Private loans of fine cultural objects to museums – why do it and how to mitigate the risks

Assets and Advice:

Advisors in the family office and private client sphere are used to advising clients in relation to their assets. But what should an advisor or their client think about when asked by a museum or cultural institution to lend their work towards an upcoming exhibition? This is not a normal request and bespoke advice is often required. Continue reading

Tax bill surprise coming down the line for “non-dom” art collectors

Billionaire art collector Roman Abramovich was probably hoping the proposed changes to taxation law affecting UK “non-doms” were an April Fool’s joke. Yet the rules, which are expected to hit prominent UK art collectors who reside abroad for tax purposes, are all too real. Originally due to come into effect on 6 April this year, the reforms have now been delayed because of the upcoming election, but remain in the pipeline.

Under the proposed laws, “non-doms” who have been resident in the UK for at least 15 of the past 20 years but have a permanent home abroad would be considered UK domiciled for tax purposes. The changes would mean that non-doms such as Abramovich could be liable to pay tax on any art they sell even if it is held outside the UK. Continue reading

Collectors lobby to reform Italian export laws

As an art owner, you might have thought it was within your right to freely enjoy, loan or perhaps even sell your artwork. The Italian government wants you to think again.

Under existing legislation, any artwork in Italy created over 50 years ago by an artist who has died requires a licence for temporary or permanent export regardless of the work’s market price. The rules empower local Italian art authorities to block the sale and export of artworks deemed to be of cultural interest.  Continue reading