Hayfield Manor 8th October Introduction to technical tax issues on investments, real assets & art

Upcoming Event - 8th October 2015 Hayfield Manor Hosted by Solo Arte in conjunction with The K Gallery

‘Introduction to technical tax issues on investments, real assets & art’

Presentations by 

Mr. Brian Flanagan, Investment Consultant, Cork – Overview of the Investment Market

Mr. Tom Stapleton, Tax Consultant, Stapleton & Associates, Cork – Wear & Tear Allowance (s. 284 TCA 1997)

Artwork will be exhibited on the night by the following Artists:

Liam O'Neill, James Brohan, Michael Flatley, Arthur Maderson and JB Vallely.

If interested in attending this event please contact Pat on 086 171 9096

Capital Allowance

Wear & Tear - Legislation S284 TCA 1997 states:

Section 1
A trader who incurs capital expenditure on machinery or plant is entitled to a wear and tear allowance if the asset is in use for the purpose of his trade at the end of the basic period for the tax year.
Section 2
The annual wear and tear allowance is 12.5% on a straight line basis. Where a corporate or individual tax payer buys a work of art and displays it at their business premises for the purpose of promoting their business, the work of art is treated as machinery or plant, and is eligible for the annual wear and tear allowance of 12.5%.
Your accountant should be consulted with regard to all intended art related investments and where deemed necessary be approved by the Revenue Commissioners

Michael Flatley's paintings generate sales of €1 million

'The Tempest'
Michael Flatley 
Acrylic on Marley Board
99cm x 100cm

Michael Parsons

Irish Times Tue, Aug 4, 2015

Retired dancer's art career has taken flight following his debut exhibition in London

Paintings by Michael Flatley have generated sales of more than €1 million since the former dancer's debut exhibition in London last month. The original star of Riverdance and Lord of the Dance has embarked on a new career as a painter, and his first selling exhibition of paintings entitled Firedance took place at 12 Hay Hill, a club and art gallery in the exclusive Mayfair district.

At least 12 of the paintings sold, for an average price of £52,000 (€74,000). Negotiations are continuing regarding further sales. As is customary, the names of the buyers have not been revealed, although one of the paintings is understood to have been acquired by the Hotel Cafe Royal - a five-star establishment on Regent Street. Among the paintings sold at the exhibition were The Grand National and The Gouldian's Perch.

Private commission
In addition, Flatley has received a private commission worth £100,000 (€142,000) from a Middle East client to create a painting and, according to his spokesman, "has received several offers from galleries and agents who want to represent him" in the international art market. Before the exhibition opened in London, Flatley told The Irish Times he was "not expecting massive success", but just wanted the public to see his art and "let the chips fall where they may".

The exhibition was curated by Mollie Dent-Brocklehurst, a director of Pace - a leading international contemporary art gallery with venues in London, New York and Beijing - and one of the most influential figures in the global art market.

A guest list for the opening of the London exhibition included golfer Paul McGinley; the Duke of Rutland's daughter, Lady Violet Manners; HRH Princess Alia Al Senussi (described as a member of the Libyan royal family in exile); and Queen Elizabeth's granddaughter Princess Eugenie of York, who has recently started working with Hauser & Wirth, a Savile Row art gallery.

Flatley creates his paintings by dancing on canvases (strips of marley - a type of linoleum floor covering used on stage by dancers). According to a press release issued about the exhibition, "Flatley substitutes traditional paintbrushes with dance movements to create strong energetic, choreographed abstract compositions", which "mirror the art form for which he is most famous and hereby capture the mystical, performative aspect of his dancing practice".
Retired

Flatley has retired from dancing but continues to tour the world with his hugely successful stage show, Lord of the Dance - Dangerous Games which is currently in New Zealand.
His spokesman said Flatley "is currently in the southern hemisphere", but intends to continue painting at studios in both his Co Cork mansion, Castlehyde, and at his house in Barbados.

Flatley's career as a painter first came to light when he tested the market by consigning a handful of paintings to art auctions in Ireland. In April this year, his painting The Power sold at a Morgan O'Driscoll Auctioneers auction in the RDS in Dublin for €77,500.