GABRIELLE SEGAL | Art Concierge
Appraisal FAQ's
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Why pay for an appraisal when auctionhouses provide them for free?
In most cases, free auction house appraisals aren't really appraisals, but rather a marketing tool for winning consignments. These "quick and dirty" estimates are not always sufficient for insurance and IRS tax-related applications requiring a formal, signed report detailing the methodology, research, and comparables sales underlying each item's declared value.
To ensure a detailed, well-researched, impartial appraisal fully compliant for insurance, tax, litigation purposes while keeping your options open should you later decide to sell your pieces, an independent appraiser is the way to go.
What is a "Qualified Appraiser"?
An IRS-qualified appraiser meets the U.S. Internal Revenue Service's specific criteria for appraising property that is subject of a federal tax return, i.e. donations, estate, and gift tax. This can include membership in a recognized appraisal organization such as the Appraisers Association of America, as well as meeting a certain level of education professional experience within an area of expertise. Qualified appraisers must also be in the regular business of providing appraisals, and meet ethical criteria outlined in USPAP.
How do you charge?
Depending on the type of appraisal and scope of work, GS Art Concierge may accommodate hourly, per-item, and project fee arrangements. A $750 minimum applies for formal desktop appraisals, and $1,000 for on-site within the Tri-State area.
USPAP (Uniform Standards of Professional Appraisal Practice) prohibits fees based on a percentage of value, as this promotes a conflict of interest.
For more information call/text +1 (973) 820-5961 or e-mail advisory@gabriellesegal.com.