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Many people enjoy searching thrift stores, flea markets, and trade shows for old items that may be valuable. Antiquing is a popular hobby, but you have to do a lot of research to understand the true value of your items. By definition, an antique is an item that is more than 100 years old.
When applicable, sales and/or import tax, commissions and/or premiums are included in this amount.” ( Appraising Art: The Definitive Guide to Appraising the Fine and DecorativeArts , 2013, Appraisers Association of America, page 438.) The next level is Fair MarketValue.
On this form, you list each of the items you have donated along with some basic information about them, including "fair marketvalue" and "method used to arrive at fair marketvalue." You are very reluctant to believe it could possibly have fallen so much and are tempted to put $5,000 as fair marketvalue.
It's important to realize that your homeowners' insurance does not automatically cover items of unusual value such as antiques and collectibles. Should you suffer a loss such as fire, theft, or damage, you may not be able to recover the value of your collection. In June, I started a new venture - I launched a podcast!
If your insurance provider has asked you to get your artwork professionally appraised, or you need it evaluated for some other reason, How Do I Get My Art Appraised will help you find a qualified appraiser, fully understand all aspects of the appraisal process, and prepare you for what a professional fine art appraisal is likely to cost.
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