Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
SUBJECT APPRAISALS-ART WORKS AND COLLECTIONS
MR. READ'S OFFICE
SECTION CHIEF
AUTHOR
RESEARCH
CORPORATE CASE FILE
OR SUBJECT FILE
MEMORANDUM FOR MR. DENIS LEFEBVRE
SUBJECT: APPRAISALS
This is concerning the enquiry from 24(1) regarding 19(1) painting collection and the method used by this Department in valuing such collections.
Mrs. H. Finn of the appraisal section of the Audit Application Division confirmed that appraisals of art and painting collections are made on piece by piece basis. Each painting or work of art in a collection is appraised at its current fairmarket value with little or no consideration given to premiums or discounts.
A subsequent telephone conversation with David Walden of the Canadian Cultural Property Export Review Board ascertained that they also value art collections on an individual basis and do not consider discounts or premiums due to it being a collection and not an single painting or other work of art that is being gifted.
Is this the information you require?
R.J.L. ReadDirector GeneralRulings DirectorateLegislative and Intergovernmental Affairs Branch
G. Thornley
920324
February 4, 1992
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© Her Majesty the Queen in Right of Canada, 1992
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© Sa Majesté la Reine du Chef du Canada, 1992
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