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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.
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. Appraisals are crucial in the art market, providing essential information about artworks' value, authenticity, and condition.
On the other hand, if the appraisal is for equitabledistribution, as in the case of a divorce, then the appraiser will be looking for fair market value and this is most typically determined by looking at recent auction results.
This valuation is crucial for various legal and financial purposes, including estate administration, taxes, equitabledistribution, and potential future transactions. 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 can be especially helpful if there is a desire to ensure the equitabledistribution of items to heirs. An appraiser can be consulted to provide valuations for items in the inventory, thus ensuring that the valuations are determined by a neutral party.
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, charitable donations, or equitabledistribution. Estate settlement.
In this situation, a collection is likely to fall under the control of an executor who may choose to liquidate the collection altogether to allow for an equitabledistribution of assets. Having no estate plan in place is easily the worst scenario.
In this situation, a collection is likely to fall under the control of an executor who may choose to liquidate the collection altogether to allow for an equitabledistribution of assets. Having no estate plan in place is easily the worst scenario.
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. Consultations were completed with several dealers and scholars who specialize in the works of [artist].
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. If authentication is required, consulting a specialist or an authentication committee may be necessary.
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