Home > Appraisal/Auctions, Asian Art > ART ADVISORY PANEL AT THE I R S

ART ADVISORY PANEL AT THE I R S

DONATION AND ESTATE APPRAISALS

As an appraiser some of us get involved in donation appraisals, known as a charitable contribution appraisals and file IRS Form 8283.
To the general public the Art Advisory Panel is little known but among us appraisers- at least those who work on donation appraisals – it is an invaluable resource, especially when appraising very high dollar pieces. The same Art Advisory panel considers the merits of estate appraisal values. Not too long ago I received a call from a maker, retailer and wholesaler of Japanese drums who had donated several drums to orchestras. I contacted the panel for assistance. The drums the client sold – and he showed me receipts – were in the $10,000 to $ 50,000 range. What would be allowed as a donation value? Only the material used and his labor – nothing else.

I am forwarding verbatim an article from the Wall Street Journal that explains the mystery around the Art Advisory Panel. http://online.wsj.com/news/articles/SB10001424127887324591204579034962684438396

Cheers,

Elisabeth

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