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.