Verdult Art Market Index

Yazzy’s Fine Art Money Saving Tax Advantage Program

Tax Advantage Program

Do you have a Verdult painting and want to get the full value out of the painting as well as do some good in this world? Then consider participating in Yazzy’s Fine Art Charitable Tax Donation Program.

Here is an opportunity to get the full market value out of your artwork and do some good in this world too!

The program is designed to help individuals and businesses get the full market value out of their assets while getting a tax break and helping a worthy Charity or non-profit organization. Yazzy's Charitable Tax Donation Program is designed to help art lovers and investors with Verdult paintings as well as those owning other art to get market value out of their investment.

Wealthy individuals have been donating art to museums and other organizations for years and have received acceptable and legitimate tax write-offs.

While known to be the exclusive domain of the wealthy, tax payers with modest incomes as well as businesses can participate in the Charitable Donation program and receive a significant tax write-off.

Each individual’s situation is obviously different, but done properly; a significant tax write-off is possible. In some cases the tax write-off can amount up to 50% of your annual gross income with amounts being carried forward until you have used up the full amount of the write-off.

In most cases the write-off amount is based upon the fair market value of your artwork as determined by a qualified and competent appraiser providing an appraisal for tax purposes. For example, you may have acquired a Verdult painting at auction in year 2005 for $3,500; and based upon a fair market appraisal by a qualified appraiser, the fair market value of the painting is now $27,000.00.

Depending upon your gross income, and regardless of the $3,500 price initially paid, you may be entitled to the full deduction of $27,000.00. As long as you donate the artwork in accordance with the applicable laws to a qualifying agency who will use the art for a reasonable purpose in accordance with its mission.

In addition to having acquired the painting and held it for over 12 months there are other rules that apply and must be met before the write-off can be taken.

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Positive and Negative Forces Impacting Verdult Art

Nearly every day we receive at least four calls or emails concerning people wanting to sell their Verdult painting or wanting to know the value of their Verdult painting or need help with selling their Verdult painting.

Normally, they are looking for a sale and a quick sale fast.

We are probably no different than Christie’s or Sotheby’s who certainly receive way more calls and emails about the subject. Just like Christie’s and Sotheby’s before you can sell the art piece you have to do a couple of things, provide proof of ownership, pay fees, and enter into a written contract.

In that regard, we are no different. So to ease some of the frustration that we frequently see here are some tips as well as things that may be of some interest.

If you want to sell your Verdult art, you want to have a could handle on what we call the Verdult cash market and the forces that affect this market.

Here are some positive forces affecting the Verdult market:

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Verdult Art Market Index - If you're very careful, art can beat stocks as an investment

Art can beat Stocks!

If you're very careful, art can beat stocks as an investment

According to Phyllis Furman of the New York Daily News, the art market is hot. Prices, especially in sizzling areas like contemporary works, are rising through the roof.

“The stock market’s lackluster performance in recent years has made art look better than ever to investors looking for higher returns.”

In fact, according to the Mei Moses Fine Art Index, which tracks reported art sales — that means sales of artworks at big auction houses— the annual rate of return on art over the last five years was 7.3 percent. Over the same period, the S&P 500 rose just 2.4 percent.

Even collectors who don’t have a huge wad of cash to spend are finding ways to get in on the action. Mike Rossner, the managing editor of the Journal of Cell Biology, is no Park Avenue art collector. But so far, this Ph.D. is on the winning side of art investing.

Over the last four years, Rossner has spent $30,000 on art. His collection is now valued at $45,000, a 50 percent increase. That’s huge compared to the paltry performance of his retirement account.

If you are passionate about art and want to start collecting, keep in mind the following guidelines from accountant Ginger Broderick, who advises art galleries and other businesses on managing money:

1) Collect the works of living artists. You will be assured of buying an authentic piece of work and will have the great satisfaction of supporting a favorite artist.

2) Take a look at your home insurance policy. Most often, artwork would be covered by your home insurance policy. Keep a record of your purchase that includes the date you bought the artwork, its price, and where you bought it. If possible, get the artist’s certificate of authenticity and put it in a safe deposit box.

3) But your homeowner insurance policy may only cover artwork up to a certain value. If your collection exceeds that value, you might want to purchase more insurance.

Wealth Managers Bullish on Art - Verdult Art Index

WEALTH MANAGERS are getting bullish on art.

The Wall Street Journal in its August, 2006 edition pointed out that wealth managers are getting bullish on art. More and more managers and financial institutions are taking aggressive action to attract more customers and clients offering more services to help include art in their asset base. Private banks and brokerage firms are beefing up in-house groups that help clients navigate the art market and manage their collections, which can be valued at millions of dollars.

The art-advisory service at Citigroup Inc.'s private bank is hiring its sixth art specialist, double the number it had in 2002. At UBS AG's art-banking group in Basel, Switzerland, a dozen specialists cater to clients' art needs, double the number when the group started in 1998.

American International Group Inc.'s AIG Private Client Group unit is expanding its art-underwriting department and a loss-management group that visits clients' homes to evaluate the vulnerability of their artworks to fire, flood and other perils, says Katja Zigerlig, collections-underwriting manager. The company has seen a 30% annual increase in such policies since 2000, a spokesman says.