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Date: | Tue, 24 Nov 1998 11:13:04 -0500 |
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Well for one thing, if the item purchased at an auction house was
later used for a charitable donation and the item was also appraised
by the same auction house, the IRS would likely not accept the
appraisal for proof of the items fair market value. It could be seen
as a conflict of interest for a dealer or auction house to appraise
items that they also have an interest in selling. To get around this
many auction houses keep their appraisal businesses separate. For
example, Christie's auction house has Christie's Appraisals, Inc.
which is a separate company. For more information I recommend that
you check out the IRS publications on charitable donations, including
the publication on art and antique donations, the American Society of
Appraiser's code of ethics and The Appraisal Foundation's Uniform
Standards of Professional Appraisal Practice (USPAP). The IRS
documents you can find on the web. You can contact ASA (headquartered
in Herndon, VA) and The Appraisal Foundation (in Washington, DC) for
the others.
Laura McMann Mahoney
[log in to unmask]
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I know this subject is not directly related to museum work, but I am
working on a paper for a museum studies course. Does anyone know any
guidelines related to the relationship between appraisers and auction
houses? In general, what is the nature of this relationship? Any
information available is appreciated. Thank you.
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