Art museums in the United States live on the generosity of individuals. Most of the financial support they count on for their annual operating budgets come from individuals, or foundations and trusts set up by them.
More market participants than ever before now use a special tax strategy to help them defer paying capital gains taxes on the purchase and sale of art. This note explains how the tax strategy works and who is eligible to use it.
Art collectors are sometimes willing to share their hard-won wisdom and advice on how to be an effective collector. When I step back from all the conversations I have had over the years with collectors on this topic, seven important themes emerge:
Many people enjoy art, but just how large and significant is the art market?
When Yayoi Kusama moved to the United States in 1957 at the age of twenty-eight, she was an ambitious young artist tired of the conservatism and discrimination she faced in her native Japan.