Estate Donations of Art
Fine art is an asset class that has been growing in importance among the affluent and is beginning to be a significant part of certain estate plans. One estimate pegged the international art market at €51 billion in 2014, and Canada has seen record prices at auction.
Art and Fair Market Value
Fall art auction week in Toronto is just past. The biggest is run by Heffel Fine Art Auction. The results for the two Heffel auctions illustrate the challenge of determining fair market value in art. The auction catalogue listed a number of estates and charitable foundation as consignors. Clearly art valuation issues affect estate planning.