Christine steiner explores the Changes in the art world and the implications for dealers, Collextors and galleries.
Art is an increasingly global industry. As of 2015, acknowledged market reports estimated the art market was a $63.8 billion dollar global business. New and veteran collectors are setting record prices for contemporary art at auctions and establishing themselves as market players with connections to high-profile galleries, museums and foundations. The increasing globalisation of art mirrors the global expansion of private wealth. Newly wealthy individuals from Asia, Russia, Latin America and the Middle East are interested in collecting top contemporary art and exerting influence in the art world, as demonstrated by the recent growth in private museums. Collectors from nations with established wealth continue to purchase internationally and actively participate in the art world. Globalisation of private wealth means that planning from a multi-jurisdictional perspective is essential for the globally-inclined private collector, artist, art gallery or museum.
THE THREE A’S
The benefits of cross-border tax and wealth planning are clearly evident for high-net worth private collectors having potential exposure to multiple taxing regimes and wishing to preserving their wealth for future generations. Similar considerations apply for art galleries with international outposts that must contend with tax issues that arise from doing business and deriving income internationally, for artists who create internationally and maintain studios in multiple locations, as well as for museums planning survival and expansion by cultivating international donors. Sophisticated players in the art world are careful to assemble a knowledgeable team, the “Three A’s” of art – an art appraiser, an art attorney and an accountant. The movement of players in global locations will also continue to necessitate sophisticated tax advice and legal advice in disciplines other than tax, these include areas such as immigration, crossborder commercial and contract law, import-export law, employment law and other legal fields as well.
TAXES
Continue reading your story on the app
Continue reading your story in the magazine
Taking the Plunge
Buying your first painting? Annelien Bruins, coo of tang art advisory looks at seven ways an art advisor can help you.
Not Just A Bunch Of Petrolheads
Onboard Journalist Clive Tully Highlights The Environmental Aspects Of Team Britannia’s Circumnavigation Record Attempt.
A Slice Of Yachting Life
Sole yacht ownership has many benefits but it can be expensive and frustrating when the yacht isn’t used regularly. SeaNet is a company that aims to tackle this frustration with a smart co-ownership model. Servanne Sohier met the CEO of SeaNet, Matty Zadnikar and reports.
A Buyer's Market? Superyacht Insurance
In recent years rates in marine insurance and, in fact, the insurance market as a whole, have continued to drop dramatically. Insurance expert Tom Montgomery takes a look at what’s been happening.
Technology The Future Of Superyacht Security
Security expert Ed Hill looks at the technologial advances that superyacht owners are increasingly using to protect their family and assets from threats.
Inno[vent] 115
THIS NEW CATAMARAN PROJECT ENCAPSULATES Berret-Racoupeau’s vision of a large yacht.
Wine Etiquette
How to avoid a faux-pas while sipping a Châteauneuf-du-Pape.Tom Harrow takes an informative and humourous look at the king of grapes.
...Something Between You & Art
Everybody knows Pablo Picasso. But what turned him into the Picasso you know today? The same may be said about Andy Warhol.
Big & Small
Christine steiner explores the Changes in the art world and the implications for dealers, Collextors and galleries.
Private Art Dealers
Jessica Paindiris, CEO of the clarion list, looks at what a private art dealer can do for you and your art collection.
The Group Portrait: Less Tall, Less Male, Still Young
The Paris Review has a new editor, a new staff, and a new vibe.
The Money Game: Scott Galloway
Buy Now. Pay (and Pay, and Pay, and Pay) Later. The bill for the finance hack of the pandemic is coming due-for all of us.
The Best Bagels in the World?
They might be on Long Island.
Realism Is Not His Deal
Joseph Giovannini turned this Los Angeles loft into an op-art womb. His tenant loves it.
Park Avenue's Greatest Pipes
Inside the organ at St. Bartholomew's, enveloped in 18th-century surround sound.
Cruise's Last Stand
Thirty-six years after the original, Top Gun: Maverick eulogizes the actor’s entire career.
The SAD YOUNG LITERARY MAN Is Now a MIDDLE-AGED DAD
KEITH GESSEN wrote a memoir about family life. His wife, EMILY GOULD, is mostly okay with that.
There Has to Be a Backup Plan.
Inside the 2024 soul-searching that's happening in every corner of the Democratic Party-except the White House.
At Patti Ann's, the Kids' Menu Is the Only Menu
Pigs in a blanket and chicken-fried pork chops just like Mom never used to make.
VA STABS OUR HEROES IN THE BACK!
Bribery, fraud & shoddy services endanger health of U.S. military