Have you inherited a work of art? Or would you like to know the inheritance rights governing it? Here you will learn about the process of inheriting a work of art. Many people are confused about this procedure. But for that, you will first have to know the first step of it, which is the evaluation of the inheritance.
The work of art according to tax law and copyright law
Unfortunately, the work of art has no legal definition. However, it is assimilated to an intellectual creation. Indeed, in legal terms, it would be more of a “work of the mind” than a “work of art”. And yes, this last one is considered as a mark, and requires then a protection. Indeed, the jurisdiction insists on this categorization of the work of art, so that it continues to be original. In other words, it would be the patenting of the art itself. However, not every work can claim this title, unless it is recognized worldwide as unique. Thus, a work of art must be attached to a copyright.
When it comes to inheritance, things are different because a work of art can be apprehended in 2 different ways in taxation. Inappropriately, its quality of patrimonial property cannot be reconciled with its title (work of art). Moreover, this would create certain difficulties when paying transfer fees. Indeed, inheriting a piece of furniture (property) requires a payment of 5%, while inheriting a work of art is more expensive. And for this, you will need to make an online inventory request here. For your information, the latter is of capital importance for the evaluation of inheritances.
How to evaluate a work of art ?
Like all inherited property, works of art are also governed by inheritance tax. However, your art objects will have to go through a tax procedure at the same time. The purpose of this procedure is to determine the value of the object in question.
Thus, if the work was the object of an auction, its value will be determined according to the price at which it was acquired. Otherwise, it is possible to carry out the valuation of inheritances with the help of a bailiff, an auctioneer … Otherwise, it can now be done online.
What if the work of art is expensive ?
Unfortunately, the heir cannot directly enjoy the property that has been titled to him, because he will first have to pay certain fees related to the transfer. And even in the worst case, the legatee may sell it directly to the State, because of its high cost. Besides, this strategy is mainly aimed at supplying the national museums and cultural centers.