Guggenheim, Carnegie, Mellon, Whitney, Frick and Getty – just a few of the families whose art collecting legacies have created some of the most important museums in the United States. Those art collections are accessible to the public today due to the collecting acumen and philanthropic intentions of their collectors. While family museums and art foundations are highly visible forms of art philanthropy, there are numerous other options for collectors of all kinds. Your collection may outlive you, so what will happen to it? Will you sell or donate your artwork? Can you give it away to family or friends? How will it be valued? What are the tax implications?
Learn why thinking about legacy planning and collection dispersion now is an integral part of the collecting journey. In this course, we will discuss various vehicles for charitable donations of artwork and collectibles, as well as the tax implications of buying, selling and donating art and collectibles. (Note: This course will specifically address tax and financial regulations pertaining to the United States)
By the end of this course, you will be able to:
· Understand the tax implications of buying, selling, gifting and donating art
· Learn how to engage CPAs, appraisers, wealth and insurance advisors to help manage the value of your collections and maximize your philanthropic impact
· Develop mission statements and philanthropic strategies for your collecting passion
· Comprehend IRS appraisal requirements for tangible personal property
· Recognize and locate professionals in the fields of appraisals
· Understand the parameters of establishing foundations and family museums
Meet the academic:
Katja consults with collectors as well as insurance and financial advisors on the physical and financial protection of passion investments. With more than two decades of experience in the art world, she has insured private collections, museums, galleries and exhibitions for HUB International, AIG Private Client Group and AXA Art Insurance.
Katja is also a guest lecturer at Christie’s Education Department. Throughout her career, she has presented on art and wine collecting in the context of alternative investments, asset protection, trust and estate planning and has lectured at The College Art Association, University for Applied Arts in Vienna, the UBS Arts Forum in Wolfsburg, and the Swiss Embassy in Washington, D.C. Katja has been quoted in the Wall Street Journal, The New York Times, Reuters, Worth Magazine, Barron’s, ARTnews and appeared on CNBC’s Power Lunch.
Katja has a B.A and M.A. in Art History. She is a board member of The Foundation of the American Institute of Conservation, and a member of The Friends of the Swiss Institute Committee.