Procedure and Content of Appraisals

DeBille We arrange an appointment and personally examine the works of art at the client location. Fees are based on an hourly rate and final cost depends on size and type of a collection. An appraisal assignment includes an on-site inspection of each object, digital photographs of each work, detailed description of each work, research of artists’ biographies, career and sales valuation analysis and conclusion and then preparation of a formal appraisal report of which you receive two bound copies. If there are items we are not qualified to appraise, we have a network of respected specialists that we consult with.

Clients should assemble bills of sale, evidence of origin and provenance where possible. An appraisal report is an official document that sets out the value of your personal property. It is prepared in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) as set by the Appraisal Foundation and authorized by Congress. We follow the Code of Ethics of the American Society of Appraisers, as well as the Internal Revenue Service guidelines and regulations.

Your appraisal report will clearly describe your property, the methods used to estimate values, and the kind of value. These are some of the components of a correctly prepared appraisal:

John-Taylor-Arms• Name & address of owner
• Purpose of the appraisal (i.e., donation, estate tax, insurance, etc.)
• Type of value, approach to value, and appropriate market
• Inspection and effective dates of the appraisal
• How art was acquired (especially for IRS appraisals)
• Description of the art objects; condition and provenance
• Biography of the artists; exhibition and publications history
• Market research, analysis and narrative
• Qualifications of the appraiser
• Statement of disinterest of the appraiser; fee not contingent on appraised value.
• Statement that the appraiser has not been disqualified by the IRS (for IRS appraisals)
• Statement of Value
• Statement of assumptions and limiting conditions
• Certification and signature of the appraiser (with tax identification for IRS appraisals)

 

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