The Detroit News is reporting the Detroit Institute of Arts is seeking contributions for an art auction in order to raise funds for the institution. This particular adventure in creative fund raising has the Detroit Institute of Arts accepting donations of art and property valued over $250.00 and then have DuMouchelle Art Galleries auction the donated property as a fund raiser this fall. The contributions are not being accepted as part of the collection, but as a donation which will be turned into cash through the auction process. From an appraisal point of view, I would expect the selling price at the auction to be the allowable deduction, similar to what many charities do with auto donations.Museums, known for being traditionalists and conservative in nature certainly seem to be embracing more and more creative and open options in their fund raising endeavors.
The read the short Detroit News article, click HERE.
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