Today we are going to talk about the touchy subject of donating art to charity. Overall, I would say if it’s a cause you truly believe in and you really want to help, go for it!
Don’t do it just for a write-off. I am not qualified to give tax advice yet I know that only the cost of materials is deductible I can’t tell you how many times people have asked me for donations of my art and they throw in the phrase, “Besides it’s a tax write off!” The retail price of the painting is not tax-deductible. Only the cost of goods. The tax laws are complicated and there are ways that collectors of your art can donate to charity and gain a full write-off of your work. but you as an artist cannot.
Things to keep in mind when donating:
Pick A Great Piece
Pick a great piece with a subject matter that’s sellable.
Price it Fair and with a Minimum Bid
Sometimes work can go for below market value so make sure the organization has a minimum bid. It is not fair to your collectors and devalues your work if other people can get your work at a discount.
Help Market It. Market the heck out of it to help your organization get the best price possible. Getting top dollar is a win-win for both you and the organization.
Alternative Method
Another way to give back is to partner with charities and given a percentage of sales to the organization. For example, I give a percentage of my monkey made of sockies golf club headcover sales to Prader-Willi USA.
There are many ways to give back. Find the one that works best for you.
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I’ll see you next time.