Art Dealers, Collectors & Artists

Specialized skills, services and experience

1. Diverse clientele comprised of art dealers, collectors and artists
2. Extensive experience advising on complex art industry tax issues
3. Expense tracking and capitalization
4. Inventory valuation
5. Planned charitable giving
6. Documentation requirements for travel and promotion expenses
7. Tax audit representation

Art dealers, collectors, and artists are faced with unique income tax and accounting issues. Art dealers often find themselves involved in complicated transactions including both cash and Art Dealers, Collectors and Artists works of art. Likewise, art dealers typically incur large travel and promotional expenses for which complete and organized records are a necessity. Special inventory issues may require the capitalization of expenses. Likewise, many affluent collectors donate works of art to charitable institutions, giving rise to issues relating to the value and timing of gifts, and the substantiation of those tax deductible contributions. We have the experience needed to present and document these transactions properly, having managed several cases, including many reviewed by the Art Council in Washington, D.C.