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Global Trends in the Contemporary Art Market

Peltz International Seminar

Date: March 3, 2020
Location: Webinar

Jana Farmer (Partner-White Plains) and Adam Buchwalter (Of Counsel-New Jersey) were among the speakers at a morning seminar/working breakfast presented by Peltz International and sponsored by Wilson Elser to explore recent trends in the art market and what they mean for collectors and investors. Jana discussed the importance of due diligence and documentation, noting that “Documentation is playing an increasingly crucial role in determining what a collector actually owns. Authentication and ownership of the work may even be nonexistent without the artist’s certificate of authenticity and other documentation.” Adam covered the sales and use tax aspects, citing the example: “Sales tax is applicable if a New York person buys art in New York for use in New York. If a New York person goes to Florida to buy art for his New York home, he pays use tax to New York. With use tax, if someone buys art abroad for his home in Connecticut, the buyer has to pay the tax.” He notes that New York has gone after art collectors trying to avoid sales and use tax under a resale exemption. The state will argue they are not really purchasing for resale. “Some major collectors have had audits on this.”

More information available on the event website.

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