Litigation support
Appraisals that hold up under examination
When a valuation will be tested by opposing counsel, a mediator or a court, the report has to do more than state a number. It has to show its work. Parsons Fine Art Advisory prepares appraisals for litigation and disputed matters to USPAP reporting standards, with the approach, the comparables and the reasoning set out so that a reviewer can follow every step, and defends that work in deposition and at trial where required.
By matter
Where the practice is engaged
Equitable distribution
Fine art, antiques, jewelry, clocks and household contents in matrimonial matters, valued at fair market value as of the date the court or the parties specify. Where both sides need one figure, the practice can act as a jointly retained neutral. Divorce and equitable distribution
Estate and trust disputes
Contested valuations in probate, accountings and beneficiary disputes, including retrospective appraisals as of a date of death or a date of distribution. Estate appraisals
Appraisal review
Examination of another appraiser's report, its scope, its comparables, its compliance with USPAP, with a written opinion of whether the conclusions are supported. Appraisal review is its own USPAP discipline, and the practice performs it regularly.
Damage, loss and insurance disputes
Value before and after loss, diminution in value after conservation, and review of carrier or adjuster valuations. Damage and loss
Partnership, dissolution and buy-out
Valuation of a collection or of dealer inventory when a business relationship ends.
Tax controversy
Support for appraisals under examination by the IRS or New York State, including responses to the Art Advisory Panel and to substantial valuation misstatement penalties. Charitable donation · Gift tax
Method
What an engagement looks like
Before anything is written
The practice confirms who the client is, the intended use and intended users of the report, the effective date, and the standard of value the matter requires: fair market value, marketable cash value, replacement value or another definition the court has specified. Conflicts are checked and disclosed in writing before work begins. Michael Parsons is also a specialist at an auction house; any engagement where that could bear on the assignment is disclosed at the outset.
Inspection and research
Objects are examined in person wherever they are. Attribution, condition, provenance and market position are researched to the depth the matter warrants, and the workfile records every source consulted. Provenance research
The report
A written appraisal report prepared to USPAP Standard 8, with a signed certification, the definition of value applied, the approach to value, the comparable sales relied on and the analysis that connects them to the conclusion. Reports are written for the stated intended use and are not repurposed from earlier work. How an appraisal works
Testimony
The practice is available for deposition and trial testimony, and for consultation with counsel on the valuation issues in an opposing report. Testimony is billed at the litigation rate and scheduled through counsel.
Independence
Nothing in the fee arrangement to point at
The practice does not buy, sell or broker property and takes no commission on any transaction. Fees are hourly and never contingent on the value reported or on the outcome of the matter. That is what allows the work to be defended: there is nothing in the fee arrangement for opposing counsel to point at.
On qualifications
Appraisals are prepared to USPAP reporting standards. Michael Parsons is a qualified appraiser for federal tax purposes under Treasury Regulation §1.170A-17(b)(2)(i). Accreditation is in progress with the Appraisers Association of America. A full statement of qualifications is published at Qualifications.
For counsel
Working with counsel
Parsons Fine Art Advisory has been engaged by leading trusts-and-estates, tax and matrimonial counsel in Rochester, Buffalo and Syracuse. References are available on request. Counsel can expect direct communication, deadlines met, and a report that will not need to be explained twice.
The practice works throughout Rochester, Buffalo, Syracuse, Ithaca, Corning and the Finger Lakes, regularly in Greater New York City, and in Southern Ontario by arrangement. For attorneys and fiduciaries
Rate
$350 per hour
Litigation rate, including report preparation, appraisal review, consultation with counsel, deposition and trial time. Travel beyond 50 miles of Rochester is billed at $95 per hour. An estimate is provided in writing before work begins. Full fee schedule