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In addition to your personal arts insurance, the museum should also offer a specific insurance plan. It should be a door-to-door lid, also known as a “wall-to-wall”. This means that the artwork for any restorations or the most recent appraised value is covered from the moment it leaves your home until the time it is safely back home. You may be wondering, “If it is a not-for-profit contribution, is there a tax benefit?” Specific to each state, it is worth consulting a tax lawyer about the possible tax benefits for lending your art to a gallery. The New York Times reported on an art sale by a Nevada woman who recently bought Francis Bacon`s triptych “Three Studies of Lucian Freud” for $142 million. With a cost of nearly $US 11 million in taxes, the buyer has the opportunity to avoid these tax fees since she lent the artwork to a museum in Oregon, a state without sales or use tax. The user fee is explained in the next section. In most cases, the borrower bears the transportation, installation and maintenance costs related to the loan. However, the preparation of the artwork on loan may entail certain costs. For example, conservation costs, maintenance costs related to loaned equipment or costs of producing new exhibition format materials may be incurred. The lender will identify these costs and negotiate with the borrower the contribution to these costs as a condition of the loan, or agree to honor them himself. . .

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