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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 estatetax or equitable distribution. Many insurance companies require a professional art appraisal to determine the appropriate coverage and premiums.
An appraised value for insurance may be significantly higher than an appraised value for planned future sale, which can be baffling and difficult to comprehend without a familiarity with the different levels of the market. Salestax is not included in the calculation of fair market value, although Bidder A may have had to pay it!
The appraisal also provides an estimated replacement value for your jewelry, which is the value insurance companies use when providing you with coverage. To get an accurate value for estate planning or tax purposes Fair Market Value is used for estate purpose appraisals. What exactly is Fair Market Value?
Today, with over 180 members, the ADAA has expanded its appraisal services from donation to also include estatetax, gift tax, and insurance. Over the years, I have spent a lot of time on the phone trying to help people determine if the painting they found in a garage sale is worth anything.
As an appraiser, my role is to provide an unbiased, well-researched valuation tailored to your specific needs, whether for insurance, estate planning, donation, or sale. Many insurance companies require a professional valuation to determine an appropriate coverage amount. It was purchased from a gallery, auction, or estatesale.
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