Legal & Ethical Aspects of Appraising

(previously Legal, Ethical and the IRS)

The legal aspects of appraising have become crucial to the profession. At its highest levels, appraising requires in-depth knowledge of key issues, including clear title (so often compromised by stolen and looted art), the legal framework protecting cultural property, IRS considerations, determination of authenticity, appropriate marketplace (retail market and tax shelters), volume discounts, the interaction of case law and the Uniform Standards of Professional Appraisal Practice (USPAP), and legal aspects of damage and loss appraisals. You will earn about current tax law as it applies to the valuation of fine and decorative arts for estate, inheritance, gift, and income tax purposes, as well as for donations to charitable institutions. This course includes analysis of prominent cases that illustrate compelling legal considerations connected with valuing modern and contemporary art, including that of Warhol, O’Keeffe, Rothko, and Calder.

Instructor: Patricia Dillon, AAA