Why Donate Art?

A collector of fine art, or the Representative of an Estate of an artist's work, can take great pride having a prestigious museum accept a work of art into its permanent collection, where it can be enjoyed and studied by future generations. Making art accessible to the public is an incredible way to participate as a steward of cultural preservation, leaving a lasting legacy that countless museum-goers will cherish.  In addition, the donation of fine art can bring with it substantial financial benefits.

The Internal Revenue Service encourages the donation of fine art to accredited Museums and institutions that place works into their permanent collections by rewarding the donor with significant tax breaks. Assuming the work that you donate has been held for more than one year, you are permitted to deduct the fair market value or the cost of the art, whichever is greater, off of your taxes, and depending on your Federal Tax rate, the savings may be significant. Accordingly, donating a work of art valued at a fair market value of $100,000 could result in a tax savings of up to $37,000, for those in the top Federal Tax bracket. To estimate what your tax savings will be based upon a specific donation, you are encouraged to consult with a tax accountant familiar with your financial situation, and the IRS tax code.