Art, Wine, and Collectible Assets – Tax

Art, Wine, and Collectible Assets

 

Artwork, wine, antiques, stamps, gems, and coins have traditionally been part of valuable portfolios, accompanied by other high-value collectibles such as classic cars and jewelry.  This asset calls includes anything rare and of collectible value.  Sports and historic memorabilia, antiques, rare manuscripts, celebrity autographs, rugs, and other tangible personal property are designated by the U.S. Department of Treasury as collectibles.  Owners, investors, and organizations with portfolios containing these high-value collectible assets engage in a variety of transactions that require careful planning and execution – purchasing, selling, borrowing against the collateral value, donating to charities, and passing on to their heirs.

Our firm addresses the specific client needs of owners and their advisors, as well as holders, investors, and dealers, with critical tax planning and the business aspects of owning high-value collectible assets:

 

Tax Services:

  • Internal Revenue Service audits
  • Tax planning: sales, use, royalties, capital gains
  • Succession planning for owners: trusts and estates
  • International tax planning
  • Charitable giving
  • Proper documentation of appraised value

 

Transactional Services:

  • Sales and acquisitions – private and public
  • Asset protection planning
  • Auction and dealer consignment agreements
  • Expert advisor and consultant agreements
  • Documentation of loans secured by collectible assets
  • Transportation and storage agreements
  • Licensing agreements
  • Due diligence

What's next? Contact us today!

Petrova Law is a boutique business law firm focused exclusively on tax and business law matters.  The firm assists collectors, investors, and dealers with tax strategy, IRS representation, M&A, and general business law matters.

For more information, call us today at (336) 310-1210, email us, or contact us online.