Sean Conley (J.D. 2010, DePaul) has published Paint a New Picture:  The Artist-Museum Partnership Act and the Opening of New Markets for Charitable Giving, 20 DePaul J. Art, Tech. & Intell. Prop. L. 89 (2009).  Here is the Conclusion:

Since 1969, artists have not been able to take a fair market value deduction for charitable donations of their own work, a situation that has resulted in the overall demise of artist giving. Major artists have tended to retain possession of their work or to sell their work into private collections, potentially limiting public access to important cultural objects. Collectors, on the other hand, have until recently received what some see as an unfairly favorable tax treatment for the donation of these same works. With further changes in the tax code, most recently the passage of the Pension Protection Act, even these donations have dropped off, exacerbating the problem of public access and creating a potential crisis for collecting institutions.

The Artist-Museum Partnership Act proposes a solution to these problems, but in doing so implicates a number of contentious issues and could have a dramatic impact on the way in which collecting institutions carry out their development plans. Charitable gifts would be brought in line with copyright principles that treat copyrights and physical manifestations of a work as separate properties, allowing artists to make multiple valuable donations of the same creation. Just as is the case with collectors now, many of those donations would come with restrictions. Some of those restrictions are likely to involve contractual affirmations of the artist's moral rights in the form of expensive assurances of the work's physical integrity. All of these factors would force museums to make difficult funding decisions and may require a fundamental change in the ethics of deaccession. In short, this proposal creates an entirely new market of artist donations with a different set of standards than the charitable market in which the museum community participates under the status quo. Museums would have to adapt their procedures, and perhaps their principles, to compete in this new market. The result would be a more fair tax standing for artists and more access to cultural objects for the general public.