Art as an asset class has its own peculiarities. The valuation process is overlayed with gatekeepers and mystery. Additionally, for artists and collectors, the attachment to the pieces and the intellectual property has a value unto itself. Finally for large collections, the issue of liquidity is ever present.
This article provides a good overview of the issues.
April 2025 Tax Law Update
Two interesting Private Letter Rulings recently came out:
• Private letter ruling states beneficiaries needn’t pay income tax on individual retirement account assets distributed from trust
• IRS grants extension of time to file late qualified domestic trust (QDOT) election due to bank mistake
h/t David Handler and Alison Lothes
Trump's Tariff Goals- Has He Achieved Any of Them?
As U.S. investors try to digest the strategy and tactics of Trump's tariff policy, the rest of the world is watching with bemusement. Here is an article from the BBC putting some analysis from the British point of view on the emergence of a new world order.