Posted 12-3-07.

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For works of art, the IRS provides examples of descriptive information that should be included in a qualified appraisal and suggests that a similar breakdown of information could be made for other types of donated property. For works of art, the appraisal should include such information as:

• A complete description including size, subject matter, medium, name of artist (or culture), and approximate date constructed

• Cost, date and manner of acquisition

• History of the item including proof of authenticity

• A professional quality image of the property

• The facts upon which the appraisal was based, such as:

o Sales and analysis of similar works by the artist, particularly on or around the valuation date

o Quoted prices in dealers’ catalogs of the artist’s works or works of other artists having similar stature

o A record of any exhibition at which the art object had been displayed

o The economic state of the art market at the time of evaluation, particularly with respect to the specific property

o The standing of the artist in his profession and in the particular school or time period