Art & Finance Tax services
Your art, our tools
Tax concerns are highly relevant to all actors in the art world, whether art collectors, artists, art businesses, cultural institutions or financial stakeholders. Independent of the individual perspective, tax duties have to be considered when investing in art.
Art can be viewed as a store of wealth, a masterpiece to cherish, a family heirloom, a business, a part of a trust or estate, an investment or a gift to a cultural institution.
To help you manage tax responsibilities, Deloitte Luxembourg and the global network offer a wide array of art-related tax services to address clients’ needs on a worldwide basis, including:
- Gift and estate tax planning for collectors, family offices, wealth managers, and art advisors
- Intellectual property rights for artists and heirs
- Corporate tax for brick and mortar art businesses and online art businesses
- Philanthropy and charitable planning for collectors, family offices, wealth managers, and art advisors
- Import and export considerations for art stakeholders
Fine Art - Direct and indirect taxation aspects
Building on the strength of Deloitte’s dedicated Art & Finance initiative, our Luxembourg and global tax experts have turned their attention to creating tailor-made tax structuring solutions for art holdings. An art collection frequently represents a substantial part of a family’s wealth and has become a key aspect of its financial and succession planning.
Art represents an asset that is becoming increasingly part of a family’s identity, as well as an investment opportunity that offers returns and diversification. Recent developments have shown that there is a significant opportunity to integrate art into wealth management as a way of preserving and growing a family’s wealth. With the popularity of art as an asset class continuing to grow, Deloitte Luxembourg has for the past several years been providing a wide range of Art & Finance services to its clients: private and corporate collectors, cultural and art institutions, foundations, banks, asset management companies, family offices, etc.
Art at work: a tailor-made approach
Customs and VAT rules relating to artworks are far too complex for a ‘one size fits all’ structure.
Depending, among others, on the nature of the seller, the purchaser, the intermediaries, the artwork itself, the physical flow of the artwork and the place where the artwork is sent, the best approach from an indirect tax viewpoint may be totally different.
- We offer the expertise of a network of European indirect tax specialists dedicated to this issue.
- You will benefit from excellent advice to set-up your art works operations in a VAT-effective way.
- You will avoid unpleasant surprises, last minute deal breakers and other indirect tax pitfalls.