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You should check with your insurance provider to see what is and is not covered by your homeowners or rental insurancepolicy. Artwork Donation: Donating artwork to museums, galleries, or charitable organizations often requires an appraisal for tax purposes.
This quote is in the context of IRS Publication 561, which provides guidance for determining fair market value for charitabledonations; therefore, this quote must be understood within that specific context and intended use. Since the client is a publishing firm, their insurancepolicy is likely different from general homeowners.
Appraisals are important not only to make certain you are appropriately insured, but it can also help you make smart decisions about charitabledonations, gifts to family members or making the decision to sell the work. After that I immediately switched my insurance company. Her persistent need to create is inspiring.
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