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In this impressive compilation, Clare McAndrew has recruited a highly qualified group of expert contributors to explain the most important financial matters facing those investing in art. Written primarily for art investors, collectors, and legal advisers, this book offers invaluable advice for all members of the art community, whether they are newcomers to the art world or industry veterans, Key topics include:
Clare McAndrew, PhD, is editor of Wealth magazine and is recognized as one of Ireland’s leading experts on investing in art. She was chief economist at Kusin and Company in the United States, an institutional economic research fi rm specializing in art investment, and has worked as a consultant on art projects for organizations in Ireland and the United Kingdom. She received her doctorate in economics from Trinity College Dublin in 2001.
Table of Contents
|About the Editor||p. ix|
|About the Contributors||p. xi|
|An Introduction to Art and Finance||p. 1|
|Art Appraisals, Prices, and Valuations||p. 31|
|How, where, and when people buy art and what they do with it|
|The economics of the art market: supply, demand, and price determination|
|Valuation and appraisal issues; art as a financial asset; quantitative and qualitative issues|
|Art Price Indices||p. 63|
|Investment returns to art; assessment of performance between assets and over time|
|Art price indices-methods and debates|
|Art Risk||p. 87|
|Credit default swaps|
|Derivatives and structured products|
|Art Banking||p. 117|
|Art as collateral and downside risk|
|Art lending: history and current practices|
|Art financing solutions: comparative review of banks, auction houses, galleries, and others|
|The future of art banking|
|Art Funds||p. 135|
|Art funds: history and motivations|
|Art funds today: different methods and approaches|
|Strategies: sector allocation, opportunity funds, and hedg funds|
|Current status of the market|
|The Government and the Art Trade||p. 161|
|Role of the government in the art market|
|Art and the national patrimony|
|Trade restrictions and investment issues|
|U.S. relationship between art and government|
|U.K. relationship between art and government|
|Insurance and the Art Market||p. 197|
|Art as a real asset: risk issues and the insurance market|
|Insurance and the art market: history, practice, and methods|
|Art appraisal and valuation issues|
|Art and Taxation in the United States||p. 211|
|Tax and the art market: global investment and the tax nexus|
|Income tax implications|
|Transferring wealth: capital gains and inheritance tax|
|VAT and trading taxes|
|Estate planning and the legal implications of inheriting, selling, and bequeathing art; divorce situations; prenuptial agreements; division among heirs|
|Art and Taxation in the United Kingdom and Beyond||p. 249|
|The UK tax system|
|Direct taxes: income tax, capital gains tax and corporate tax|
|Indirect taxes: VAT|
|Art Conservation and Restoration||p. 263|
|Conservation versus restoration versus preservation|
|Cost and return implications|
|Methods, practices, and services|
|The Illegal Art Trade||p. 287|
|The black and grey markets for works of art|
|Provenance, fakes, and forgeries|
|Illegal import and export, repatriation, export licensing, and die national patrimony|
|Art theft and stolen art: issues and anecdotes|
|The global movement of works of art: legal and illegal, repatriation, art and conflict|
|Table of Contents provided by Ingram. All Rights Reserved.|