What would be the basis for my deduction of income from collector's items sold at a charity auction — cost or market value?

I have collected limited-edition wildlife prints over the past 15 years. I would like to give them to charity this year for sale in a charity auction. I have probably paid in excess of $10,000 for the many prints. What would be the basis for my deduction — cost or market value?

In general, you'll be able to deduct the fair market value of the prints. How that is determined is a bit tricky. One could argue that the price paid at the auction would be the fair market value. I would be leery of that. I know a charity auction where people pay 6 figures for a loaf of Irish soda bread. Better advice is that you get the prints appraised.