Courtesy of the Irving Penn Foundation.
Buyers who purchase a lot at the auction that was consigned by the Elton John AIDS Foundation may be able to claim from the Foundation a charitable contribution deduction for the amount paid for the lot that will be paid to the Foundation, but such deduction will be limited to the excess of the proceeds paid for a lot over its fair market value. In accordance with applicable Treasury regulations, Christie’s, as agent for the Foundation, has provided a good faith estimate of the fair market value of each lot, which is the mean of the pre-sale estimates relating to that lot. Bidders should consult with their own tax advisors to determine the application of the tax law to their own particular circumstances and whether a charitable contribution deduction is available. While Christie’s will facilitate the buyer to the extent possible, any acknowledgement for a tax deduction will come from the Foundation and the buyer hereby acknowledges and agrees that if such an acknowledgement is desired by the buyer, Christie’s may provide the buyer’s contact information to the Foundation and such provision shall not constitute a breach of confidentiality.
Buyers who purchase a lot at the auction that was consigned by a seller who is NOT the Foundation will not be eligible for any charitable contribution deduction. Language in the catalogue will indicate whether or not the Foundation is the consignor of any lot.
PROPERTY SOLD TO BENEFIT THE ELTON JOHN AIDS FOUNDATION