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FAQs

What is a Fine Arts and Personal Property Appraisal?

This type of appraisal is a complete listing of the contents of a home. Art, antiques, and silver are given special designations within the report.

When is such an Appraisal Needed?

For insurance: To ensure that all items are covered at their full REPLACEMENT value and to purchase appropriate coverage or a rider for Silver, Fine Arts, and Antiques.

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For estate purposes and for legal settlements: To fulfill the requirements of the IRS, and all courts which require that property be assigned a FAIR MARKET value.

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Donations:

 

The IRS requires that donated property be valued at FAIR MARKET or MOST COMMON MARKET VALUES.

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Before the purchase of a work of art or antique: To ensure that the price paid for a piece is a fair one—based upon a correct description by the dealer or auction house—through providing you with credible, disinterested information.

What is Fair Market Value?

The definition of fair market value given in the tax code is the price at which property changes hands between a willing buyer not under a compulsion to buy or to sell and both having knowledge of all relevant facts.

Is Replacement Value Different from Fair Market Value?

Replacement value is defined as the cost to replace a item stolen or destroyed with an identical or similar piece. For artworks and certain categories of collectibles this may be 2 to 4 times the fair market value.

What’s the Difference Between Appraisal and Authentication?

An appraisal is based upon the knowledge, eye, and expertise of the appraiser supported by relevant facts such as where or how the item was acquired. an authentication requires the help of scholars or others who have specialized in the artist or property in question and may involve the use of technical examinations and testing as well as exhaustive research. KJL Associates has an extensive research library and connections to most of the major experts here and abroad.

How Do I Choose an Appraiser?

You will want to know about your appraiser’s education and experience. Usually, someone trained in art history on the graduate level and with experience in the field would be the appropriate choice. Be aware that there are no licensing requirements on the State or Federal level for appraisers of fine art and personal property at this time.

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