The Deloitte & ArtTactic 2019 Art & Finance Report estimated that in 2018 there was $1.74 trillion invested in art and collectible wealth. For devotees it is a status symbol where culture and wealth collide —a belief its value surpasses dollars, sterling and euros. But with the kudos of owning such beautiful and historic assets is an acceptance of the responsibility that art needs protecting for future generations.
Succession planning is an important consideration. Trust and specialist company formation can be tools to safeguard the work for owners and future successors which may include making them accessible to museums and specialist art galleries for exhibiting.
Photography, watercolours, drawings, painting and sculptures need to be physically protected via accomplished providers of various asset protection services in order to protect such luxury assets from damage and loss. Through our network of global contacts that we have accrued over the years, we have experience in working with specialist lighting, heating and humidity control experts to ensure artworks of all kind are protected.
Other considerations often include insurance, transportation, valuations and museum quality tools for installation to ensure physical stability and security. If art is to be displayed on board a yacht marine insurance policies can possibly incorporate it, however, if the art is likely to outweigh the value of the vessel, thought will need to be given to additional specialist art insurance.
ILS World is experienced in managing art owning structures containing art and the team has an appreciation for the unique requirements of this type of asset. We have a "can do" attitude and are experienced at working with technical specialists to overcome the complex guardianship these works require. For a number of years ILS World has been delighted to support the Arts Council's Contemporary Loan Collection in the Isle of Man and have been lucky enough to have displayed work by Picasso, Eileen Schaer and Craigie Aitchison to name but a few.
Due to the complexity of managing such a specialist asset where necessary we partner and work in collaboration with external accredited experts and acknowledged industry professionals to ensure we are providing our clients with the best service.
The ILS World structuring team is made up of highly-trained and experienced professionals assisting with:
• Establishment of tailored ownership structures
• Multi-jurisdictional company incorporation
• Comprehensive administration of the ownership structure
• VAT and Customs compliance
• Import and export services
• Display/storage/museum display
• Import and export services
• Maintenance and upkeep
ILS World is a global provider of independent fiduciary services and our private client team has considerable experience in assisting international clients with various solutions around wealth management, asset protection, succession and estate planning and trusts and foundations in multiple jurisdictions.
We act in the long-term interest of our clients and pay careful attention to the quality and personal service we deliver.
The team works hard to create long-term relationships and provide the highest level of service. We do this by being approachable, flexible and pragmatic. We offer regular face-to-face meetings as required and provide direct contact with a senior member of the team. Staff have diverse backgrounds, skills and interests and their professional experience together with their "can-do" attitude means they understand that wealth and business are inextricably linked.
Our private clients often require an international strategy and as a global business with offices in a number of key jurisdictions we are well placed to provide a cohesive service. Our network includes offices in:
• British Virgin Islands
• Hong Kong
• Isle of Man
For further information please email email@example.com
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This article is part of the ILS Private Client Series, a collection of commentaries originally generated in response to specific enquiries by individual clients. We have amended this briefing on art to enable us to share it with a wider audience with similar interests. Read the full selection on our website by clicking here.
Please note: ILS World does not offer tax advice and would therefore recommend you obtain your own tax advice. If you require an introduction to a tax adviser we would be happy to assist.