Frequently Asked Questions
What is an appraisal?
An appraisal is a professional evaluation of an item's value conducted by a qualified appraiser. This process involves thorough research, analysis, and documentation to determine the fair market value or retail replacement value of pieces. In the context of art, valuation is based on factors such as condition, provenance, rarity, and market demand.
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Our appraisals are detailed documents suitable for insurance, legal, and tax purposes. If you only need a general estimate of your item's value or information about the artist, a formal appraisal may not be necessary.
When do I need an appraisal?
Often an appraisal will be requested or suggested by your insurer or your attorney.​
Insurance Coverage: To obtain or update insurance coverage for valuable items.
Estate Planning: For estate settlement, equitable distribution, or when donating items to charity.
Tax Reporting: When dealing with capital gains tax, estate tax, or charitable contributions.
Legal Matters: During divorce settlements, bankruptcy proceedings, or litigation involving valuable items.
When don’t I need an appraisal?
You may not need an appraisal if:
Initial Inquiry: If you are simply looking to determine whether your item has any value or to identify the artist, you might not need a formal appraisal. While our company offers these research services, they are fee-based. For free preliminary evaluations, consider reaching out to auction houses that provide such services at no cost. For more information,
Personal Curiosity: If your interest in the item's background or potential value is purely for personal knowledge and not for any legal, financial, or insurance purposes, a formal appraisal may not be necessary.
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Lower Value Items: For items that are of lower value and do not require detailed documentation or professional verification, a formal appraisal may not be needed. These items might not justify the cost and effort of a professional appraisal.
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Immediate Sale Needs: If you are looking to sell your item quickly and do not require a detailed valuation document, a formal appraisal may not be necessary. In such cases, obtaining a general market estimate or working with a dealer or auction house may be sufficient. To learn more, click [here].
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While these situations might not require a formal appraisal, it's important to assess your individual needs and circumstances. If you're unsure, feel free to contact us for guidance on whether an appraisal or another service is the best option for you.
What is USPAP and why is it important?
Uniform Standards of Professional Appraisal Practice (USPAP) are the generally accepted ethical and performance standards for all appraisers, including real estate appraisers, personal property appraisers (fine art appraisers fall under this category), or business valuators.
To be USPAP certified, appraisers must take a course every two years. Many appraiser associations, such as the AAA, require all members to be USPAP compliant. The Appraisal Foundation (TAF), which publishes USPAP, is "THE" source of appraisal standards and appraiser qualifications. This means that the IRS, insurance companies, and all other entities that review appraisals follow these guidelines in their processes. To make sure your appraisal is accepted by the IRS, attorneys, and insurers, it is important to hire an appraiser who is USPAP certified.