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You need to find your painting, your artist, or the comparables for your type of art…such as, ‘School of French Impressionists’, or ‘the Drip School’, etc.? An appraisal needs to be presented to your buyer, or, especially, the consignment gallery, auction house…etc., that will help you Sell your Artwork.
Further, appraisalreports must follow the latest version even if the appraiser has NOT taken the latest course. Publication 561 includes four ways to determine FMV: cost of the donated property; selling price of the donated property; sales of comparable properties; replacement value.
Over the years, I have spent a lot of time on the phone trying to help people determine if the painting they found in a garage sale is worth anything. I took no pleasure in having to explain that they had one of the many reproductions of the painting and their hopes of having won the art lottery was only a lovely dream.
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