Law Commons^™

The Billionaire’S Treasure Trove: A Call To Reform Private Art Museums And The Private Benefit Doctrine, E. Alex Kirk

Fordham Intellectual Property, Media and Entertainment Law Journal

Thanks to the new generation of billionaire art collectors, and the recent boom in the art market, a growing number of high-net-worth patrons are creating their own tax-exempt private art museums. These “jewel-box” museums provide invaluable public benefits, lead to growth and innovation in the private museum sector, and encourage donors to pursue more avant-gardes collecting strategies. This advantageous tax-saving strategy appeals to wealthy individuals, who wish to maintain control over their art collection, and still receive generous charitable income tax deductions. However, several private museums have recently come under fire due to private benefit concerns. To qualify for federal …