S,
As per my last, the gift relief mechanism basically reduces the artist's capital gain to nil, and increases your friend's exposure when your friend sells - at auction. Your friend has no CGT unless / until they sell but if they jointly sign the gift relief election, then your friend's CGT exposure correspondingly increases, WHEN HE OR SHE SELLS / AUCTIONS / DISPOSES of the item.
R,
Speak for yourself, pal.
I am clearly working off bad karma from several lifetimes ago. Or something.
ps if I had a dime for every time I've seen someone write that they want to "home" their skills or similar, over the last few weeks... Give it a year, and it'll be backed up in proper dictionaries as an alternative meaning, just to placate the mob.
VB,
Lambs