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Value matters and an art appraisal completed by a qualified art appraiser can save you substantial money by not selling too low, insuring too low, or paying too much in estate tax or equitabledistribution. Curiosity and Documentation: Sometimes, obtaining an art appraisal is driven by personal curiosity.
Reasons of valuations for tangible property can include estate and probate purposes, equitabledistribution, insurance coverage, charitable donations, dissolution of marriage, and bankruptcy. Appraisers may also assist with consulting and estate liquidation.
Even if you are familiar with the items and believe you have a good understanding of their worth, a professional appraisal ensures an accurate and documented valuation. This valuation is crucial for various legal and financial purposes, including estate administration, taxes, equitabledistribution, and potential future transactions.
But there are other reasons as well, such as settlement of an estate, donating a piece or collection to an institution, equitabledistribution in a divorce, or wanting to know an accurate market value before selling a work. I then ask for any and all documentation they have regarding the art and or whole collection.
this is particularly important and there are resources you can find specifically designed to help you document and track important papers) The existence of a will and whether it is up to date. This can be especially helpful if there is a desire to ensure the equitabledistribution of items to heirs.
A professional appraisal ensures you have accurate documentation for financial and legal purposes. Legal Matters and Divorce Settlements In cases of divorce, bankruptcy, or disputes, an independent appraisal can be necessary for legal proceedings to determine an artworks value for equitabledistribution or financial settlements.
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