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Estate planning appraisal vs estate tax appraisal
Both use fair market value. They do not always use the same date, and they are not written for the same reader.
An estate-planning appraisal and an estate-tax appraisal both use fair market value. They are still different assignments. One is for information while the owner is living. The other is for the IRS, keyed to the valuation date the filing requires.
Estate planning
A planning report tells a living owner what the collection is worth so gifts, insurance, sales, or a later division can be discussed. The PDF is not filed with a return. Planning uses FMV. A policy schedule needs retail replacement value.
Estate tax
An estate-tax appraisal is prepared so a return — typically Form 706 — can report art. The date is usually the date of death, or the alternate valuation date if counsel has elected it. A planning report from five years earlier is research, not the tax opinion.
What this work is not
Fine art appraisers value the property. They do not administer probate or serve as personal representative. Counsel leads elections and whether a return is required.