May 16, 2002

Committee Says Donors Exaggerate Value of Artwork

By Elizabeth Schwinn

The Internal Revenue Service's Art Advisory Panel has recalculated the value of hundreds of pieces of artwork for which deductions were claimed by taxpayers who donated them to charities or left them to heirs.

As it has in the past, the advisory panel found that many people exaggerated the value of paintings and other items contributed to charities and placed too small a value on objects left to heirs. Each year, a committee of art experts meets to review appraisals submitted by

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