My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Gimme Shelter

It won't keep you dry in a storm, but art makes a great tax break!
Magazine Contributor
2 min read

This story appears in the February 2000 issue of Entrepreneur. Subscribe »

Here's a riddle: What investment is both beautiful and worth a sizeable tax deduction? Give up? The answer is museum-quality art purchased wholesale.

A Fort Lauderdale, Florida, entrepreneur offers high-net-worth individuals just such an opportunity through his company, ArtShelter. "What we're doing is best for people who need a bona fide tax deduction, have a philanthropic soul and have probably invested in other areas, such as the stock market," says ArtShelter founder Steven Brier.

Here's how it works. An investor purchases a minimum of 10 pieces of museum-quality original or limited edition works from ArtShelter at a wholesale price, keeps them for at least one year and one day, and then donates all or a few of them to a qualifying nonprofit. Then, when the collector files taxes, he or she can deduct the retail appraised value of the donated art, regardless of the actual amount paid.

The contemporary sculptures, paintings, prints, photos and other works ArtShelter sells are created by established artists whose art is already included in the collections of museums and other noted art collectors. And because at the end of the day you're donating it all to a nonprofit, this could be the feel-good investment of the year.

More from Entrepreneur

Corene Summers helps clients advancing their health, careers and lives overall through reducing stress, tension and optimizing sleep.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur