The best magazine
How to Start an Affordable Art Collection that May Ultimately Put Your Kid Through College!
Everyone wishes that they could have invested in Andy Warhol when his prints were only $100.00 each (a Warhol self-portrait recently sold at Sotheby's for 32.6 million dollars!). However, with the current state of the economy, it isn't easy to justify spending scarce funds on art. Art purchased through a gallery is often double what one would pay if it were purchased from the artist directly (and not many of us know promising artists personally!) But if you could buy artwork by an established artist and deduct some of the purchase price from your I.R.S. return, then an investment in art becomes a shrewd choice. And the way to find that art is at a charity fund-raiser art auction.
Art for a Good Cause
Around the holidays, visual artists get into the spirit of giving by donating a painting, photograph, or sculpture to a charity that is important to them. These non-profits in turn, stage a gala evening showcasing the work and selling the donated art to raise money to benefit their cause. For example: earlier this month in New York City, Steuben, maker of fine crystal and glass, hosted a fund-raiser for the African Wildlife Foundation with a silent art auction.
The art was solicited from important contemporary artists such as Hunt Slonem, Sheila Metzner, the Hilton Brothers and Isabella Kirkland, whose works famously derive their inspiration from the animal world. The minimum bids for the artwork was well below what one would pay in an art gallery or at a commercial auction. Attendees, who placed the winning bid on the artwork, not only purchased artwork by an established artist that will likely climb in value over the years but could deduct the difference between what they paid and the minimum bid on their year-end income tax return.
Finding Charity Art Auctions
The best time to hunt down the non-profit fund-raisers is from September through the end of the year. That is because many corporations and individuals prepare to wrap up their expenditures before the December 31st and the tax-deductions available from holiday giving become all important. Often, exclusive charity events with the best donations have a private invitation list but that does not mean an outsider still can't find a way in the door. Often a nominal donation to the charity of your choice will keep you on the mailing list for special galas or you can check for events on line or look for local lists such as the New York City area's calendar at the New York Social Diary . So dress up, prepare to enjoy an evening for a good cause and if you are lucky, place the winning bid on the next Warhol and save the world in the process!!
Source: ...