South Bay Art Appraisals
Types of Appraisals
Insurance Coverage & Damage Claims
Insurance coverage is vital for valued artwork to protect the collector's assets and investments. Most insurance appraisals should be revised every 1-2 years to ensure proper coverage as art values can change drastically over time. In the event of loss or damage to your personal property, such as theft, fire/water destruction, errors in transit etc. insurance companies will require proof that the item existed and the value of that item at the time of loss.
Value for Anticipated Purchase or Sale
When planning on selling artwork, having an updated appraisal is key to obtaining a fair asking price. When purchasing artwork, knowing the proper value of items ensures the buyer pays a fair price.
Equitable Distribution in Death or Divorce
Dividing property in situations such as divorce, death, or other family circumstances may require the use of an appraisal to value the property to ensure proper and equal distribution among all parties involved.
Federal Estate Tax Liability
Heirs/Beneficiaries often sell property that was inherited. The difference between the selling price and the value at the time of inheritance may be subject to Capital Gains tax. A Retrospective appraisal to determine the value at the time of inheritance is necessary in order to calculate the amount of tax due.
Rates
Appraisals are rated by the hour; depending on the number of pieces and their availability on the market, we can provide a project price or a cap to our hourly rate.
Please call or email for an estimate or any questions you may have. We are happy to assist.
Charitable Donations & IRS Gift Tax Liability
For non-cash donations over $5,000, the donor must obtain an appraisal of the item's or group of items' combined value from a "qualified appraiser" and attach IRS Form 8283 to the tax return to support the charitable deduction.
Consulting and Valuation Services
For those who wish to know what their artwork is worth but may not necessarily need a formal, written appraisal, we offer consulting and valuation services which provide educated opinions on the value of your artwork. These opinions do not constitute official statements of value and are not considered appraisal reports.