If you’re thinking of the possibility of selling or giving away a work of art that is in your residence. The Youtube video “How to Value artwork” provides an explanation of how an appraiser assesses the value for each work. We’ll learn more information about their work!
Before you sell artwork, it is important to understand the fluctuation in value with time. The value of replacement at retail is the price that buyers would expect to pay in galleries. Fair market value is what the IRS is able to determine as the donation amount. If you choose to sell through auctions then you should be awarded the fair market value.
The client should also inquire as to the organization to which they are planning to give their art pieces. If they want to receive the fair market value of their work then they should donate the artwork to an institution that meets its related use conditions. The work of art must be related to the organization and can be utilized.
It is possible to watch the rest of the video for further details on art appraisers as well as contact us whenever you’ve decided to have your pieces evaluated!