We are hosting a fundraiser coming up with a silent auction component. We recently had a painting donated to us and the individual is asking for a tax receipt for $1,200. This is a new experience for us as this seems to be his personal evaluation of how much his painting is worth. Does anyone have experience with this and do you just go with their assessment or how do you find out the FMV of the painting/item?
Thanks in advance!
Heather
This might be a useful place to start: https://en.wikipedia.org/wiki/Art_valuation
I normally wouldn't want to answer with just a wikipedia link, but the google juice for "pricing art" seems to be flooded with helping independent artists figure out how to price their own work, which isn't at all relevant here.