![]() ![]() "We're seeing a lot of inventory coming to market this year and collectors are generally feeling pretty good about it," he said. And its sales at Frieze Week in London totaled $114 million, up 10 percent from the prior year. Sotheby's just racked up $404 million in sales at its Hong Kong auctions, up 42 percent over last year. Smith also said wealthy art collectors are feeling "optimistic" ahead of the big November sales in New York. So I think it will provide more liquidity to the market." In sum, he said, "it's a good thing." "So eliminating the estate tax is a reason to eliminate the delay. "A lot of people delay selling their art or transacting in the art market until some event happens, until the estate tax kicks in," he said. Eliminating the estate tax would allow families to sell an asset without worrying about the timing or impact on the estate. That's because of the "step-up in basis" in which assets like art that have appreciated over the years are readjusted to their current value when they are passed down to heirs. But Sotheby's CEO Tad Smith told CNBC that the estate tax actually puts a lid on sales since families wait until a family member's death to put works up for sale. That would mean fewer works donated to museums or coming up for auction, they say. Attorneys and art experts have said that killing the estate tax would help wealthy families hold onto their art collections, since they would no longer have to sell to pay off taxes. Personal Loans for 670 Credit Score or LowerĮliminating the estate tax could actually lead to more major art collectors putting big works up for auction, Sotheby's CEO told CNBC. Personal Loans for 580 Credit Score or Lower ![]() Smith resides in Westchester County, New York, with his wife and two children.Best Debt Consolidation Loans for Bad Credit ![]() He has served on numerous industry and nonprofit boards and advisory boards. He is currently an Adjunct Professor at the Stern School of Business at New York University, where he has taught the popular course Strategy and Finance for Entertainment, Media, and Technology Companies to more than 800 students since 1999. He received a Bachelor of Arts from Princeton University's Woodrow Wilson School of Public and International Affairs, where he received the R.W. Smith received a Master of Business Administration from Harvard Business School where he was a George F. He began his career out of college at JP Morgan & Company and then the Rockefeller Foundation, and he was also the former chief of staff of the New York City Taxi & Limousine Commission. Before joining Reed Elsevier in 2000, he was an Internet executive at Starwood Hotels and Resorts, a corporate executive in New York and London for music company BMG Entertainment, and an advisor to companies on strategy and performance improvement in McKinsey & Company’s Los Angeles office. He had responsibility there for Variety, Interior Design, Publishers Weekly, Mutlichannel News, Reed Construction Data, BuyerZone and many other print, data, and internet businesses. business-to-business division, Reed Business Information (RBI). ![]() Smith was at Reed Elsevier Group PLC, a worldwide provider of business information, where he was most recently CEO of its U.S. He was also responsibile for restoring growth to Cablevision Media Sales by launching and scaling the use of set top box data to drive the company's advanced television business to a leadership position within the industry. Smith was President, Local Media at Cablevision Systems Corporation, where his responsibilities ranged from overseeing and growing News 12 Networks (the tri-state area leader in local cable news), to the leading daily newspapers Newsday on Long Island, and amNewYork, the widely circulated free daily. Prior to joining Madison Square Garden Company, Mr. He led MSG in overall strategy and day-to-day operations for its iconic venues including "the world's most famous arena" and Radio City Music Hall in New York, the "Fabulous" Forum in Los Angeles, the Wang Theatre in Boston and the Chicago Theatre MSG’s high-profile sports teams including the New York Knicks, Rangers and Liberty, and the Hartford Wolf Pack entertainment properties such as the Radio City Christmas Spectacular and the New York Spring Spectacular both featuring the world famous Rockettes and the leading regional sports networks in the United States (MSG and MSG+). Smith comes to Sotheby’s from another publicly-held company, The Madison Square Garden Company, where he also served as President and CEO. It is the oldest company traded on the New York Stock Exchange. Founded in 1744, Sotheby's is a global company that operates at the intersection of commerce and fine art, jewelry, and collectibles. Tad Smith was appointed President and CEO of Sotheby’s in March 2015. ![]()
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