The Internal Revenue Service (IRS) has an art advisory panel that examines the fair market value of the taxpayer's claimed art in estate, gift and federal income tax cases.
The IRS requires a qualified written appraisal when deductions of paintings, antiques and other art objects exceed $5,000.
If the art is valued at $20,000 or more and is claimed as a deduction for donation(s) of art, then a signed appraisal with photograph must be provided. If the art work is valued at $50,000 or more, a Statement of Value from the IRS is required. This request has a user fee of $2,500 payable to the IRS.
The IRS also advises on what type of art appraiser they consider:
"Art appraisers. More weight will usually be given to an appraisal prepared by an individual specializing in the kind and price range of the art being appraised. Certain art dealers or appraisers specialize, for example, in old masters, modern art, bronze sculpture, etc. Their opinions on the authenticity and desirability of such art would usually be given more weight than the opinions of more generalized art dealers or appraisers. They can report more recent comparable sales to support their opinion."
