All appraisals conform to the professional guidelines of Uniform Standards of Professional Appraisal Practice (USPAP), The Code of Ethics of the Appraisers Association of America, and the American Society of Appraisers.
Types of appraisal reports:
Insurance
When you need to secure insurance for part or all of your collection, we provide appraisals that protect the value of your works and are recognized by major insurance companies.
Damage & Loss
As the preferred vendor for a number of national and international insurance providers, we are experts in assessing, appraising, and offering advice for any damage or loss within your collection.
Estate Planning + Appraisals
We will assist you and your family with preliminary financial planning for future decisions regarding your collection. Knowing the value of your collection will be important when calculating the value of the Estate for tax purpose.
Charitable Donation + Gift Tax
We assist our clients with requirements to provide appraisals for tax purposes in the event of a charitable donation or gift tax. All of our appraisals meet strict guidelines.
Marital + Equitable Distribution
Our appraisals can serve as a helpful and evaluative guide in making decisions about how to address the scope and value of your collection for an equitable division of property.
TYPES OF VALUE:
From the highest:
Replacement Value
The amount it would cost to replace an item with one of similar and like quality purchased in the most appropriate marketplace within a limited amount of time. This is a value that is applied to insurance policies, and is the highest valuation figure for personal property.
Fair Market Value
Fair Market Value is the price that property would sell for on the open market between a willing buyer and a willing seller, with neither being required to act and both having reasonable knowledge of the relevant facts. This is the value that is accepted for estate tax liabilities, as well as charitable gift donation appraisals.
Marketable Cash Value
The value realized, net of expenses, by a willing seller disposing of property in a competitive and open market to a willing buyer, both being reasonably knowledgeable of all relevant facts, and neither being under constraint to buy or sell. Marketable cash value is used in inequitable distribution situations, when the tangible property may be exchanged for cash.
What is USPAP
The Uniform Standards of Professional Appraisal Practice.
The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States.
USPAP was adopted by Congress in 1989 and contains standards for all types of appraisal services, including real estate, personal property, business, and mass appraisal.
USPAP is updated every two years so that appraisers have the information they need to deliver unbiased and thoughtful opinions of value.
The Appraisal Foundation is the source of appraisal standards and appraiser qualifications.
The Appraisal Standards Board (ASB) sets the minimum standards, known as the Uniform Standards of Professional Appraisal Practice (USPAP).
Note: It is much less likely to question appraisals completed by USPAP compliant appraisers.
To know more about fine art appraisal services in Southampton, New York, call us today at