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Your appraiser will also use knowledge of recent sales of comparable works to determine the artwork’s value. You will be provided with a comprehensive report including a description of the work, the valuation method used and the final appraised value. You can learn more about insurance appraisals in this blog post.
The IRS came to view the ADAA’s appraisals as reliable, and as a result, the art collectors’ ability to financially benefit from their donations was preserved. Today, with over 180 members, the ADAA has expanded its appraisal services from donation to also include estatetax, gift tax, and insurance.
Watch: Certified appraiser Ray Nugent explains how personal property estateappraisals work and why they matter for IRS, probate, and more. The accredited appraisers at ValuePros produce certified appraisalreports that meet all USPAP (Uniform Standards of Professional Appraisal Practice) standards.
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