No. 04 — Estate Appraisals
Valuations families and courts can rely on.
Estate Planning and Estate Tax art appraisals are written to the high standards of the Uniform Standards of Professional Appraisal Practice (USPAP), and the Appraisers Association of America (AAA). They determine the Fair Market Value (FMV) of a collection for different purposes: the Estate Planning appraisal is for information, and the Estate Tax appraisal is prepared for IRS tax purposes. Equitable distribution reports are used in the division of assets amongst heirs, or in divorce proceedings. They provide unbiased, objective Fair Market Values for tangible assets. Reports include full cataloging of artwork and personal property, with color digital photographs. Should court testimony be required, the Appraiser provides professional, qualified and impartial litigation support and expert witness testimony for mediation and civil matters. Fees are hourly, never a percentage of value. This is estate appraisal work, not probate administration.
Estate Tax Filing (Form 706) ·Estate Planning·Equitable Distribution· Pre-Sale Decisions for Inherited Works
Plate IVEstate planning
The Process
How it works
01
Scope
We scope the assignment with the executor or counsel — works, valuation date, and filing deadline.
02
On-site inspection
I work room by room — or my staff does the site visit for measurement and photography when that fits — cataloguing artwork and personal property, then researching Fair Market Value as of the valuation date your filing or distribution requires. Color digital photographs are included in the report.
03
Report
A defensible USPAP report keyed to the valuation date: object descriptions, images, artist biographies, comparable sales with rationale, sources consulted, and my signed certification — delivered as a PDF your attorney can file or share.
Common Questions
Common questions
Q — 01
What's the difference between fair market value and replacement value?
Fair market value is what a willing buyer would pay a willing seller — the estate and donation standard. Replacement value is the (higher) retail cost to replace — the insurance standard. Using the wrong one is the most common error in inherited-art paperwork.
Form 706 estate appraisals in New England use this fair market value standard.Estate art appraisal for Palm Beach collections.Q — 02
Can you work with our attorney directly?
Yes — most estate assignments run through counsel, and reports are formatted for filing.
Q — 03
The works are in two states — is that a problem?
No; I serve both New England and South Florida, and travel beyond by arrangement.