Art Focus

Can Buying Art Result in an Additional Income or Capital Gains Tax Charge?

When someone sells art in the U.K., they are unlikely to be surprised that any capital gain realised will be subject to tax. What might be surprising, however, is that the purchase of art can sometimes trigger a tax charge too. Many international taxpayers residing in the U.K. will be regarded as ‘resident but non-domiciled’ and permitted to benefit from the ‘remittance basis’ of taxation for non-UK income and capital gains. Under the remittance basis...

Artist Profile: Gustav Klimt

Klimt was the master of symbolism, but was his personal life as scandalous as his paintings? Born on July 14 1862 in Baumgarten, Austria, Gustav Klimt was the son of a struggling gold engraver. Klimt was the second of seven children and lived in poverty while he studied architectural painting at Vienna’s School of Applied Arts. All three of the Klimt boys displayed early artistic talent—as a member of the ‘Company of Artists’ (a group...

An Expert’s Guide to Investing in Art

An eye for quality and patience are crucial for high net worth individuals looking to start investing in art. Russian businessman Dmitry Rybolovlev thought he grossly overpaid when he purchased Leonardo da Vinci’s Salvator Mundi (c.1490) from Swiss art dealer Yves Bouvier for $127.5 million in 2013—Bouvier reportedly ‘only’ paid around $75 million for it. However, at one of the most publicised auctions to date, da Vinci’s masterpiece fetched in excess of $450 million at...

Bank of America Art Conservation Project: Restoring Assyrian Reliefs

With input from Bank of America’s Rena DeSisto and the Brooklyn Museum’s Lisa Bruno, Arts & Collections takes a detailed look into the Art Conservation Project and its ongoing efforts to restore six Assyrian reliefs Since 2010, Bank of America has provided grants for not-for-profit museums to facilitate the conservation of significant artwork and historical treasures. Today, the Art Conservation Project has executed approximately 150 such operations, covering artefacts from 30 countries across six of...
Spotting Fine Art Fakes

Art FocusSpotting Fine Art Fakes

Fine art fakes have cost buyers millions for centuries; following recent allegations of forgery in the art world, protecting art investments has never been so important.  Before the stunning Leonardo da Vinci painting Salvator Mundi (c.1490) obliterated auction sale records in 2017 (with a staggering $450 million, for those that don’t already know), much controversy had erupted among experts and the media surrounding its authenticity. Critics asserted that the pose of the painting’s subject, Christ,...
FINE ARTS PARIS is Holding its Second Fair in November

Art FocusFINE ARTS PARIS is Holding its Second Fair in November

Organized by the Salon du Dessin in partnership with Paris Tableau, FINE ARTS PARIS will be running its second edition at the Carrousel du Louvre from 7 to 11 November 2018. The new Paris event is run in collaboration with the major French museums, including the Louvre, Petit Palais, Centre Pompidou, Zadkine, Bourdelle, Rodin and Maillol museums. With over 40 overseas exhibitors currently booked to attend, the fair promises stalls from both recognized dealers and...
Unique in its broad international coverage of both arts and cultural events, Arts & Collections covers fine art from antiquity to modern times, auction records, a special sale preview by Sotheby’s, as well as market trends that inform collectors of the world’s finest items.

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