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.

Estates & Attorneys: OTE at Heckerling 2015

January 22, 2015 dir@otoole-ewald.com

OTE’s first year at the Heckerling Institute on Estate Planning was full of talk of Art Leasing and Fractional Discounting. That we offered these services seemed to surprise attendees who tended to be more familiar with business valuation.

It was probably the first time that any of the attorneys or financial planners discovered that an art appraisal firm was capable of complex valuations outside of the usual insurance, resale or donation practice.

One conference highlight for OTE representatives was the chance to speak with some of the attorneys involved in the recent Elkins case. When the Fifth Circuit awarded the Elkins family a $14.4 million estate tax refund and allowed for the use of fractional interest discounts for artworks, it was a great thing for collectors and OTE. This was exciting for us as, more than twenty years ago, OTE was the first firm to successfully win a substantial discount for our client in an estate that contained works of art.

This was also the first time the OTE unveiled our new brand image and we were proud to have a clean new aesthetic to bring with us to Heckerling.

We were extremely happy with the positive response we received from the people we met at the conference and we are excited about participating again in 2016. See you there!

Original Research and Innovative Appraisals

January 1, 2010 SCG Creative

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