Degas Sculpture Donated to Museum in Lieu of Inheritance Tax

In lieu of paying inheritance tax, the estate of Lucian Freudhas donated a bronze sculpture of a galloping horse to the NationalMuseum Cardiff in Wales. 

Lucian Freud, famous painter and grandson of Sigmund Freud,“died in 2011 and specified in his will that artworks should be donated in lieuof inheritance tax.”  Freud’s donation ofthe horse sculpture and three other works through the Acceptance in Lieu schemecovered £2.3million in inheritance taxes. 

Theart museum believes the sculpture is a stunning addition to their collection asit is the largest of Degas’ 15 horse figures. Primarily a painter, Degas only used sculptures as a method to becomefamiliar with his subject.

See Lucian Freud Estate: Edgar Degas Sculpture is Inheritance Tax Gift toMuseum, BBC, June 5, 2013.

Special thanks toJim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringingthis article to my attention.