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Student Art Auction: How to determine Quid

  • 1.  Student Art Auction: How to determine Quid

    Posted 08-30-2022 06:36 PM
    Our Department of Visual & Media Arts and was asked to curate a student art auction to raise money for a fund. We would have only student art so determining a value for the quid would be difficult. Has anyone done something similar where quid amounts are subjective? Any advice would be appreciated.

    Mary Jo Hills
    Sr. Director Dev Services
    Grand Valley State University

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    Mary Hills
    Director of Systems and Training
    Grand Valley State University
    hillsma@gvsu.edu
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  • 2.  RE: Student Art Auction: How to determine Quid

    Posted 08-30-2022 06:50 PM
    One method I have seen is using the average price obtained at a similar auction.

    The IRS, however, does not tells us much that is helpful in this regard.  They only suggest that we "make a good faith estimate."  As long as you go through some reasonable valuation process with a small group at GVSU and document your deliberations, I cannot see how the IRS would find any fault.

    I suggest that unless any of your students have previously sold art through a dealer or local art store (I would use those values), you set a standard and equal price for all pieces - perhaps varied only by the canvas size and framing.

    John
    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987






  • 3.  RE: Student Art Auction: How to determine Quid

    Posted 08-31-2022 09:54 AM
    As John said, the IRS is pretty open-ended about the type of good-faith effort you might make. For paintings, there's a pretty consistent commercial method, which is to use a cost per square inch (HxWx$) and add the retail cost of the frame, if any. Generally, beginner professional painters will start around $1 per square inch. You could reasonably use some lower number, say $0.50/sq inch, as you are selling student art, not professional commercial art. Or you could speak with some gallery owners and ask them what they would see as a reasonable per square inch rate for student art. 



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    Isaac Shalev
    Data Strategy Expert
    Sage70, Inc.
    (917) 859-0151
    isaac@sage70.com

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  • 4.  RE: Student Art Auction: How to determine Quid

    Posted 09-01-2022 09:19 AM
    Thank you John and Isaac. I appreciate your guidance!

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    Mary Hills
    Sr Director of Development Services
    Grand Valley State University
    hillsma@gvsu.edu
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