Taxes and the Art Loophole

Well the ultra-wealthy have a whole menu of tax deductions to choose from every spring. But one of the more obscure options, a secret menu item if you will, involves art. Art collectors can deduct the full market value of a piece of art if they donate it to a museum or exhibition space. Enter: the loophole. Some of these museums are mere steps away from their homes and only open by appointment.



  • Ralph Lerner - Art advisor and former attorney representing collectors, estates, artists, and foundations