Services
Appraisals by purpose
The purpose of an appraisal sets the standard of value, and the standard sets the number. An insurance figure and a divorce figure for the same painting can differ threefold, and both can be correct. Start with what the report is for.
Insurance AppraisalsReports your carrier will accept for scheduling art, silver, furniture and collections.Retail Replacement ValueEstate & Date-of-Death AppraisalsFor estate tax returns, probate inventory and stepped-up basis for heirs.Fair Market ValueCharitable Donation AppraisalsQualified appraisals for gifts over $5,000, with Form 8283 Section B signed.Fair Market ValueGift Tax AppraisalsSupporting Form 709 on lifetime transfers of art, antiques and collections.Fair Market ValueDivorce & Equitable DistributionNeutral or party-retained valuations, prepared for counsel and defensible in court.Marketable Cash ValueDamage, Loss & Diminution in ValuePre-loss, post-loss and post-conservation values, with a written diminution analysis.Diminution in ValueProvenance ResearchOwnership history, archival documentation and attribution research. No visit required.Research assignmentCollection AdvisoryPre-purchase review, collection strategy and sale guidance. The practice advises and never transacts.Advisory engagementNot sure which you need?Describe the situation. The practice will say which appraisal applies, or that none is needed.No charge to ask
Standards of value
Three definitions, and when each applies
| Standard | Definition | Used for |
|---|---|---|
| Retail Replacement Value | The cost of replacing the item with one of like kind and quality, in the appropriate market, within a reasonable time. | Insurance scheduling and claims |
| Fair Market Value | The price at which property would change hands between a willing buyer and a willing seller, neither under compulsion and both reasonably informed. | Estate tax, gift tax, charitable donation |
| Marketable Cash Value | What the property would net in a sale, after commissions and costs of sale. | Divorce and equitable distribution |
Applying the wrong standard is the most common error in personal property valuation, and rarely a small one.
Not sure which
Describe the situation, not the service
Most people arrive with a circumstance rather than a service name. A parent has died, a carrier has asked for documentation, a museum wants the picture, a marriage is ending, a mover dropped something. Describe the circumstance and the practice will say which appraisal you need, or that you do not need one.