How do appraisers find comparable sales for artwork?
Through auction record databases and market analytics services such as Artnet, Artprice, and AskART, plus major auction house archives that aggregate hammer prices across decades. The appraiser assembles recent arm's-length sales of similar works, adjusts for differences, and reconciles them into a single fair market value conclusion, distinguishing outliers from reliable indicators.
Does a painting's size determine its price?
Far less than owners assume. Quantitative studies show artist identity accounts for roughly 30 to 40 percent of value variance while size contributes only about 2 to 5 percent per additional 100 square inches. Condition and provenance carry more weight, so a small, well-documented work can outvalue a larger piece with compromised condition.
When does a Georgia estate need a formal art appraisal?
When artwork forms part of the estate inventory, which Georgia requires within 6 months of letters unless waived, and whenever a federal estate filing is due. Georgia imposes no estate or inheritance tax of its own, but the IRS expects appraisals that state the valuation method and the specific comparable sales relied on for the fair market value conclusion.
Is art moved into Georgia from another state taxable?
It can be. Georgia use tax applies when non-exempt tangible personal property, art included, is first used, consumed, or stored in the state, calculated on either the original purchase price or the current fair market value depending on how long the piece was used outside Georgia. Retail purchases inside the state carry sales tax, including charges like delivery needed to complete the sale.
What did Georgia's 2025 personal property exemption change for collectors?
Since January 1, 2025, Georgia Code section 48-5-42.1 exempts a taxpayer's tangible personal property from ad valorem tax when its total fair market value is $20,000 or less, excluding motor vehicles. Household art was already exempt when used in the home and not held for sale, so the new threshold mainly shelters modest collections held outside that household exemption.