Estate of Lucian Freud Gives Art In Lieu of Tax
March 11, 2013
Grandson of Sigmund Freud and the renowned artist, Lucian Freud, died in 2011 leaving his heirs a sizable art trove. Instead of paying the full inheritance tax owed, his heirs are reported as taking advantage of the British law that allows artists and collectors to donate cultural artifacts instead of paying taxes to the government. Lucian Freud’s estate is in the process of gifting such major cultural objects as a Corot portrait and three Degas sculptures. The Corot is destined for the National Gallery in London; Degas are going to the Courtald Gallery.
Source: Larry Rohter, Arts, Brief, The New York Times, February 5, 2013, C3.