Museums utilize appraisals as invaluable tools when managing their collection. Museums must know the value of an object that they hold, accept into their collection, or loan out. An appraisal provides museums with a professional estimate on the monetary value of objects in their collection (Tanner-Kaplash 2010, 441). An appraisal provides an estimated valuation of an item by an authorized person (Simmons 2006). Although museum professionals may possess the experience to provide knowledgeable appraisals on objects, best practices recommend against providing this service to the public for several reasons (Lord 1997, 68). For ethical and legal reasons, museums must maintain clear policies regarding appraisals. The museum’s collections management
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The appraisal helps support the amount of a charitable contribution to a museum (Malaro 1998). The Tax Reform Act of 1984 requires an appraisal of items valued at more than five thousand dollars for tax purposes (Malaro 1998, 387). A qualified appraisal must not be performed by an excluded individual, such as the donor or the donee, or associated parties of the property (Malaro 1998, 387). It is best for museums to avoid conflicts of interest by putting a value on an incoming gift (Lord 1997, 68). In the case of taxable donations, museums must not perform appraisals for the donor as they can face legal ramifications (Nevius 2016, Simmons 2006). An appraisal should be performed by a third party that is qualified to make appraisals. The Pension Protection Act of 2006 and the Internal Revenue Service, clearly outline the definition of a qualified appraiser. The Internal Revenue Service requires donors to use a qualified third party that does not have vested interest in the object, regularly performs appraisals, and understands the liability for false statements (Malaro 1998, 390; Nevius 2016). Carefully following the guidelines minimizes litigation with the Internal Revenue Service regarding tax deductions (Nevius …show more content…
Keeping high ethical standards, museums should be careful to use accredited appraisers. Using an accredited and reputable appraiser ensures that the museum is adhering to transparent, ethical transactions that avoid any conflict of interest and preserve the museum’s integrity (Tanner-Kaplash 2010, 441). Appraisers are not licensed formally, therefore using an accredited appraiser with expertise in the particular objects in question, is crucial (Tanner-Kaplash 2010, 442). The collection management policy guides the staff during the appraiser selection process. When selecting an appraiser, the museum’s collection policies outline the guidelines that staff follows in the best interest of the museum. It is best practice for museums to clearly outline the policy on appraisals in the collection policy document (Lord 1997, 68; Malaro 1998, 385). The policy ensures consistency throughout the process (Simmons 2006). Museums may request recommendations from colleagues or refer to directories in professional publications that list accredited appraisals during their selection process (Tanner-Kaplash 2010, 443). Museums should also perform their due diligence during the selection process. When selecting an appraiser, the museum should examine their past experience, years of practice in the field, research any professional memberships, and verify references (Tanner-Kaplash 2010, 443). Additionally, the appraiser and the
The appraisal helps support the amount of a charitable contribution to a museum (Malaro 1998). The Tax Reform Act of 1984 requires an appraisal of items valued at more than five thousand dollars for tax purposes (Malaro 1998, 387). A qualified appraisal must not be performed by an excluded individual, such as the donor or the donee, or associated parties of the property (Malaro 1998, 387). It is best for museums to avoid conflicts of interest by putting a value on an incoming gift (Lord 1997, 68). In the case of taxable donations, museums must not perform appraisals for the donor as they can face legal ramifications (Nevius 2016, Simmons 2006). An appraisal should be performed by a third party that is qualified to make appraisals. The Pension Protection Act of 2006 and the Internal Revenue Service, clearly outline the definition of a qualified appraiser. The Internal Revenue Service requires donors to use a qualified third party that does not have vested interest in the object, regularly performs appraisals, and understands the liability for false statements (Malaro 1998, 390; Nevius 2016). Carefully following the guidelines minimizes litigation with the Internal Revenue Service regarding tax deductions (Nevius …show more content…
Keeping high ethical standards, museums should be careful to use accredited appraisers. Using an accredited and reputable appraiser ensures that the museum is adhering to transparent, ethical transactions that avoid any conflict of interest and preserve the museum’s integrity (Tanner-Kaplash 2010, 441). Appraisers are not licensed formally, therefore using an accredited appraiser with expertise in the particular objects in question, is crucial (Tanner-Kaplash 2010, 442). The collection management policy guides the staff during the appraiser selection process. When selecting an appraiser, the museum’s collection policies outline the guidelines that staff follows in the best interest of the museum. It is best practice for museums to clearly outline the policy on appraisals in the collection policy document (Lord 1997, 68; Malaro 1998, 385). The policy ensures consistency throughout the process (Simmons 2006). Museums may request recommendations from colleagues or refer to directories in professional publications that list accredited appraisals during their selection process (Tanner-Kaplash 2010, 443). Museums should also perform their due diligence during the selection process. When selecting an appraiser, the museum should examine their past experience, years of practice in the field, research any professional memberships, and verify references (Tanner-Kaplash 2010, 443). Additionally, the appraiser and the