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Disclaimer: Before we get into this blog, please note, Kuehnert Appraisal & Consulting is not a law firm or a tax consultancy. You should always consult with your estate attorney or tax professional for your specific tax or estate questions or situations.
When individuals choose to share their art collections through charitabledonations, a profound impact is felt not only within the art community but also in the broader sphere of philanthropy. The Power of Art Philanthropy: Charitabledonations of art serve as a dynamic force for positive change.
Reasons of valuations for tangible property can include estate and probate purposes, equitable distribution, insurance coverage, charitabledonations, dissolution of marriage, and bankruptcy. Appraisers may also assist with consulting and estate liquidation.
Artwork Donation: Donating artwork to museums, galleries, or charitable organizations often requires an appraisal for tax purposes. The appraisal establishes the artwork's fair market value, which is crucial for claiming deductions on charitabledonations.
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).
Katja consults with collectors as well as insurance and financial advisors on the physical and financial protection of their passion investments. Brooke Mellen, a Former Risk Manager at Sotheby’s who now runs Cultured Forest chatted with Katja about New Year’s resolutions in relation to art collecting.
If you prefer in-person assessments, and are located in the greater Northwest Pennsylvania area (Cleveland to Erie to Buffalo and down to Pittsburgh), Penrose Appraisals can also provide tailored appraisal services, especially for significant occasions like insurance, charitabledonations, or equitable distribution. Specialization.
Fair Market Value is used when a collector is settling an estate, needing equitable distribution, or making a charitabledonation. Consultations were completed with several dealers and scholars who specialize in the works of [artist]. Names of who I consulted with are listed in the bibliography. Be realistic on deadlines.
He public art consultant. Gregory | ASA, CVA, Qualified Mediator with the MN Supreme Court | Founder | Michael Gregory Consulting, LLC Michael Gregory, ASA, CVA, is the founder of Michael Gregory Consulting, LLC. He is a highly sought after speaker, consultant, and conflict resolution expert.
Accurate valuation, efficient estate administration, tax considerations, future planning, and protection of your interests are all valid reasons to seek a professional appraisal. Contact us today by calling 410.871.2017 Harrison Appraisals LLC is not a law firm or public accounting firm.
When to Use: Estate planning Divorce settlements IRS-related charitabledonations 3. For personalized guidance, consult a certified jewelry appraiser who can provide clarity and accuracy for your specific situation. It reflects the realistic cash return from selling the item, accounting for market demand and selling costs.
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