About the Appraisal Process

About the Appraisal Process

If you simply are curious about the current value of a treasured heirloom, you don't need a formal appraisal. Find a benefit "appraisal event" and join the crowd in line. Often these events are free. Oral appraisals are basically opinions of value that are not suitable for a tax-related, business, or financial purposes.

At various times in your life, however, you may need a formal, written appraisal report. The appraisal report is a written statement of the value of property that is well-researched and prepared according to industry and government rules. An appraisal is an unbiased third party statement of value written according to standard ethical and professional rules. In case you require such an appraisal, select an appraiser based on his or her qualifications and his or her affiliation with professional appraisal organizations. Ethical standards and professional training in the appraisal world go hand-in-hand with expertise.

Reasons for Appraisals

You may need an insurance appraisal to present to your insurance company. An insurance appraisal reflects the current retail replacement value of your fine art, antiques, furniture, jewelry or other possessions. An independent insurance appraisal offers guidelines to make "yo whole" if you should suffer damage or loss.

Or perhaps you live in an apartment building and your upstairs neighbor's fish tank cracked and rained on your art collection below? You may need a damage and loss appraisal, to determine the extent of your loss for financial settlement. An unbiased appraiser will determine the retail replacement value so that you can recoup your losses.

Many people consider donating fine art or antiques to local art or cultural institutions. The federal government encourages such philanthropic acts. However, there are now strict rules regarding how values are stated on tax returns. You will need, in the IRS's wording, a "qualified donation appraisal written by a qualified appraiser." Collections in Context will guide you through the process for submitting a qualified appraisal and help you fill out the required form.

In times of bereavement, executors/trixes often require an independent Estate Tax Appraisal, which lists the value of all items including art and antiques in a decedent's estate.

Or in times of personal change, appraisals of personal property might be needed for dividing and distributing property. An estate distribution appraisal stating fair market value will be helpful in this situation, especially if there are several parties involved. Are you involved in preparing documents for probate? Or is it your job to divide the contents of a household or distribute art or collectible collections? We provide personalized assistant for this difficult and time-consuming process.

Collections in Context is proud to provide qualified appraisals that meet the highest ethical standards and that conform to industry and government regulations. We can guide you with great care during the time sometimes disruptive and difficult time in your life when a written appraisal is necessary.