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You've got some antiques you inherited from your aunt, a small but growing collection of vintage Star Wars toys, and that mysterious oil portrait of two little kids that you picked up at a second-hand store a few years back. Charitabledonation. You don't really know that much about what these things are really worth.
A collection of unbranded jewelry that has no celebrity provenance may sell at a local or regional auction house. This quote is in the context of IRS Publication 561, which provides guidance for determining fair market value for charitabledonations; therefore, this quote must be understood within that specific context and intended use.
Do you need to have a collection appraised for insurance? CURIOSITY If you are simply curious about the value of an artwork or collection, a restricted appraisal will help you. Likewise, it cannot be used for insurance purposes. CHARITABLEDONATIONS Fair Market Value is also used for non-cash contributions.
Art Peritus recently sat down with Katja Zigerlig, Vice President, Art, Wine and Collectibles Advisory at Berkley One, a Berkley Company (WRB) to discuss the nuances of collecting and insuring Fine Art. B: Do you discuss this kind of art collection care with your clients? K: Yes indeed.
If you prefer in-person assessments, and are located in the greater Northwest Pennsylvania area (Cleveland to Erie to Buffalo and down to Pittsburgh), Penrose Appraisals can also provide tailored appraisal services, especially for significant occasions like insurance, charitabledonations, or equitable distribution.
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