What will Trump’s tax reforms mean for the art market?
The tax legislation proposals currently under consideration by the United States Congress contains a number of concepts that would affect the art market. One would eliminate the availability for art sales of so-called ‘1031’, or ‘like-kind’, exchanges, a provision that can defer payment of tax when property is sold and reinvested in similar property. While it is difficult to quantify the effect that passage would have, it would undoubtedly encourage more caution among investors and have a downward effect on the volume of art sale transactions. Read more