FAQs
Collections in Context provides appraisals that conform to standards required by the Internal Revenue Service (www.irs.gov), the legal community, and insurance companies.
Here are some helpful FAQs to guide you in selecting and arranging an appraisal of your objects or collections.
Q: What services does a Fine Arts appraiser offer?
A: A Fine Arts appraiser develops an unbiased, well-developed and well-documented estimate of the value of your art based on all available factors and according to several approaches to value. A Fine Arts appraiser or a Personal Property appraiser might use several methods to determine value: a market data comparison/analysis, a cost-data approach, or an income approach. Most appraisers use the market data comparison approach to arrive at a value for your personal property.
Q:What kinds of value are developed in an appraisal?
A: When contracting with an appraiser, determine what is the purpose of your appraisal. If you are donating an object or if you are representing an estate, the IRS has specific requirements for a written appraisal and requires a "fair market" valuation. For insurance purposes, a collector will require an appraisal that carries an "insurance replacement" value. At the begining of an appraisal, it's best to discuss your particular needs with a qualified appraiser.
A. At various times in your life, you may need a professional estimate of value for your art works. You might ensure that your art is fully insured against any loss, damage, or theft. Or, if you have to sell your art, you ought to determine that you are not underselling your art. Finally, if you are thinking of estate planning, you'll want an independent appraisal to set the value of any art that is to be distributed among family members.
Qualified, written appraisals are also necessary if you want to donate an object. The IRS requires written, qualified appraisals for each object or groups of similar objects valued over $5,000. See our special page Forms and Guides for links to more information. A: Collections In Context will prepare a written report and provide you with a PDF version of the report. Each report is written according to the format of the Uniform Standards of Professional Appraisal Practice (USPAP) and each report contains a complete and accurate description of the object. The report also includes the object's dimensions, its location, and an assessment of its condition. The report will provide the approximate date, the artist (if known) and other identifying materials such as provenance or inscriptions and other historical documentation. A digital image is also provided in the report.
The appraisal report also includes a discussion recent comparables and sales as well as an assessment of the importance of the art work. Finally, the report contains a statement by the appraiser that he or she has no financial interest in the property, the appraiser's qualifications, and the appraiser's signature.
A: With today's volatile art market, it is recommended that your appraisals be reevaluated every five years.
A: Collections in Context bills for its services on hourly basis. We do not charge a percentage of the appraised value or set a contingency fee. In certain cases, a travel fee is charged. Please contact us for a summary of our fee structure.
Q: If I am just curious about the value of my art works, do I need a written appraisal?
A: No. But, checking online databases or online auctions may give you inaccurate values. Some values are out-dated or the results of market "blips." Some values do not hold up or increase at certain times. Many values might include (or not include) buyer's premiums and other costs calucated in an object's value. In cases when you need an approximate value, it's best to contact an appraiser to see if you can obtain a "Professional Opinion of Value" in lieu of a formal appraisal. Collections in Context offers "Professional Opinions of Value" whiich is not a formal appraisal, but follows the USPAP guidelines.The cost of a POV is often less because a written report is not required.
Q: Is an appraisal a "Statement of Authenticity" for an object or group of objects?
No. An appraisal is a document that only determines a particular value of an object and is not intended as a certificate of authenticity.
Q: Does Collections in Context offer one area of appraisal expertise?
No and Yes. Our training and expertise is extensive in the areas of modern art, contempoary art, Judaica and antiquities. However, we can provide appraisals in other areas of collecting. If we don't feel qualified to appraise an object, we rely upon a network of specialists in areas beyond our expertise.