Gary S. Castle
A senior advisor at Anchin, Gary Castle serves on the Private Client Group Steering Committee as well as the Firm’s Philanthropy Group and Art Specialty Group. His clients include high net worth individuals, private foundations, artist-funded foundations and family offices.
Gary provides clients with a full spectrum of services, including an in-depth knowledge of philanthropy and art.
In the area of philanthropy, Gary provides specialized advisory services to assist the implementation and legal structure of clients' matching grant programs. With this service, Anchin works with both the client and the receiving organization and their representatives (attorneys, executive directors, auditors and other management) in the development of contracts and the definitions of the terms of the grant to ensure that the matching requirements are met. The receiving organizations are some of the largest public charities in the country.
In the world of art, Gary has clients who are major collectors, prominent contributors to art institutions and significant artist-endowed foundations. Gary is frequently a featured speaker on panels and he presents at art industry events. He has also been quoted in various publications, including the Forbes article profiling him, titled “There Is An Accountant Art Expert – Who Knew?”.
Gary is a member and speaker at The Family Office Association, a global membership organization exclusive to single family offices and families of wealth, and PAIAM (Professional Advisors to the International Art Market) and has served as a keynote speaker at numerous family office conferences around the country.
He is also a member of the New York State Society of Certified Public Accountants (NYSSCPA), including its Family Office Committee, the Institute of Chartered Accountants in England and Wales (ICAEW). Gary also serves on the board of Island Harvest, a not-for-profit organization on Long Island.
In addition to English, Gary is conversant in French and Spanish.
- Family Office Support and Business Management
- Private Client
- The Hidden Value of Your Art Collection During Economic UncertaintyOctober 19, 2020
A recent Wall Street Journal headline called 2020 a “bad year for art” but likely a “good year for art-backed loans.” Bloomberg ran a similar article earlier in the pandemic, saying that the “business of providing credit against Picassos and Warhols is expanding even as the art market grinds to a halt.”
- Adding Restrictions to Control Usage of Charitable GiftsOctober 31, 2019
For many, philanthropy is an important part of an estate plan and a family legacy. Unrestricted gifts can be risky, especially large donations that will benefit a charity over a long period of time. There are measures that can be taken to ensure that donations are used to fulfill the donor’s intended charitable purposes.
- How to Transfer Art Investments to Future GenerationsMay 31, 2019
It is said that beauty is in the eye of the beholder, and that statement may never ring so true as when families are deciding how and whether to transfer their art investments to future generations.
- Protecting Fine Art Investments with Title InsuranceDecember 29, 2017
When investing in fine art, collectors often worry about the potential decrease in value if the art or artist were to fall out of favor. While this is a reasonable concern, it will not result in an entire loss of the asset investment. Collectors need to be wary of two other risk factors when buying fine art: authenticity and clear title. While authenticity cannot be insured against, collectors can usually purchase title insurance to protect against potential loss due to a reclamation claim.
- Putting Leverage to Good Use - PhilanthropyOctober 31, 2017
Leveraged philanthropy was born out of the desire for donors’ contributions to work for the charity that they support, typically involving terms that must be met in order to receive the donations, and the terms generally being actions that will be helpful to the recipient organization as well as their charitable purpose.
- Donating Art and Collectibles - A Discussion of Important FactorsAugust 22, 2017
As opposed to selling art, which results in capital gains tax, or keeping art in the family, which may result in estate or gift taxes, donating art will bring a federal and possibly a state tax deduction.
- Collectibles: Alternative Investing Beyond Private Equity and Hedge FundsMarch 31, 2017
Collectible items are also a type of alternative investment — and, like all the others — come with their own rules and considerations.
- Avoiding an Art Collection “Fire Sale”August 31, 2016
Some key planning factors to consider
- How Much Is That Picasso In The Window? Tax Court Says Quite A BitDecember 30, 2015
What can take a good bit of the fun out of your Picasso going for more than twice the expected price at Christies? Having it happen while the estate you inherited it from does not have its estate tax resolved might do it.
- $141M sculpture may ‘point’ to topJune 14, 2015
This is the art bubble of the millennium.