What does Trump’s plan to abolish estate tax mean for collectors?
Barbara Lawrence was quoted in The Art Newspaper regarding the impact of eliminating the estate tax in President Trump’s proposed tax reform plan. While the art market might see more turnover in the short term, in the long term, elimination of the estate tax would also eliminate a powerful incentive to sell. “While there’s no way of knowing how Trump’s proposals may take effect, if the estate tax were repealed, I think a lot of collections would actually not go up for sale,” said Lawrence. “While wealthy collectors may have more money to spend, there may not be much inventory to spend it on."