Owner
In advising potential art donors I find my clients are surprised
when I ask "Are you the owner of the art?" At times there
is no quick or obvious answer. Who was the buyer of the art? Who
was listed on the Bill of Sale? Is it you, your spouse or your
corporation? What if you and your spouse are no longer married and
living together, but the Bill of Sale shows that the artwork was
sold to Mr. and Mrs. X? Who can donate it? Keeping the original
Bill of Sale is an important aspect of donating art as a museum or
art institution will ask you to sign a Deed of Gift confirming that
you are the owner of the art and have authority to donate it.
The deed of gift
The Deed of Gift will also ask you to warrant that the artwork
is free and clear of any encumbrances; that is, that you have not
pledged it to the bank for a loan or an ongoing loan agreement and
that no creditor has filed any claim against your assets, including
the artwork.
