All posts by Kate Fitz Gibbon

Issues for the Legal Adviser and Estate Planner for Cultural Property

Ricci Classical Ruins and Figures

Marco Ricci (Italian, 1676 – 1730); Sebastiano Ricci (Italian, 1659 – 1734), Landscape with Classical Ruins and Figures, Italian, about 1725 – 1730, courtesy The J. Paul Getty Museum

An outline of the issues that can arise when cultural property is purchased, sold, donated and inherited. Cultural property and art law are complex, but very few cases actually make it to trial and fewer still proceed to resolution there. Many uncertainties exist regarding the application of US laws. We hope to alert practitioners to the pitfalls of ownership of cultural property for the unwary and to help them meet the special needs of clients whose assets include art and artifacts.

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APPRAISING ART – SOME KEY POINTS FROM USPAP AND THE IRS FOR ATTORNEYS AND ARTS ADVISORS

Grant Wood The Appraisal

Grant Wood, The Appraisal, 1931, Carnegie-Stout Public Library

Art collectors, art creators, legal and financial planners, executors and trustees should all have familiarity with the basic rules for appraising art, especially for charitable donation. An appraisal is used to determine the Fair Market Value (FMV) of an item for donation. FMV is defined by the IRS as the price that would be agreed on between a willing buyer and a willing seller on the open market, with neither being required to act, and both having reasonable knowledge of the facts.

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Document It! Creating an Artist or Collector’s Estate Planning Inventory

Lawrence Alma-Tadema, A Collection of Pictures at the Time of Augustus

Lawrence Alma-Tadema, A Collection of Pictures at the Time of Augustus, [Public domain], via Wikimedia Commons

Documentation during life is inestimable value in managing a collector’s estate or artist’s legacy. Creators and collectors should have a complete and up-to-date running inventory of each of their works, including when it was first copyrighted – that is, created and fixed in a tangible medium. Every artist should have an inventory of the works of art in his or her home, studio, and of the works on exhibition or in a gallery elsewhere.

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Art: Estate Planning & Charitable Giving

Announcement – Santa Fe Community Foundation, April 21, 2016,
Kate Fitz Gibbon on Art: Estate Planning & Charitable Giving.
The Owings Gallery, Santa Fe.
Tax rules for donation, charitable purpose gifts, legal and museum restrictions on donations of ancient, ethnographic, and Native American art.

Roundtable on Reform

Video – National Press Club panel, Washington DC, April 30, 2014, with
Dr. Timothy Rub, Dr. Timothy Potts, Matthew Polk, Michael McCullough, Kate Fitz Gibbon, Andrew Adler.