The valuation date. Cost, date and manner of acquisition. Claimed FMV and a copy of the appraisal materials filed with the return. Any pertinent factors gathered as to the accuracy of the claimed FMV should be set out on a separate page in the request. However, it is emphasized that the validity of the FMV findings and recommendations by the Art Advisory Panel are greatly enhanced and facilitated by complete and accurate information.
Scant information hinders or in some cases precludes meaningful consideration.
Examiners are encouraged to take advantage of this expert advice for such items as paintings, watercolors, prints, lithographs, etchings, drawings and sculptures. The complete referral file from the examiner will be reviewed and researched by Art Appraisal Services prior to referral to the Art Advisory Panel or an appraiser. A fixed schedule of meeting dates for the Art Advisory Panel has not been established. Notice of these closed meetings are published in the Federal Register usually 6 weeks prior to each meeting date. Requests for valuation assistance should be initiated as early as possible in order to allow sufficient time for the art appraisal review.