For artworks valued over $5,000, a Fair Market Value Appraisal for Non-Cash Charitable Contributions is required from a qualified appraiser who specializes in the specific type of property.
Cochran Arts has a strong track record of providing appraisal reports for clients donating to institutions across the country, including the High Museum of Art in Atlanta, the Los Angeles County Museum of Art, the Phoenix Art Museum, and the New Britain Museum of Art, as well as numerous universities. We specialize in donations of Post-War, Contemporary, and Emerging Art. Additionally, through our network of colleagues at the Appraisers Association of America and the Appraisers Association of Georgia, we can help you find qualified appraisers in other fields.
Most of this year's decrease in spending has occurred at the high end, particularly for works priced over $1 million. In contrast, the recently released UBS/Art Basel Survey of Global Collecting reveals that transactions for works under $50,000 have actually increased this year. This trend suggests that the market may be expanding beyond just the ultra-wealthy, which is a positive development for many in the art industry.
Additionally, we’re observing a change in how people buy art. More collectors are visiting galleries and art fairs, taking the time to engage with dealers and view works in person. Presales at fairs and exhibitions are becoming less common, as collectors and advisors shift away from impulse buying. Instead, they are conducting thorough research to find the right piece at the right price.
While this approach may extend the time it takes to close a sale, the increased engagement and activity from collectors is a promising sign for the future of the market.