...but no one died. My parents bought this Clayton Pond print in 1971. They lived in the same building as the art gallery owner that represented him. My parents are getting up there in years, and gave me & my brother each a piece of art.

"My Studio On Broome Street"

That’s the best way to inherit. Is this something you will hang? Uncouth question, is it valuable?

quote:

Originally posted by pedropcola:
That’s the best way to inherit. Is this something you will hang? Uncouth question, is it valuable?

Absolutely going on the wall. At its peak it was worth $5-$6K,now worth a fraction of that. The artist is still alive, but when he passes, who knows?

Broome Street -- I worked near there for a few years, long time ago.

NYC was an interesting place then, for a young single guy.

Very cool, make sure you keep it out of an area that gets direct sunlight at least that is what the guys on antique roadshow always say.

Cool.

That's a fun and interesting piece with meaning for you. Cool

quote:

Originally posted by blueye:
Very cool, make sure you keep it out of an area that gets direct sunlight at least that is what the guys on antique roadshow always say.

this is true,

no high humidity if possible as well,


looks like the Matte needs some attention,

I like it. Good for you.

Since the matte needs attention I think a different color is in order. That matting being the same color as the art I find distracting from the print itself. It takes away from the art. My opinion.

That's a nice piece. I have a fascination with art, though I have exactly zero artistic ability.

My father-in-law was an acquaintance of Gib Singleton, an artist of some renown who worked for the Vatican. He created the crosier carried by the last three popes. Gib gave my FIL a small painting which still hangs in their house. Right above the toilet.

https://en.wikipedia.org/wiki/Gib_Singleton

I like it too! Congrats and enjoy it!

I agree with pedropcola about changing the main mat color to something more bland...even an off white. Then use the liner (smaller) mat to accent a color within the painting itself; that red would work nicely.

quote:

Originally posted by pedropcola:
Since the matte needs attention I think a different color is in order. That matting being the same color as the art I find distracting from the print itself. It takes away from the art. My opinion.

Agree, top in a neutral color, bottom matte in color, yellow, red, blue, have the frame shop setup samples in the corners with the different lower colors and the same top (neutral) and you'll find one that makes it pop differently.

Much of his studio art that I saw online has Red as a central color. be interesting to see what a yellow or light blue, even green would do to the print...

quote:

Originally posted by pedropcola:
Since the matte needs attention I think a different color is in order. That matting being the same color as the art I find distracting from the print itself. It takes away from the art. My opinion.

It's how I remember it from when I was a child, leaving it as is.

quote:

Originally posted by kz1000:

quote:

Originally posted by pedropcola:
That’s the best way to inherit. Is this something you will hang? Uncouth question, is it valuable?

Absolutely going on the wall. At its peak it was worth $5-$6K,now worth a fraction of that. The artist is still alive, but when he passes, who knows?

No, you were "gifted" Art. There is a huge difference.

If it has, or will have, material FMV, you would rather have it given to you as an inheritance as it "steps up to market" on the death of the decedent - today's law - could change tomorrow.

That is versus, you take over the tax basis of the person that gave it to you in a gift situation.

So for example, your parents give you a painting that is very valuable that they paid 10 bucks for it when Andy Warhol was a nobody and needed a snort. Presume they satisfy the gift tax issues. Your tax basis in the Warhol painting is the 10 bucks that they paid for it (you stepped in their shoes). Now, you decide, "Hell I hate this painting and the asshole that painted it". But, it's worth ten million bucks. You are going to pay tax on ten million less the ten bucks mom and dad paid for it.

So, in general, the plan should be take all appreciated assets to the grave with you so you can pass them to heirs at a FMV at date of death and perhaps sell all losers shortly before departure if you got any gains to offset them to in the year of death.

Now, keep in mind that Unca Joe has a plan for that! He wants to monkey with the step up in basis on death rules that currently exist. And, that doesn't just effect the mega rich. It depends on how you define "rich". And IMO, he defines the rich as anybody that has appreciated property at death and can no longer fight back> Of course, there will be a Congressional exemption, I'm sure.

My 2 cents. Hope it helps.

Cool Daddy-o...I dig it...

Snaps and one hand claps...