A panel of museum directors, curators, art scholars and dealers helps the Internal Revenue Service value artwork gifts. At stake are income tax deductions for charitable donors, and gift and estate taxes for gifts to family members and other non-charities. The panel reviews artworks valued at $50,000 or more, but it can also value lesser works. If the panel rejects a taxpayer’s appraisal, it may suggest a different value, get additional information, or consult a specialist.
The panel provides advice and makes recommendations to the Art Appraisal Services (AAS) unit in the Office of Appeals for the IRS. In Fiscal Year 2015, AAS adopted 74 percent of the panel’s recommendations. The panel’s specialty areas include paintings and sculpture, decorative arts, and antiques. There are currently two subcommittees: the Fine Arts Panel, which reviews paintings, sculpture, watercolors, prints, and drawings; and the Decorative Arts Panel, which reviews items such as antique furniture, decorative art, ceramics, textiles, carpets, and silver.
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