Fine Art and High Finance : Expert Advice on the Economics of Ownership

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2010-01-27
  • Publisher: Bloomberg Press
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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:

Author Biography

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 Editorp. ix
Acknowledgmentsp. x
About the Contributorsp. xi
An Introduction to Art and Financep. 1
Art Appraisals, Prices, and Valuationsp. 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 Indicesp. 63
Investment returns to art; assessment of performance between assets and over time
Art price indices-methods and debates
Art data
Art Riskp. 87
Investment risk
Portfolio diversification
Risk management
Credit default swaps
Derivatives and structured products
Art Bankingp. 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 Fundsp. 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
Future outlook
The Government and the Art Tradep. 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 Marketp. 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 Statesp. 211
Tax and the art market: global investment and the tax nexus
Income tax implications
Transferring wealth: capital gains and inheritance tax
Wealth taxes
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 Beyondp. 249
The UK tax system
Direct taxes: income tax, capital gains tax and corporate tax
Indirect taxes: VAT
Wealth tax
Art Conservation and Restorationp. 263
Conservation versus restoration versus preservation
Cost and return implications
Methods, practices, and services
The Illegal Art Tradep. 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
Indexp. 309
Table of Contents provided by Ingram. All Rights Reserved.

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