Frequently Asked Questions

Walker Evans, Tin wall of the cotton gin building. Vicinity of Moundville, Alabama, 1936

FAQs - Collection Management

  • Collection management can be defined differently for different collections; each collection has its own needs and responsibilities but in the broadest terms collection management is the hands-on care, organization and research of the objects that comprise the collection as well as any available information related to those objects. 

  • Ideally a collection manager would be involved as early as possible in a collection’s growth but realistically this involvement usually happens around the time all of the wall space has been occupied.  Even at this stage the job of a collection manager is still very manageable. This job would include: cataloging, confirming locations, valuing, gathering any available documentation (ie. invoices, valuations and appraisals, letters of authenticity, etc.) and putting all of this into a database or Collection Management System. 

  • Yes. With valuable collectibles, and perhaps even more so with fine art, it’s the details and the information that provide the context for value, both cultural and financial, it’s critical that this information is carefully recorded and managed. Provenance (the chain of ownership) offers a good example of the correlation of information and value. Prints of the well-known image Migrant Mother by the photographer Dorothea Lange have been auctioned over 60 times since 2001 and have ranged from a few hundred dollars to a record $389,000 in 2016. There are indeed many factors that drive the difference in value between these prints but it is notable that of the nine examples that sold for $100k or more, eight had documented provenance traced all the way back to the artist; bellow $100k, none did. Information makes a difference.

  • The first and simplest (and perhaps most important) thing a collector can do on their own is to simply keep everything. Invoices will be invaluable and are the most obvious, but also framing/conservation agreements and receipts (useful for future conservators, and tracking expenses), correspondence with dealers/auction houses, exhibition information and press clippings (or the 21st century equivalent) will be useful in the future.

FAQs - Appraisals

  • Appraisals for artworks are important in various scenarios where the value of the artwork needs to be determined accurately. Here are some scenarios where a personal property appraisal for an artwork might be needed:


    Insurance Coverage - When you want to insure your artwork, an appraisal helps determine its current value. This ensures that in case of damage, loss, or theft, you will be adequately compensated based on the appraised value.


    Estate Planning and Distribution - When creating a will or estate plan, it's important to know the value of your artworks for equitable distribution among heirs or beneficiaries.


    Donations - If you plan to donate artwork to a museum, educational institution, or other nonprofit / 501 (c3) organizations, an appraisal is required for tax deduction purposes for any gifts over $5000.


    Equity Loans or Collateral - If you're considering using your artwork as collateral for a loan, financial institutions often require an appraisal to assess the value of the collateral.


    Financial Planning - Artworks are assets that can be included in your overall financial planning. Knowing their value helps you make informed decisions about investment, selling, or leveraging these assets.

    Taxation and Estate Settlement - Inherited artworks might be subject to estate taxes. Accurate appraisals can help determine the value of these assets for tax purposes.

  • As defined by the IRS in publication 561 (Determining the Value of Donated Property): “A qualified appraiser is an individual with verifiable education and experience in valuing the type of property for which the appraisal is performed.” A qualified appraiser also meets specific criteria outlined in the above publication.

    A qualified appraisal performed by a qualified appraiser is often necessary when receiving a tax deduction from donated artworks, as well as other situations. Please refer to Publication 526 for details.

  • As defined by the IRS in publication 561 (Determining the Value of Donated Property): “A qualified appraisal is an appraisal document that:
    Is made, signed, and dated by a qualified appraiser (defined later) in accordance with generally accepted appraisal standards; Meets the relevant requirements of Regulations section 1.170A-17(a); Is dated no earlier than 60 days before the date of the contribution and no later than the date of the contribution. For an appraisal report dated on or after the date of the contribution, the valuation effective date must be the date of the contribution made not earlier than 60 days before the date of contribution of the appraised property, and does not involve a prohibited appraisal fee. “

    A qualified appraisal performed by a qualified appraiser is often necessary when receiving a tax deduction from donated artworks, as well as other situations. Please refer to Publication 561 for details.