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Abstract: 

An art collection may begin as a labor of love but, while the passion may remain, the collection typically also comes to be seen as a major financial investment—one that merits serious tax planning. This article provides an overview of critical tax considerations for collectors, and suggests strategies for minimizing the income tax, gift tax, and estate tax liability.

Keywords: private art museums; tax strategies for collectors; tax write-offs for art; deducting art loans, art foundations

Affiliations:  1: Horwood Marcus & Berk, Chartered.