How is artwork valued for a Maryland estate?
Each item on a Maryland probate inventory must be fairly appraised as of the date of death under Estates & Trusts section 7-202, and the personal representative may employ a qualified, disinterested appraiser for any asset whose value is fairly debatable, which describes most significant artwork. Different appraisers may be used for different asset classes.
Will Maryland tax inherited artwork?
Possibly twice. Maryland levies an estate tax on taxable estates above $5 million at 16%, and separately a 10% inheritance tax on property passing to non-exempt beneficiaries. Close relatives are generally exempt from the inheritance tax, but art passing to friends or distant relations may not be, making the appraised value directly consequential.
What actually drives the value of a painting?
Artist identity dominates: quantitative studies attribute roughly 30% to 40% of value variance to the artist alone, with condition and provenance each carrying more weight than size or material. That is why our appraisers document attribution, restoration history, and ownership records rather than pricing by dimensions.
Can the register of wills appoint an appraiser for estate art?
Yes. Maryland Estates & Trusts section 2-301 lets each register of wills appoint standing appraisers, and property requiring independent appraisal that no special appraiser has valued falls to them. In practice, representatives commonly retain their own qualified appraiser for artwork so the inventory value reflects genuine market evidence.