FINE ART COLLECTION MANAGEMENT SERVICES
In addition to taxation and succession planning we work with all aspects of owning works of art including: valuations (for insurance, probate, gifts and following sales for Capital Gains Tax purposes); types of insurance cover; import; export; loans; conservation; and transport. Other Services
Recent Acceptances in Lieu of Tax
A group of Manuscripts on the Bill of Outlawry of Napoleon relating to the Congress of Vienna accepted by the British Library
An important group of objects including: four 18th Century marble pedestals, a Roman sarcophagus, a number of plaster busts and an English medieval font accepted by the National Trust and allowed to stay in situ.
A pair of important Irish landscapes to be housed in an important Northern Irish house where the landscapes can be seen from the house.
An early painting in her mature style by a School of Paris artist born in Portugal accepted by the Tate.
Recent Conditional Exemptions
The last hoof of Napoleon’s War Horse mounted in silver and on display in London;
A very large collection of objects presented to an important British person, including: medallions; awards; manuscripts; books; photographs; and assorted memorabilia on display at a UK institution. Also retained to advise on a large collection of important paintings.
Recent Planning Exercises
Negotiated sale of an important collection of African and Oceanic, Impressionist and Modern and decorative works into an offshore trust with a chattel license back to the vendor;
Negotiated sale to an offshore trust of a small group of important Impressionist and Modern and Post War and Contemporary paintings including works by: Francis Bacon, Amedeo Modigliani and Mark Rothko. The transaction included the negotiated valuation of a reversionary interest in the paintings and continued use by the beneficiary;
A negotiated sale with tax advantages of an important manuscript to a UK institution.
Chattel Rental Arrangements
Provided the donor of a work of art pays a market consideration for the continued use of a previously given work of art the gift can be seen as tax effective for Inheritance Tax purposes provided the consideration is negotiated by independent agents within the commercial context on behalf of the parties involved.
Cochrane Adams Fine Art Agents currently look after many such arrangements.
Recent Exercises – Other Services
Advising on the import of an important Post War and Contemporary Collection into the UK.
Reassessment of the insurance cover for the contents of a major English house and related valuations.
Advising and implementing a series of major loans of UK works to French and US institutions.
Note: Although we do not give legal or tax advice we are regularly asked to help professional advisors when planning with works of art. Legislation and case law frames the legal position for fine art collection management but much of this work is based on practice and the interpretation of the art market. This website should not be relied upon without seeking advice.
