Estate appraisal When an artist/designer/architect or a collector dies, the estate must be given a cost basis agreeable to the Internal Revenue Service. We provide this type of appraisal for individual heirs, as well as for whole estates.
An archive appraisal is similar to an estate appraisal except that the architect or designer is usually living and/or the architect/designer or firm is actively in architectural or design production. Many factors are taken into consideration in this type of appraisal including fair market value and marketability.
Donation appraisals are required by the Internal Revenue Service when a donation of one or more like items [i.e., a set of drawings] is worth more than $5,000. These appraisals require extensive write-ups including bibliographies, biographies, auction, and retail sales information and complete descriptions.
Insurance appraisals are necessary in order to protect owners of a collection in the case of loss by fire, theft, damage, etc. Unlike household policies which offer replacement value, most valuable items policies require up-to-date appraisals. We suggest that our clients update their appraisals at least every two years.
Fair Market Value is the price at which a collection would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy and both having reasonable knowledge of the relevant facts. A fair market value appraisal takes into consideration all market factors, including auction and retail sales, and in particular, the most common market in which the works usually trade
A Professional Opinion of Value (or POV) is not a formal appraisal, but rather an opinion of value, professionally rendered, but not duly and fully researched. It is less expensive than a formal appraisal and is useful when a client wishes to know the value of their property for marketing purposes or estate planning.