Our company appraises a wide range of objects including, paintings, sculptures, limited edition prints, porcelain, bronze, antiques, furniture, silver, and collectibles for insurance, loss and damage claims, IRS estate and gift tax, IRS charitable contribution, personal and estate planning, corporate acquisition, purchase and re-sale purposes. Our appraisals meet all required IRS, legal, and USPAP conditions to function as qualified valuations of tangible property.
Are you considering contributing a gift of fine art or antiques (or other non cash tangible personal property) to a museum or cultural institution? If the gift is more than $5,000 in value you will need to obtain an appraisal report from a qualified appraiser to sign Section B, Part I and III of IRS form 8283 for inclusion with your federal tax return. Fair market value is determined as of the date of donation, the IRS states that an appraisal for donation must be made no earlier than 60 days before the date of donation.
For the purpose of your insurance needs, if it has been more than five years since your last appraisal, you are going to want to update or obtain a qualified art appraisal. If you collect fine art or other items that are commonly sold in the secondary market and rapidly appreciating or widely fluctuating, it is recommended to repeat the update process more frequently.
Whether you are an insurance adjuster or individual who suffered a loss, we can conduct an replacement value claim appraisal report. We properly evaluate the situation with you, in the event of a loss, theft, damage or peril, we take the necessary measures to ascertain an accurate replacement value. Our art appraisals are incredibly thorough to help ensure the claim is wholly evaluated.
Four objective of insurance appraisals:
They enable the insured to have the correct amount of coverage,
They provide proof the property existed,
They provide proof the property's pre-existing condition in the event of a total loss, and
They facilitate claim settlement by providing detailed inventory, description and itemized replacement cost.
If you are the executor of the estate of a friend or relative and the estate contains fine quality tangible personal property, you will need an appraiser to conduct a Federal Estate Tax Appraisal for the estate tax return. The IRS requires appraisal reports to be submitted with Form 706 if there is a single item valued at $3,000 or more, and provide relevant comparable sales and a justified reasoning.