At its best, a great work of art is an object which consoles the spirit in difficult times, and inspires one’s life in better times. Unfortunately, to a great extent it has now become a “commodity,” bought, sold, and donated primarily because of its inherent value.

If art is donated to a public charity, the donor will be seeking the highest possible tax valuation, full fair market deduction being available only when the donee charity accepts the donation of the work for use in its charitable programs (e.g., display in the case of museum); on the other hand, if the art is gifted or bequeathed to an individual, a lesser valuation is desired.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]