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!