KNOWLEDGE BASE
Art Daddy: Everything About Sales Tax that Artists Should Know
The mere mention of “sales taxes” may send shudders through an artist who would prefer to work eight hours in a studio than spend 15 minutes crunching numbers. On the other hand, if an artist is worried about “sales taxes,” it also means something quite fantastic:...
Climate chaos: NYC to bear the brunt of worsening storms, study finds
Batten down the hatches — the Big Apple faces a greater rise in the risk of catastrophic hurricane damage over the next 30 years than any other city in the nation. By 2053, New York City will see a 302% increase in average annual losses as climate change intensifies...
Art Collectors, Pay Your Taxes
States are targeting those who avoid sales and use taxes States are cracking down on art collectors who aren’t paying taxes owed on their purchases. States don’t release details about investigations into evasion of taxes on art purchases. But according to lawyers...
Sales Tax in New York State for Exempt Organizations
WHO IS ELIGIBLE? Tax exempt status may be granted by New York State to any not-for-profit corporation, association, trust or community chest, fund, foundation, or limited liability company organized and operated exclusively for religious, charitable, scientific,...
The Best Investments of 2018? Art, Wine and Cars
Who beat the market this year? Investors who like the finer things in life. Luxury assets, including wine, art, classic cars and fancy colored diamonds, have outperformed stocks and bonds this year. “People are looking for a place for their cash, and the security of...
NYC Sales & Use Tax – Important Guidelines for Artwork
Collectors, galleries, indeed anybody who buys, sells, and collects artwork should be aware of rules governing sales tax. Purchases in NYC are subject 8.875% tax. This includes a NY State rate of 4%. As with most items, artwork purchased in NYC for shipment to another...
5 Things Every Collector Needs to Know about Art Insurance
5 Things Every Collector Needs to Know about Art Insurance (11/11/16) For many of us, amassing a robust collection of works by the artists we love is more a dream than a reality (though startups like Art Money are working to provide interest-free loans that should...
IMA Expands Acceptable Temperature and Humidity Guidelines
The Indianapolis Museum of Art recently expanded the temperature and relative humidity ranges allowed in most of its museum galleries and art storage spaces in order to reduce the energy usage of the museum while continuing rigorous stewardship of the art objects in...
Art Collector Disaster Mitigation & Planning Checklist
BE PREPARED The hurricane season runs from June through end of November. Hazards from these storms come in many forms including high winds and storm surges. Tornados, flooding and other disasters can happen at any time. A simple disaster plan along with employing...