You must keep reading if you’re thinking about selling or donating a piece of art in your house. The Youtube video “How To Value Art” describes how an art appraiser determines the value of each piece. Let’s find out more about their work!
One important aspect to know before you can sell any piece of artwork is that the value changes over time. They must also know about retail replacement value, which is what they paid for in a gallery when they bought the piece.
But there’s also fair market value, which the IRS will recognize as the donation amount. If you decide to sell at an auction, you can expect to get fair market value.
Another question that clients must ask themselves is where they want to donate an art piece because if they want to get fair market value for it, they need to give it to an organization that honors the related use requirement. This means that the artwork relates to the organization in some way, and they can use it.
You can check the rest of the video for more details about art appraisers, and contact us when you decide to get your pieces evaluated!