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Whether it’s a modest household or a high-value estate with art, jewelry, and antiques, these are the four main reasons families choose to get an estate appraisal. EstateTax Return or Probate Requirement In some cases, an appraisal is not just helpful, it’s required. Ray’s Final Thought Every estate is different.
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 equitabledistribution. Appraisals can also assist in establishing provenance, which can significantly impact the value of the artwork.
An appraised value for insurance may be significantly higher than an appraised value for planned future sale, which can be baffling and difficult to comprehend without a familiarity with the different levels of the market. Fair Market Value is also frequently encountered in equitabledistribution and family distribution appraisal reports.
Appraisers use provenance to assess the fair market value of artworks, aiding in equitabledistribution and estatetax planning. Appraisers consider an artwork’s ownership history, including notable exhibitions, publications, and sales, to provide a comprehensive valuation.
In this situation, a collection is likely to fall under the control of an executor who may choose to liquidate the collection altogether to allow for an equitabledistribution of assets. Selling a collection at auction in the interests of expediency could very well minimize the exit value of many objects.
In this situation, a collection is likely to fall under the control of an executor who may choose to liquidate the collection altogether to allow for an equitabledistribution of assets. Selling a collection at auction in the interests of expediency could very well minimize the exit value of many objects.
Today, with over 180 members, the ADAA has expanded its appraisal services from donation to also include estatetax, gift tax, and insurance. Over the years, I have spent a lot of time on the phone trying to help people determine if the painting they found in a garage sale is worth anything.
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. Estate Planning and Inheritance When artwork is part of an estate, appraisals help with fair distribution among heirs and can be required for estatetax filings.
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