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Abstract: 

Estate tax situations can involve difficult valuation issues, especially if the property in question lacks a readily ascertainable value. In particular, paintings that are not auctioned can be among the most challenging items to value. Many factors influence painting valuation, including the depiction’s popularity; condition, dimensions, and provenance (literature citation); and degree of direct artist participation. In addition, cleaning risks, bowing, and attribution disputes can result in discounts to what would otherwise be the fair market value. A recent case, Estate of Kollsman v. Commissioner, provides valuation guidance.

Keywords: Estate of Kollsman v. Comm’r, estate taxes, elements of art valuation, valuation disputes, condition, provenance, cleaning risks

Affiliations:  1: Western Illinois University.