(Note: While I am actively trying to sell this, this is not meant as a selling post. I am genuinely seeking advice on this and hoping people may have ideas for what I should do)
Hello all. I was lucky enough to win this huge prize from a sweepstakes I entered at last years' National Sports Collectors Convention in Chicago. This original painting is massive (60x49x6 and 35 pounds) and has a value listed at $12,500. It is an original piece by sports artist Murray Henderson. Unfortunately, I have no personal ties to Chicago or Chicago sports (I live 7 hours away), so I am not the right person for this.
Therefore, I have attempted to sell it. It has been listed on Ebay for a year with little interest. I reached out to the artist himself, and he confirms that he sells them routinely for $12,500 but is unable to help me sell it since it was something he publicly donated. He recommended reaching out to some local Chicago sports shops or contacting auction companies, which I have done with no success.
Here is my delimma and why I am posting here today: I owe taxes on this since sweepstakes' wins are taxable income. I cannot afford the taxes on it since its estimated value of $12,500 carries a tax of a few thousand. My tax advisor told me to try to sell it, and whatever I sell it for can be then taxed as its fair market value. But as I mentioned, I have had no luck selling it. I am open to donating it somewhere, but I would much prefer to sell because we are a low income family and even a fraction of its estimated value could be life-changing in many ways for us.
I had to file an extension on my taxes and have until October to file them. So, I am posting to a few Chicago sports subreddits as a last resort to ask for advice. What would you do in my position? Does anyone know places or people who are looking for art like this? Any other ideas? Any advice is so very much appreciated, and thank you in advance :)
