Where does the sales data behind a Colorado art appraisal come from?
From auction record databases and dealer systems such as Artnet, Artprice, AskART, and the archives of the major auction houses. Comparable sales analysis is the default method whenever an active secondary market exists, and our appraisers document the specific comparables and adjustments behind each conclusion.
What does the IRS require before I deduct donated artwork?
A qualified appraisal and Form 8283, Section B, for art donations claimed over $5,000, and the IRS Art Advisory Panel routinely reviews donations of $50,000 or more. Requirements are laid out by IRS Art Appraisal Services, and the appraisal must disclose the method and comparables relied upon.
What happens to an art collection when a Colorado estate is settled?
It must be inventoried at fair market value, and Colorado probate requires that inventory generally within three months of the personal representative's appointment. Colorado mandates no particular appraisal form and has no probate referee system, so estates typically retain a private appraiser to document the values.
Is artwork in a Colorado home subject to personal property tax?
No. Article X, section 3(c) of the Colorado Constitution exempts household furnishings and personal effects that are never used to produce income, which covers art hanging in a private residence. The exemption ends where income begins: gallery inventory, and even artwork furnishing a short-term rental home, can be classified as taxable personal property.