Table of Contents
Preface xiii
Acknowledgments xv
Introduction xvii
Part I Acquisition and Protection
Chapter 1 Getting Started 3
Researching 3
Locating 5
Helpful Precautions 7
Chapter 2 Purchasing and Reselling Your Collectibles 11
Dealers 11
Purchases from Artists and Craftspeople 14
Auctions 14
Auction Basics 17
Auction Tactics 22
General Restrictions 24
Chapter 3 Due Diligence on Purchase and/or Sale 25
Stolen Goods 25
Warranties 27
Chapter 4 Authenticating the Work 35
Forgeries 35
Protections 36
Expert Evaluation 38
Multiples Legislation 42
Certification Marks 44
Conclusion 44
Chapter 5 Inventory and Insurance 47
Inventory 47
Insurance 47
Chapter 6 Protection from Theft 57
Anonymity 57
Alarm Systems 57
Exterior Considerations 58
Identifying Your Property 59
Victim of Burglary 60
Chapter 7 Investments 63
Collectors 63
Investment Potential 64
Investment Considerations and Sources of Information 66
Financing Investments 68
Chapter 8 Conservation and Restoration 71
Suggested Methods of Display 71
Signs of Deterioration 73
Professional Conservators 73
Conservation and Restoration Techniques 74
Part II Specific Legal Issues
Chapter 9 Copyright 81
Copyright Act of 1976 as Amended 81
Copyright Protection 83
Registration 83
Copyright Notice 84
Copyright Owner 84
Work for Hire 85
Transferring Copyright 85
Duration of Copyright 86
Public Domain 87
Copyright Infringement and Remedies 88
Fair Use 90
Conclusion 91
Chapter 10 When Rights Collide 93
Moral Rights 93
General Concepts of Artists' Rights 96
Resale Royalties 98
Chapter 11 Tax Considerations 101
Income Tax 101
Capital Gains 102
Deductions 102
Losses 104
Charitable Contributions 105
Gift and Estate Considerations 107
Chapter 12 Import and Export 113
Customs Duties 113
Duty-Free Entry for Art 114
Functional Works, Such As Crafts, Toys, and Other Collectibles 115
Exemptions from Duty for Antiquities and Certain Collectors' Items 116
Effect of Free Trade Agreements 117
Export Restrictions 117
Import Restrictions 118
Endangered and Other Protected Species 120
Chapter 13 When Your Artwork Is Hold by Others 121
Bailment 121
Bailments for Mutual Benefit 121
Lending 123
Chapter 14 The Collector's Estate 127
The Will 127
Intestate Distributions 130
Distributions to a Spouse Left Out of the Will 130
Distributing Properly Outside the Will 131
Estate Taxes 134
Professional Estate Planning 138
Chapter 15 Finding a Lawyer and an Accountant 139
Finding a Lawyer 140
Evaluating a Lawyer 141
Using a Lawyer 141
Finding an Accountant 142
Appendix A List of Organizations 145
Appendix B List of Publications 151
Appendix C Selected Laws Governing Artists and Dealers 157
Appendix D Other Resources 177
Glossary 181
About the Authors 201
Index 203
