Who knew the Federal Government has a division for appraising and valuing fine art. This division is called the Art Advisory Panel, and they meet twice a year to determine the value of art in tax audits.
The government hates to miss out on collecting revenue, so they have hired their own panel of art experts to ensure all taxpayers pay taxes on the fair market value of their art.
Beauty may be priceless, but the IRS won’t hesitate to put a price tag on it and send you a bill.
Read more about the Art Advisory Panel from their official site.