Art as an Asset: Estate Planning, Taxation, and Legal Considerations

The speakers will delve into the complexities of art ownership, authenticity, and transfers of art ownership. Sharon Cohen Levin will set the stage, offering insights into the current legal challenges surrounding art ownership, fraud, authenticity, repatriation, and asset forfeiture for collectors. Then, Bachir Karam and Caroline Sayan will guide us through a comprehensive discussion surrounding estate and trust planning with art and regarding the effective management and transfer of valuable art assets across generations. Our speakers will also cover the impacts of restitution and forgery on valuation to due diligence in art transactions and best practices for verifying provenance.

From this presentation the audience will gain a deeper understanding of the legal considerations shaping the art market and how they might impact the value of their client’s art collections. Here are some of the specific topics that will be covered by the speakers in the presentation.

• Impact of art restitution, repatriation, and forgery on valuation and taxation.
• Legal and tax issues relating to high-value art and considerations for cross-jurisdictional assets.
• Due diligence in art transactions to prevent legal issues related to restitution and authenticity.
• Best practices for verifying provenance and authenticity for buyers, sellers, and institutions.
• Overview of notable art cases and recent developments in restitution, repatriation, and forgery.

MEET OUR SPEAKERS

Caroline Sayan is the Chief Executive Officer and President of Cadell + Co Americas. Cadell specializes in art advisory consultancy for professional advisors, trustees, and attorneys. Caroline joined Cadell + Co in 2022 after a distinguished 25-year career at Christie’s. At Christie’s, Caroline created the first commercial office, overseeing global deal negotiations as well as offering financial lending services. Previously located in Beijing, Caroline launched the first art auctions in Mainland China for a western auction house. And most recently at Christie’s, as Global Managing Director of 20th century art managing their international auction, private, and digital sales. Notable business consignments overseen by Ms. Sayan include the Victor and Sally Ganz Collection in the late 1990s and major collections from families such as Loeb, Heinz, Tisch, Newhouse, Bass, Rothschild, Koch, and most recently the Peggy and David Rockefeller.

Bachir Karam is a Partner at Sullivan & Cromwell in New York in the Firm’s Estates and Personal Group. He represents wealthy individuals and families in connection with their personal affairs, including sophisticated tax and estate planning matters, trust and estate administration and controversy, the planning and structuring of art collections and other collectibles, the structuring of private business and investment entities, charitable giving, and a broad range of personal legal matters.

Sharon Cohen Levin is a Partner at Sullivan & Cromwell in New York in the Firm’s Litigation Group and a member of its Criminal Defense and Investigations Group. As part of her law practice, Sharon represents collectors, dealers, non-profit organizations, universities, financial institutions, galleries and auction houses on a variety of matters related to the art market, including issues of ownership, theft, fraud, authenticity and breach of contract, as well as in criminal investigations and asset forfeiture proceedings. She has represented individuals, families, and governments with respect to the recovery of stolen art and cultural property, and has represented collectors in responding to claims by cultural ministries and foreign governments. She is also a leading expert in anti-money laundering (AML), Bank Secrecy Act, economic sanctions and asset forfeiture matters. She represents a diverse group of clients, including financial institutions, multinational companies, and individuals in connection with criminal, regulatory, and civil enforcement actions.

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