Bloomberg looks at the sale of a Botticelli work in the upcoming January Old Masters Sales at Sotheby’s, expected to fetch $80 million, and how the owner’s private foundation has saved him tens of millions in capital gains taxes. “He donated it and got a large deduction which sheltered his income,” says Ralph Lerner, co-author of Art Law – The Guide for Collectors, Investors, Dealers and Artists. “And now his foundation will have all this money tax-free while satisfying its charitable purpose.”
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