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Once again a collector’s dream has come true. A retired doctor from a remote town has discovered his father had a collection worth millions and he could sell it. The doctor went to a Paris auction house and showed them 14 ink drawings. One 7 1/2-inch by 5-inch piece of paper with a sketch on each side was interesting. The auction house’s expert on old master paintings realized the drawing might be from the 16th century. Three months and three art experts later, the sketch has been authenticated as the work of Leonardo da Vinci, drawn about 1482-85. The handwriting, inscription, and the subject are all related to a known drawing of St. Sebastian by da Vinci. The good news for the owner is the sketch is estimated at about $15.8 million. The bad news is that the French government has put an export ban on the art work because it is “a national treasure.” The owner would like to offer it to an international market where it could sell for much more. The French government has 30 months to buy the sketch at market value.

 

 

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#5 Doctor's findsandramailing 2017-02-05 13:40
How did his father come upon such a treasure?
#4 Some things transcend moneysnowytrader 2017-02-05 08:31
(I pressed "send" earlier, but the post evaporated. Trying again.)

Surely who gets what % of what % of x is part of the issue, but I think finding something like a drawing done by da Vinci's very hand, among one's family possessions could be a profound experience if you are open to it.

In a BBC podcast I was listening to fairly recently, the speaker talks about the awe of being in the presence of certain books, for instance the actual book that was made in Rome for St. Augustine and he carried from Rome to the first Church of England, and for the podcast, the librarian has an actual piece of history sitting there on a table in front of the participants. Somehow, being in the presence of such an artifact is like hearing the voice of the person saying, "Yes, I was here", from so long ago.

To find a drawing by da Vinci in your hands, and especially unexpectedly, I would think would be a similar experience.
#3 Sometimes the money is the lesser part of the situationsnowytrader 2017-02-05 07:23
Though compensation is part of the picture, truly some things transcend money. Who gets what % of what % is, relatively speaking, details. What's mind blowing, I would think, would be to suddenly find this unexpected thread cast between one's life into the distant past, not just to anybody, but to the life and work of da Vinci. I would think astonishing and delightful. (And humbling in an interesting way.)
#2 Taxeskrd54 2017-02-04 19:19
I'm not sure about French tax laws but in Canada he would be considered as having sold an asset. The amount he recieved would not be subject to taxes, but he might have to pay a capital gains tax on the difference between what his father paid for the drawing and what the sale netted him. The capital gains tax would be paid on 25% of the gain & would be at his marginal tax rate in the year he received the funds.
#1 How Much Can He Keep?Timo98D 2017-02-01 23:43
I don't know how France treats such "finds" as income. However, if this is income then he will only be able to spend 27.2% of wheat he gets because: the current income tax rate in France is 50.2%. If they add Social Security tax to this, add another 14.2%. If he wants to spend any of what is left, the current sales tax is 20%. Even if the French government buys it, they get a back a huge chunk of what they pay via taxes. (Info comes from Wikipedia).

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