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Can We Just Divide Art Among Family Members Without An Appraisal?
Technically, yes — but it carries real risk. Without a qualified appraisal establishing fair market value, there may be no objective way to know whether the division is actually equitable. And when artwork is part of an estate subject to tax reporting, unsupported or inaccurate values can create additional scrutiny and complications with the IRS.…
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Old Artwork Does NOT Always Mean More Valuable!
Written by Rachel Christophe Baker, Fine Art Appraiser, Veritas Fine Art Appraisals & Consulting Group Age alone does not determine the value of a work of art. Yes, an Old Master holds the public-auction record: Leonardo da Vinci’s Salvator Mundi sold for $450.3 million in 2017. But major modern and contemporary works have also reached extraordinary prices,…