At its best, a great work of art is an object which consoles the spirit in difficult times, and inspires one’s life in better times. Unfortunately, to a great extent it has now become a “commodity,” bought, sold, and donated primarily because of its inherent value.
If art is donated to a public charity, the donor will be seeking the highest possible tax valuation, full fair market deduction being available only when the donee charity accepts the donation of the work for use in its charitable programs (e.g., display in the case of museum); on the other hand, if the art is gifted or bequeathed to an individual, a lesser valuation is desired.
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