As an art appraiser, I can tell you that this is not at all how art appraisals work. The banana “art” is a marketing ploy initiated by an artist who has a history of these things. I seriously doubt that anyone, ever purchased any of these. As a side note, the IRS is very serious about art appraisals and holds appraisers to a very high standard. Just like anything else, art is only worth what someone has paid for it in the past. With a donation appraisal the “fair market value” has to be used. This is the most common market for an artwork for donation (not necessarily the highest price out there). There is a ridiculous side but certainly not instigated by appraisers or even most artists. People who study for years of school to refine their art and work extraordinarily hard to make a living are not to blame.
@ Craven – why is the artist at fault? He was commissioned and paid to complete an art piece. I blame the appraiser who clearly knows he’s doing something wrong.
So the problem is the millionaire and not the artist getting paid $25k for a line? Oh, I get liberalism now.
I dropped a banana in the back of the cabinet once. It wasn’t very pleasing to the eyes (or nose) after a couple of months.
As an art appraiser, I can tell you that this is not at all how art appraisals work. The banana “art” is a marketing ploy initiated by an artist who has a history of these things. I seriously doubt that anyone, ever purchased any of these. As a side note, the IRS is very serious about art appraisals and holds appraisers to a very high standard. Just like anything else, art is only worth what someone has paid for it in the past. With a donation appraisal the “fair market value” has to be used. This is the most common market for an artwork for donation (not necessarily the highest price out there). There is a ridiculous side but certainly not instigated by appraisers or even most artists. People who study for years of school to refine their art and work extraordinarily hard to make a living are not to blame.
Millionaire makes $20 million. Finds a way to not pay taxes on the $20 million. Oh, I get conservatism now.
^I’m guessing you’re poor.
@ Craven – why is the artist at fault? He was commissioned and paid to complete an art piece. I blame the appraiser who clearly knows he’s doing something wrong.
wendy. I have no problem with the whole transaction. The original post does however.
Except for charitable contributions are capped at 50% of the taxpayers Adjusted Gross Income.