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Appraisals are crucial in the art market, providing essential information about artworks' value, authenticity, and condition. Many insurance companies require a professional art appraisal to determine the appropriate coverage and premiums. This critical step will help safeguard the donor to determine an accurate, fair market value.
This quote is in the context of IRS Publication 561, which provides guidance for determining fair market value for charitabledonations; therefore, this quote must be understood within that specific context and intended use. Chapter 11 in the Core Course Manual discusses insurance coverage and claims.
Common types of appraisals include: Insurance Appraisals / Retail Replacement Value Appraisals Estate Appraisals CharitableDonation Appraisals Fair Market Value Appraisals / Financial Planning Antique Gold and Blue Enamel Bracelet , France. Sold for $2,500 via Doyle New York (February 2020).
A skilled appraiser carefully studies the history, authenticity, and condition of each item to determine their worth. A professional appraiser is one who has received training and area certified in the accurate assessment of value, authenticity, condition, and other important aspects of antiques, fine art, and other personal property.
For instance: Replacement Cost Value is used when a collector needs an appraisal for insurance coverage. Fair Market Value is used when a collector is settling an estate, needing equitable distribution, or making a charitabledonation. An object can have different values, depending upon the function of the appraisal.
As a certified member of the International Society of Appraisers and the Authentic Tribal Art Dealers Association (ATADA), Maranda adheres to the highest professional standards in appraisal practices.
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