[true_religion]

Using art as an example of an illiquid market, a piece may be valued at an amount that cannot be realized for 5 years or more, but the current holder just does not want to hold it for that long. The theoretical value does not change even if you buy it for less than that.

So charities can and do hold art pieces for years, then sell them at auctions when they know a good buyer is available and interested in benefiting the charity.

It may even sell for higher than appraisal just because of competition for the piece, or competition to look as of you are giving the most to charity. After all, no one goes to charity auctions for a good deal.