Speaker(s): Diana Wierbicki
The Four Stages of Collecting - Part II: Art Tax and Legal Issues
This second session in our four-part series will discuss the legal issues that are essential knowledge for art collectors.
While art collecting can be a rewarding hobby, it's important to be aware of the potential art tax implications to minimize your liability. There are a few different taxes that could apply to collectors, and it is important to know which ones may apply to you; estate tax, capital gains tax, import duty, etc. It is important to research any tax that may apply to your situation before making a purchase.
By understanding these issues, collectors can ensure that their collections are compliant with the law. Art tax can be a complex issue especially when it comes to selling art and collectors should consult with a qualified tax advisor to ensure that they are compliant.
Diana Wierbicki Shares Her Art Tax Expertise
Diana Wierbicki, head of global art practice at Withers, also considers art tax issues that collectors should be aware of. Please be sure to join us for the rest of the series, which can be viewed on-demand:
Before You Buy: This first session in our four-part series will discuss the best way to embark on your journey as a collector.
Managing your collection: An expert will discuss conservation, documentation, condition reports and photography, databases, installation, storage and other logistics.
Collecting for the Next Generation: Attendees will learn about long-term care, stewardship and succession planning, art donations to non-profit, and supporting your local arts community as part of your overall collection strategy.
Target audience: Art collectors of all levels who are interested in art tax and legal issues.
Diana Wierbicki’s practice is focused on art law dealing with purchases, sales, loans, consignments and charitable giving of works of art. Diana has counseled art collectors and art dealers on all aspects of their art transactions. Diana is also a member of the Wealth Planning practice group and advises high net worth individuals and their families on tax, trust and estate planning matters,...