There are of variety of reasons one might be interested in having their Fine Art, Antiques and collectibles appraised. These reasons range from pure curiosity, to obtaining legal documentation of value.
The IRS mandates in Regulation 561 all artwork donations must meet specific criteria: a charitable contribution of an item with a fair market value of more than $5000.00 must have a "qualified appraisal" by a "qualified appraiser" attached to your return. We meet these strict standards with always keeping our U.S.P.A.P. compliancy up-to-date, and consistently providing U.S.P.A.P. compliant appraisals. Charitable Contributions appraisals are based upon the Fair Market Value of a work.
We provide Fair Market Value appraisals of personal property in estates which can be used in planning, whether it be for determining charitable contribution, or how one would like to distribute to heirs. It can also be used in Estate Tax determination.
These types of appraisals are used in determining amounts of insurance coverage for Fine Art, Decorative Art and Collectibles. Many homeowner’s insurance policies have limited coverage for valuable items, typically between $1000.00 and $2000.00. By having your personal property appraised you will know its replacement value and whether to obtain a personal property floater, or consider a separate art specific policy. The proper insurance coverage ensures your valuables are protected against loss in the event of theft, fire, or flood. Retail Replacement Value is the value typically used for insurance purposes.
Equitable Distribution appraisals are based on Fair Market Value of Personal Property and are most often used for the distributing of property in a divorce settlement or dissolution of a partnership.