Bookkeeping and Accounting for Art Dealers

In search of a bookkeeper and accountant for your art dealership? We handle your books, freeing up your time to discover and promote finest pieces of art. Try our services for free.

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How Bench works with art dealers

Experience the ease of expert bookkeeping, income tax prep, and filing specifically tailored to the unique needs of art dealers— all managed with a powerful, intuitive platform. Bench stands by art dealers.

We get you set up

Our team takes the effort to thoroughly comprehend your art dealing business, respond to your inquiries, assist you in connecting your accounts, and demonstrate how Bench can efficiently assist your operations.

We do your bookkeeping

Each month, your dedicated bookkeeper categorizes your art dealing transactions and authors comprehensive financial reports. Should they require any additional information, they will promptly reach out to you.

We deliver tax-ready financials

Our team of experts is well-versed with tax regulations related to art dealing and will tailor their approach to your gallery's unique requirements.

Here’s why art dealers like you trust Bench with their bookkeeping and accounting

Get fast, unlimited support from our expert advisors

Our team regularly delivers updates about your bookkeeping status, keeping you in the know. If you are an art dealer and have urgent queries that won't wait? With Bench, you can expect a reply in one business day or less.

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screenshot of Bench support app

Guaranteed accuracy in every detail

Our platform empowers you to streamline data inputs from key providers, eliminating common errors. We collaborate with high-level partners like Gusto, Stripe, Shopify, and Square—ensuring your art dealership's finances are always precise and reliable.

See where you’re spending. Make smart decisions

Wave farewell to mountains of bills and time-draining manual record-keeping—we simplify the process by automating inputs directly from your linked accounts. Gain insights from a single, user-friendly dashboard, allowing you to clearly comprehend the financial state of your art dealership and make informed business decisions.

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Bench integrates with your favorite small business tools

We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents.

Trusted by 25,000+ American small business owners

“Bench helped me replace QuickBooks, and save about 6 hours per month of horrible accounting work, which is priceless.”

CHRIS RONZIO

CEO, TRAINUAL
“This is the first year where it’s tax season and I don’t feel anxious one bit.”

DR. BUKKY KOLAWOLE

FOUNDER/EXECUTIVE DIRECTOR, RELATIONSHIP HQ
“Bench has lifted a giant weight off my shoulders and freed up my time so I can focus on earning money and working with clients, meetings and calls.”

HEATHER SHOLL

FOUNDER, THE VILLAGES GYM
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We know bookkeeping for art dealers

At Bench, we understand the intricacies of the art dealing world. We know dealing with the sophisticated arts market comes with its unique set of fiscal responsibilities and complexities. Maybe you're puzzling over capital gains tax from selling a painting or you're uncertain about handling Value Added Tax (VAT) on imported artworks. Bench has the savvy and expertise to navigate these industry-specific tax challenges so you don't have to. Our team’s adept knowledge of specific laws and legislations affecting art dealers ensures that your financial records are handled with the utmost care and accuracy, keeping you compliant and secure.

No stone is left unturned with Bench's leading-edge software, paired with the dedicated attention of real, seasoned bookkeepers. Together, we effortlessly manage your grant tracking, consignment sales, auction contributions, or any other industry-specific financial data. Plus, our tried-and-true system ensures no fluctuations in the art market catch you by surprise, providing you with real-time financials. It's not just about bookkeeping; it's about providing a stress-free, comprehensive solution to keep your art business thriving. With Bench, you can focus on your passion for art, while we manage the numbers.

Simple, straightforward pricing for everything your business needs.

Get bookkeeping, tax prep, advisory, and filing with Bench's powerful, easy-to-use platform.

Choose Plan

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$249/mo

billed annually

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$399/mo

billed annually

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$299/mo

billed monthly

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$499/mo

billed monthly

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Frequently Asked Questions

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As an art dealer, how can specialized bookkeeping help manage and track artwork acquisitions and sales for tax purposes?

As an art dealer, specialized bookkeeping is crucial in managing and tracking artwork acquisitions and sales for tax purposes. It ensures accuracy, comprehensiveness, and compliance with the tax laws. Specific services include tracking revenues from art sales, recording the costs of art acquisitions, monitoring the capital gains tax on sold pieces, and checking any art-related business expenses. Having a thorough record can help you optimize your tax deductions and avoid any potential issues with the IRS.

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What specific accounting practices should I be aware of in the art dealing industry?

The art dealing industry has unique accounting practices to be aware of:

  • Inventory Management: Art inventories are often high-value assets with fluctuating prices. Accurate inventory management is crucial, particularly around consignment and acquisition.
  • VAT and Sales Taxes: Depending on the country of operation, the sales of artwork could be subject to varying levels of VAT or sales taxes. It's important to appropriately track and apply these.
  • International Operations: If dealing artwork internationally, you need to account for cross-border transactions, currency fluctuations, and international tax rules.
  • Insurance Costs: With high-value inventory, insurance costs can be substantial and need to be appropriately accounted for.
  • Artwork Depreciation: Unlike many assets, artwork can appreciate over time. Yet, some works might depreciate due to damage or market trends. Assigning the correct value to your artwork at any given time is crucial.

A professional bookkeeper familiar with the art dealing industry will be able to expertly manage these specific accounting requirements, ensuring your books are accurate, compliant, and secure.

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How can a professional bookkeeping service help me with inventory management and valuations for my art pieces?

A professional bookkeeping service can provide immense help with both inventory management and valuations for your art pieces. The bookkeepers use industry-leading software tools to meticulously track all your inventory, thereby ensuring accurate record-keeping and timely updates. They monitor each piece's purchase price, sales price, and current market valuation, which is crucial for insurance and tax purposes.

Moreover, for valuations, professional bookkeepers often work in tandem with certified appraisers or experts in the art industry. They incorporate these valuations into your financial statements, providing a realistic view of your art portfolio’s total worth. This ensures proper valuation of your assets, which can have major implications on tax planning, loan applications, or if you plan to sell or buy more art pieces.

In short, a professional bookkeeping service provides comprehensive inventory and valuation support, letting you focus on growing your art collection without worrying about the financial intricacies.

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Does Bench outsource bookkeeping?

Nope! All bookkeeping is completed in-house.

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Will I have one point of contact?

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

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How much time each month will I have to spend managing my Bench account?

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.

Bookkeeping Services for Art dealers

Sign up for a Bench trial, and get one month free. If you decide to go with us, we’ll take bookkeeping off your plate—for good.

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