Charitable Contribution

I prepare IRS compliant charitable contribution appraisals for clients, museums and institutions. According to IRS Regulation 561, all artwork donations must meet specific criteria: The IRS mandates that a charitable contribution of an item or items with a Fair Market Value of more than $5,000.00 must have a qualified appraisal attached to your return. Qualified fair market value appraisal reports for IRS charitable contribution are among the most demanding documents an appraiser is asked to produce. They require considerable time to prepare and must include specific elements to be accepted by the IRS. They are legal documents, and I am in compliance with The Uniform Standards of Professional Appraisal Services, 2022-2024.

Insurance Replacement Comparable

I prepare professional appraisal reports that document the current Retail Replacement Value for your art object. Insurance appraisals are intended to represent the value it would take to replace your artwork in the event of a major loss. In the event of loss or damage, your insurance company will require proof that the item existed and the value of that item at the time of loss.  Most Insurance companies will require an appraisal for items valued over $5000.00, but some as low as $2000.00 and others more accustomed to fine art coverage, only require an appraisal on items over $50,000.00.  Check with your insurance carrier. I will research the market value of the item and archive the comparable sales in the client file which I retain for a minimum of five years. My standard practice is to inspect the property in person and then return to the office to conduct market research. In some cases, I am able to complete appraisals without an on-site inspection, from provided images, description and documentation. These appraisals start at $300.

Estate Valuation

For federal estate tax purposes, transferred property must be reported at Fair Market Value. The IRS requires appraisals for each work with a projected value above $3,000.00. Every state varies on estate tax rules, so check with your accountant. For estates where the identity, quality and provenance of the works is sparse or unknown an initial walk-through is recommended.  I can assist you to identify those works that could have significant value and warrant further investigation, as well as those that do not. For estate collections where the items are well documented and of known value, I prepare the appropriate report, suggest the most appropriate venue for sale or recommend institutions where a donation of the item could be accepted. My fee for Estate Valuation is variable, and I will be able to give you an estimate at a walk through or detailed conversation about the objects to be appraised. My hourly wage is $125.00.

Re-Sale

In most cases, I can provide a Limited Appraisal report either in viewing the work in my home office or I may come to your home. An appraisal for resale value is defined the fair market value for purposes of resale.