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Value matters and an art appraisal completed by a qualified art appraiser can save you substantial money by not selling too low, insuring too low, or paying too much in estatetax or equitable distribution. Insurance Purposes: Artwork can be a valuable asset, and it is essential to ensure that it is adequately insured.
Further, sales of tangible assets will be subject to capital gains taxes at a rate of 28% , whereas items bequeathed directly to heirs will not trigger estatetaxes (unless they turn around and sell them). Collectors will inevitably need to have their tangible assets professionally appraised for both insurance and tax purposes.
Further, sales of tangible assets will be subject to capital gains taxes at a rate of 28% , whereas items bequeathed directly to heirs will not trigger estatetaxes (unless they turn around and sell them). Collectors will inevitably need to have their tangible assets professionally appraised for both insurance and tax purposes.
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.
As an appraiser, my role is to provide an unbiased, well-researched valuation tailored to your specific needs, whether for insurance, estate planning, donation, or sale. Many insurance companies require a professional valuation to determine an appropriate coverage amount.
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