Appraisals are prepared for the following:
Resale Knowledge
These appraisals allow you to understand the fair market value of your artwork in order to properly manage your art collection.
Insurance
Appraisals are required to insure and protect your artwork. It is important to know the replacement value of art for proper insurance coverage and proof that the item existed. It is advised to have your artwork appraised every 2-3 years to reflect market changes.
Donation
For donations, the IRS requires formal appraisals for artwork with a fair market value over $5000. Donation appraisals are the most complex and must meet strict regulations set by the IRS.
Estate
These appraisals determine and provide fair market value for estate tax, trust inventory, equitable distribution and estate planning.
Damage or Loss
These appraisals determine the replacement costs or repair costs of the artwork.
Opinion of Value
An opinion of value is not an appraisal. An opinion of value can help you to identify your object. This gives you a value range demonstrating how objects similar or comparable to yours are performing in the relevant marketplace. An opinion of value will help to determine whether a formal appraisal may be warranted for objects with particularly high potential value spectrums. This can be preformed online.
*All appraisals are prepared in compliance with the standards set forth by the Uniform Standards of Professional Appraisal Practice (USPAP), the International Society of Appraisers (ISA), and the IRS.
JSK Fine Art Appraisals 