Delaware provides tax shelter for multimillion-dollar masterpieces
Art storage companies are flocking to Delaware because of its proximity to New York and corporate-friendly tax structure.
Is this a real Jackson Pollock? L.A. power lawyer sues over potential $100-million mystery
Pierce O’Donnell is a Los Angeles litigator with a track record of big cases. His prominent clients include Sherry Sterling in the $2-billion sale of the L.A. Clippers basketball team in 2014, and he has been a key player in the Sumner Redstone saga, representing the Viacom executive’s ex-companion Manuela Herzer.
Art Collectors Quit Scandal-Hit Geneva
Art collectors have begun to pull their paintings and sculptures out of Geneva’s secretive free port storage facility as the site once again finds itself under scrutiny following the identification of a $20 million Amedeo Modigliani painting in its tax-free vaults that was allegedly stolen by the Nazis.
Freeports for the Art World
Recent headlines have depicted "freeports" as uber exclusive warehouses filled with billions of dollars of art, scandal and fraud. These headlines have left many to wonder, what exactly are freeports, how do they function, should they be used to store art and what type of art transactions occur in them?
Stashing Your Art in a Tax Haven Can Be Dicey
Freeports, a sort of maximum-security safety-deposit box with tax benefits, have become the vault of choice for global collectors, allowing them to securely and discreetly warehouse large stashes of art. But greater scrutiny is being paid to these opaque art strongholds, and straight shooters are advised to steer clear of freeports, despite their perceived attractions.
Art Collectors Find Safe Harbor in Delaware's Tax Laws
NEWARK, Del. - It may not summon up a sense of international intrigue like Geneva or Luxembourg, but this small city, just off the Interstate and down the road from Wilmington, can now boast that it has joined those more glamorous locales as a tax haven for art collectors.