OTE’s Proprietary Art Leasing Program

http://www.wsj.com/articles/art-collectors-discover-irrevocable-trusts-1459130776#livefyre-comment

It’s 2016 and the art world is finally getting around to figuring out what O’Toole-Ewald Art Associates, Inc. (OTE) began investigating in 1994 – leasing art from an irrevocable trust permits art collectors to live with their art during their lifetime and reap tax savings at the same time.

Over 20 years ago OTE began researching the possibility of an art leasing appraisal program, and by 2009 had developed a fully functioning system that has been successfully utilized by major law firms nationally – to the great benefit of their collector-clients. In a professional journal in 2010, Elin Lake-Ewald PhD, OTE’s President, published an article briefly outlining the general methodology of art leasing appraisals. Backed by years of extensive research, the OTE proprietary appraisal program for leasing art from a trust is effective both in straightforward matters and more sophisticated cases, now being applied to complex legal situations.

OTE’s innovative programs have also produced firsts in fractional discounting of art in estate appraisals and damage/loss/fraud valuations nationwide, as well as a recently active collaborative program with strategic partners throughout Europe.

Original Research and Innovative Appraisals

Once in a while, and these occasions don’t occur with great frequency, the personal property appraiser is asked to take on an assignment for which there is no precedent, no standards set by USPAP, no guidelines provided by his or her professional association, and very little reference to the subject in other disciplines.

Such a situation arose earlier this year when we were approached by the director of a trust to provide:

 A. fair market value appraisal

B. replacement value appraisal

C. fair market/replacement value leasing fee 

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The above is an excerpt from an article by Elin Lake-Ewald, Ph.D, ASA, RICS, published in the Journal of Advanced Appraisal Studies, (c) Foundation for Appraisal Education, 2010.

To read the complete article please click here:

Journal of Advanced Appraisal Studies 2010 Original Research and Innovative Appraisals