Tangible Property and Art

Tangible personal property, such as jewelry, antiques, stamps, coins, and the like, may be donated to MoMA during your lifetime or by bequest. The Museum must give special consideration to such gifts before it can accept them, because such property generally cannot be used directly by MoMA and will be resold. Therefore, we advise you to contact the Office of Planned Giving if you are contemplating donating tangible personal property to the Museum.

Artwork is another form of tangible personal property that requires special attention. Although a work of art might be valuable, it might not be appropriate for the Museum's collection. If you are considering donating a work of art to the Museum, you should first contact the chief curator of the appropriate curatorial department. The Museum has curatorial departments devoted to Architecture and Design, Drawings, Film, Media, Painting and Sculpture, Photography, and Prints and Illustrated Books.

If you donate tangible personal property to MoMA during your lifetime, you can potentially realize an estate tax savings and receive an income tax deduction, the size of which depends on the nature and appraised value of the property donated and your personal tax situation. For property that you have held long-term (longer than twelve months) as a capital asset, you may generally deduct its full fair market value, as determined by a qualified appraisal (up to 30% AGI and five-year carryover), provided that MoMA's use of the property is related to its charitable mission. An example of related use is when you donate modern or contemporary artwork that the Museum accepts for its collection. If MoMA's use is unrelated (e.g., if you donate an antique rug or artwork not accepted for MoMA's collection) or if the property was held for twelve months or less, then your deduction is limited to your cost basis. Note that for works donated by the artist, the income tax charitable deduction may be limited to the actual cost of materials. For dealers, the income tax charitable deduction may be limited to the actual cost of works of art held as inventory.

The methods of donating works of art to the Museum include:

Outright Gifts
You donate your entire interest in a work of art that you own.

Bargain Sales
You sell a work of art to MoMA for less than its appraised fair market value. With this type of gift, you are generally entitled to an income tax charitable deduction for the difference between the appraised fair market value and the bargain sale price that the Museum pays you. If the work is appreciated, you owe capital gains taxes on that portion of the capital gain attributable to the bargain sale price.

Contact the Office of Planned Giving at plannedgiving@moma.org or (212) 333-6527 for further information.

top

Pictured above:
Andy Warhol. Gold Marilyn Monroe. 1962. Synthetic polymer paint, silkscreened, and oil on canvas, 6' 11 1/4 x 57" (211.4 x 144.7 cm). Gift of Philip Johnson. © 2002 Andy Warhol Foundation for the Visual Arts/Artists Rights Society (ARS), New York. The Museum of Modern Art, New York