APPRAISAL SERVICES
Appraisals
Services We Provide Nationally & Internationally
Valuations That Withstand Challenge
A properly prepared appraisal report is a sound legal document, a document you can stand behind when defending the valuation of your decorative and fine arts. Not all attempts at valuation are equal. Sales receipts or a one-page letter with an opinion of value will break down when challenged.
Our meticulous research and thorough analysis of comparable sales and current market conditions gives clients confidence and security in our appraisals. That’s how ArtFortune establishes a justifiable value – one that meets the strict requirements of insurance, legal, financial and governmental institutions – one that clients trust and can count on.
Types of Appraisals
Insurance Coverage & Damage/Loss Claims
“An ounce of prevention is worth a pound of cure” – Benjamin Franklin
Our clients know that having complete coverage up front is far better than relying on blanket policy coverage when guarding against the risk of damage or loss to their fine and decorative art collections. How do you ensure you have adequate coverage? An up-to-date appraisal, compliant with your insurance carrier’s requirements, determines the accurate replacement value for coverage.
We provide our clients sound appraisals, based on up-to-date market conditions. Should part or all of your collection incur damage or loss, that up-to-date appraisal with our accurate value conclusions will eliminate the chances of disputes making the claims process easier and ensure complete compensation.
Probate/Estate & Gift Tax
The IRS and courts have strict rules for probate and estate tax reporting. Appraisals by an expert independent appraiser are usually required to establish the estate’s value. At ArtFortune, we are experts at appraising antiques, decorative arts and fine arts.
Our clients count on us and our experience to compile the fair market value appraisals they submit to the IRS. We keep up to date on all IRS reporting requirements, by regularly attending IRS seminars. When a question arises, we consult directly with the IRS Art Advisory Panel to ensure we comply with their reporting procedures. The diligence, meticulous research and thorough analysis we invest in putting together your fair market value appraisal ensures your value claims will be accepted by the IRS.
Estate Planning
Knowledgeable clients plan ahead for the distribution of assets in their estate. Good estate planning should reduce estate distribution related expenses, including taxes, and assure the desired transfer of assets to heirs. In order to develop the most effective estate plan possible, your advisors need a complete accounting of your net worth – one that encompasses all your valuable assets, including your fine and decorative arts.
ArtFortune knows what’s required to correctly value your works of art for effective estate planning. We frequently advise clients on valuation questions and provide them complete fair market value appraisal reports of their artistic assets – giving them confidence that their estate planning efforts will be thorough and accurate.
Charitable Donations
Donating all or part of your fine and decorative art collection to a public or charitable institution passes on a significant benefit to the community. That generosity is recognized by the IRS in the form a charitable donation deduction, but qualifying for the deduction is often not straight forward.
There are a number of factors, including usage, that dictate whether the donation qualifies as a deduction or not. ArtFortune has prepared numerous appraisal reports that meet the strict requirements of the IRS for charitable donations. Clients count on our thorough appraisals to qualify for the deduction.
Divorce & Division of Property
The dissolution of property requires fair, objective and impartial valuations. We work with attorneys and clients to determine accurate fair market values of the parties’ fine and decorative arts in order to assist with an equitable division of property.
Collateral Valuations
More and more lenders are recognizing the value of art as collateral for loans. Lending institutions require well documented and substantiated valuations of the works that will be used as security. ArtFortune will determine an accurate and defensible valuation of your decorative and fine arts that meets the lending institution’s underwriting requirements.
Artists’ Estates & Blockage Discounts
The art work that remains in the estate of an artist presents unique valuation issues. An artist’s estate may comprise hundreds or thousands of objects. The estate tax considerations may seem daunting to an executor, and you need an appraiser who is familiar with the complexities of valuing a large number of works by one artist. We are experienced in utilizing the business valuation principle of blockage for valuing artists’ estate holdings of unsold works for estate tax purposes. Our expertise in this area enables us to prepare highly substantiated reports that will withstand the scrutiny of the IRS.
Collection Management Services
Information You Can Act On
We provide advisory services to corporate, institutional and private collectors who are either initiating or expanding their fine art collections. We determine the appropriate market levels (i.e., auction, gallery or other venues) and value estimates for sales or purchases.
We deliver market studies that help clients reduce risk when making important decisions about their collections. Services include:
- Sale and purchase consultation
- Art investment advice
- Market condition analyses
- Authentication research
- Mark and inscription identification
- Collection cataloging
Provenance Research
Provenance (from the French provenir, “to come from”), is the chronology of the ownership, custody or location of a historical object. The term was originally mostly used in relation to works of art, but is now used in similar senses in a wide range of fields, including archaeology, paleontology, archives, manuscripts, printed books, and science and computing.
Estate Sales
Our estate sale services begin with understanding your current situation and your goals, our job is to facilitate the entire process while minimizing the stress for our clients. Once you hire ArtFortune, you will be handing over all the stress, clean up, selling and organization to us and feel instant relief. We love what we do and it shows.
Appraisal Process
Research
When trying to ascertain the value of your artwork, auction records for that particular artist can be useful. Here at ArtFortune we can determine whether your artist has any auction records, even if you can’t see the prices of those works realized.
Analyze
ArtFortune’s expert appraisers are precise on inspection of the object, a determination of its condition, along with research into provenance and analysis of current market data into sales and auction records.
Estimate
ArtFortune’s expert appraisers are precise on inspection of the object, a determination of its condition, along with research into provenance and analysis of current market data into sales and auction records.
Delivery
Appraisal reports are prepared with a thorough inspection of the object, along with research into provenance and analysis of current market data into sales and auction records.