Category Archives: Resources

Appraising Art – Some Key Points From USPAP And The IRS For Attorneys And Arts Advisors

Grant Wood The Appraisal

Grant Wood, The Appraisal, 1931, Carnegie-Stout Public Library

Art collectors, art creators, legal and financial planners, executors and trustees should all have familiarity with the basic rules for appraising art, especially for charitable donation. An appraisal is used to determine the Fair Market Value (FMV) of an item for donation. FMV is defined by the IRS as the price that would be agreed on between a willing buyer and a willing seller on the open market, with neither being required to act, and both having reasonable knowledge of the facts. Read More

Document It! Creating an Artist or Collector’s Estate Planning Inventory

Lawrence Alma-Tadema, A Collection of Pictures at the Time of Augustus

Lawrence Alma-Tadema, A Collection of Pictures at the Time of Augustus, [Public domain], via Wikimedia Commons

Documentation during life is inestimable value in managing a collector’s estate or artist’s legacy. Creators and collectors should have a complete and up-to-date running inventory of each of their works, including when it was first copyrighted – that is, created and fixed in a tangible medium. Every artist should have an inventory of the works of art in his or her home, studio, and of the works on exhibition or in a gallery elsewhere. Read More