ArtisDomus Glossary
Glossary
Every term the library defines, in one place.
The words an owner needs to know before a decision, each explained in plain terms with the rule behind it. Terms are grouped by practice area, and each area also has its own entries.
Acceptance in lieu Acquisition policy Advisor or strategist Artist’s resale right Blockage discount: valuing a large holding of one artist Catalogue raisonné Certificate of authenticity Conditional exemption Deaccession Droit de suite Due diligence Free port Provenance Scheduled property Temporary admission
Foundations and legacy
Acceptance in lieuAcceptance in lieu is the United Kingdom scheme that lets a person who owes inheritance tax pay all or part of it with an object, a collection or land.Inheritance Tax Act 1984 (1984 c. 51)… Blockage discount: valuing a large holding of one artistA blockage discount lowers the appraised value of a large holding of one artist’s work.Inheritance Tax Act 1984, s. 160 Conditional exemptionConditional exemption is a United Kingdom relief that exempts heritage property from inheritance tax when it passes in a transfer of value, such as a gift or a death.Inheritance Tax Act 1984 (1984 c. 51)… DeaccessionDeaccession is the removal of an object from a museum collection.ICOM Code of Ethics for Museums, paras… Temporary admissionTemporary admission is the EU customs procedure for goods from outside the Union that are meant to leave again.Regulation (EU) No 952/2013, art…Private capital and collections
Acquisition policyAn acquisition policy is a written statement of what a collection will and will not acquire, who approves each acquisition and on what evidence.Accreditation Scheme for Museums and… Advisor or strategistA cultural strategist starts from the owner’s problem and decides whether buying objects is the answer at all. Artist’s resale rightThe artist’s resale right is a royalty paid to the artist when an original work of art is resold.Directive 2001/84/EC on the resale right… Catalogue raisonnéA catalogue raisonné is the list of an artist’s works that scholars treat as complete, each one numbered, described and dated, with its owners, exhibitions and publications.Décret n° 81-255 du 3 mars 1981, arts. 1… Certificate of authenticityA certificate of authenticity is a written statement that a named work is by a named artist.Décret n° 81-255 du 3 mars 1981 sur la… Due diligenceIn the art market, due diligence means two different things.Money Laundering Free portA free port is a customs free zone.Regulation (EU) No 952/2013, arts. 243… ProvenanceProvenance is “the full history and ownership of an item from the time of its discovery or creation to the present day, through which authenticity and ownership are determined”.International Council of Museums
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