One of Monet’s First Water Lily Paintings to Highlight Christie’s Asia Sale

Christie’s is selling a painting from Claude Monet’s earliest Nymphéas series at the first evening auction taking place in its new Hong Kong headquarters this fall.

Nymphéas (Water Lilies), painted circa 1897-99, is among seven works by the French impressionist that were his first forays into exploring variations in light, colour, and reflections in the water lily pond at his home in Giverny, France.

The work, which Christie’s said is being offered from an anonymous private collection after remaining with the Monet family for years, is expected to sell for between US$25 million and US$35 million.

Christie’s Cristian Albu, head of 20th/21st-century art for Asia Pacific, called the painting “a true singular treasure.” It’s about 2 feet, 4 inches by 3 feet, 3 inches in size.

Monet created more than 250 paintings of waterlilies in his lifetime, several of which have sold for record sums at auction. Last November, Le bassin aux nympheas , 1917-19, sold for US$74 million, with fees, at Christie’s in New York. (Estimated auction prices don’t include fees).

The highest price for a Nymphéas was set during Christie’s sale of the Peggy and David Rockefeller Collection , fetching nearly US$85 million, with fees.

What’s notable about the work Christie’s is selling in Asia is that it’s among Monet’s first to focus on waterlilies, and that it introduces what the auction house said is “one of the most important and radical aspects of his Nymphéas —the elimination of a horizon line.” As with many of these works, the viewer looks directly at the pond’s centre, “removing all other peripheral details to focus entirely on the constantly shifting relationships between water, atmosphere, and light that transformed the pond’s surface with each passing moment.”

Other examples from Monet’s first water lilies series can be found in the Musée Marmottan Monet in Paris, the Los Angeles County Museum of Art, the Kagoshima City Museum of Art in Kagoshima, Japan, and the Galleria Nazionale d’Arte Moderna in Rome.

The Hong Kong sale, which will take place on Sept. 26, will be Christie’s first at its new Asia-Pacific headquarters in the Henderson, a newly built 39-floor skyscraper by Zaha Hadid Architects with a curved glass facade.

Making sure you claim everything you’re legitimately eligible for can have a big impact on your annual discretionary income. But do you know what you can claim?

What is tax deductible?

When completing your tax return, bear in mind that there are a number of tax deductions you can claim against expenses related to your work. What each person can claim will vary depending on their occupation. To make a deduction for a work-related expense, you need to have spent the money yourself without being reimbursed by work, and the cost needs to directly relate to earning your income. You’re also going to need a record to prove the expense, usually a receipt.

While travel expenses, home office expenses, education and mobile phone expenses are commonly claimed, there are a number of deductions often overlooked that you may be able to claim when completing your tax return.

Artwork

Regardless of why you bought your latest artwork, the Australian Taxation Office views artwork as both an investment and a depreciating asset, meaning you can claim it as a tax deduction. How much you can claim will be determined by the size of your business and whether you are an employee.

If you work from home, you can claim a deduction for your artwork up to the value of $300 as part of your home office expenditure. Small and medium sized business owners can make a much higher claim for artwork.

An apartment in another city

Investment properties purchased away from your home that you stay in when travelling for work can be claimed.

Under ATO guidelines, if you’re required to work away from home and you choose to rent or buy an apartment in the other work location rather than relying on hotel accommodation, you can claim a deduction for the work-related costs that apply to the apartment. This includes rent or interest on the mortgage.

Work handbag

Each year, you are allowed to claim a bag that you use for work. This could be a laptop bag or backpack used for carrying work-related items, but claiming a designer luxury handbag, may raise a few eyebrows at the ATO. If you carry your laptop, tablet and paperwork in a bag for work, then claim it. If you’re using it for gym equipment or your lunch, don’t.

COVID tests

The ATO will let you claim the cost of a COVID test if it was used to see whether you are sick and therefore unable to attend work. This is particularly the case if you’re in a customer-facing role and you need to purchase the test to stop the spread of the disease.

Man’s best friend

In some limited circumstances, you may be able to claim a deduction for the cost of buying and caring for a dog if they assist in your occupation. The two most common scenarios for this claim are farming and security reasons.

A caravan

The ATO allows for travel expense claims and there have been instances where taxpayers have claimed a caravan — and it was accepted. If you travel extensively for work and a caravan is saving you from paying for a hotel room, you may be able to apportion the deduction if it is used for work, rather than private use.

Meals away from home

If you’re travelling for work, you can claim the cost of meals when you travel and stay away from home overnight. You may also be able to claim a deduction for the cost of a meal you buy and consume when working overtime.

Media subscriptions

Many media publications are now subscription-based and can be deductible if they relate to your profession. This includes subscriptions to newspapers, professional magazines and podcasts that are linked to your profession.

Desk lamps and stationery

You don’t have to be running a business from home to make work-related claims. If you have a dedicated workspace at home where you’re doing a few hours of work at home a week, you can claim a number of related items, including lamps, stationery, a shredder and printer cartridges.

Protective clothing

If it’s related to your work, you can claim
the cost of buying items like fire resistant clothing, steel-capped boots, hi-vis vests or sun protection. This can apply to people working directly on site, like construction workers, but also related industries, such as engineers and architects who visit.

Depending on your industry, you can claim items that relate to your work, including a bullet proof vest if you’re a police officer or anything used that relates to your performance if you’re a professional athlete. Media professionals can also claim sunglasses if they are required to be out in the sun in the course of their work.

While you’re at it, you may also be able to claim the costs to clean occupation-specific clothing, so ask your tax accountant.

Tax accountancy fees

Last but not least, the fees you pay for the preparation of your annual tax return if you used a tax agent to prepare and lodge your tax return can be claimed on this year’s tax return.

The ATO has a number of online tools and calculators to help you calculate your deduction correctly, including work from home, self-education and car expenses.

Visit the ATO website and type ‘calculators’ into the search bar.