under Scrutiny for Taxes on Shipped ArtMarch 2, 2016
Law enforcement and tax authorities have been closely investigating electronic records and tax returns for the buying and selling of art in New York State. Art collectors and intermediaries have come under close scrutiny as to whether they have been paying taxes, maintaining shipping records and providing invoices during the sales process.
- The Art of Tax Planning - Part 3January 12, 2015
This is the third installment of an article about tax as it applies to the unique subject of art.
- The Art of Tax Planning - Part 2December 16, 2014
This is the second installment of an article about tax as it applies to the unique subject of art.
- The Art of Tax Planning - Part 1December 4, 2014
Fine art is increasingly making headlines as record breaking auction prices steal the attention of collectors, hopeful artists, and art market enthusiasts. At the same time, the perception of a rising art market has brought fine art to the attention of investors around the world, who now consider it an alternative asset class to be evaluated alongside real estate, hedge funds, and other investments.
- A Tax Victory for Art CollectorsOctober 7, 2014
In a decision on September 15, 2014, the Fifth Circuit reversed a 10% discount (previously applied by the United States Tax Court to a valuation of art) in favor of a more significant 47.5% discount. The careful consideration of evidentiary support provided by the art collector’s family, legal team, accountant and other experts in conjunction with the blatant randomness of the initial 10% discount yielded a very positive result that many think will help other art owners reduce taxes on their estates.
- The Art of Tax Planning: Federal Gift and Estate Taxes, Gifts and Bequests to Charities, and Art FoundationsJanuary 1, 2015
The Art of Tax Planning Fine art is increasingly making headlines as record breaking auction prices steal the attention of collectors, hopeful artists, and art market