Why hire Elizabeth? Why might you need an appraisal?
There are many reasons that you might want an appraisal of an object or a piece of art.
You want to avoid selling an object that will gain value over time.
You want to insure an object for Appreciable Value coverage, which is not automatic in most Homeowner’s Policies.
You want to resell something, and you don’t know how much to ask, where sell it, or if the time is right to sell it.
You want to know the collective value of the great things in your home so that you can plan to leave them fairly to your heirs.
You want to donate a work of art to a museum or charity, and would like to be assured of the tax credit.
You are the executor of an estate and have no idea of how to value and sell the items.
You are moving house and need to know what to sell, for how much, and what to give away.
You are tired of an object and want to plan for ways to maximize the sale.
You want to plan for or against personal property estate taxes.
For any of these reasons or others, you need Elizabeth, a qualified certified appraiser with many years of experience.
Hiring a certified appraiser, you can be assured that the federal standards for appraisal research and preparation will be followed. A certified appraiser will not work for a percentage of value or a commission because this may lead to a conflict of interest. A certified appraiser constantly retrains to keep up with the changing tax codes, legal issues, and trends in the art world. And a certified appraiser will know how to research ANY work of art or antique to find the current and proper market value. Many appraisers are not certified; make sure you choose one who is.
How much is an average appraisal?
A certified appraiser bills by the hour, and the more research an item requires to find an accurate value, the more time is required. Experienced appraisers are usually very fast and adept in research. Generally, Elizabeth can complete an appraisal for insurance or for resale purposes for $500 or less.
Do I need an appraisal?
If you have ever lost anything of value or have had a cherished item damaged, an appraisal would have been crucial for filing a claim. An appraisal protects, through documentation, and gives an accurate projection of value. If you are looking to sell an artwork or an antique, an appraisal will identify the highest markets in which to sell the item. Elizabeth can often offer suggestion on private buyers, collectors, and galleries and shops due to her long tenure in the field, although an appraiser does not generally sell the item personally. The client is armed with an objective estimation of value as well as expert opinions on the markets.
Do I have to have a written appraisal report?
Although a full report is necessary for some needs, such as estate tax appraisals or insurance appraisals, not all appraisals are written in full length. Elizabeth can offer a letter of opinion or evaluation in many cases, which is very affordable. An appraisal report is a formal statement which relies on a correct and individualized market approach suited to the purpose of the appraisal itself, and consists of a full description of your art or antiques or collectibles, an analysis and a condition report, along with provenance and background information. It includes statements of actual comparable sales in the recent market, and a single proper cost or price point. It includes measurements, photographs, historical or biographical information, and it is a document which can be passed on to family along with the object.
What kind of training makes an appraiser “Certified”?
Elizabeth is a Certified Member of the Appraisers Association of America, which means she is not just qualified in some areas of artwork, furniture, or collectibles, but has made the peer-examined commitment of following certain formal rules of ethics and research techniques. What is most important is not that the appraiser is an expert in a narrow field of one artist’s oeuvre but that she has had years of experience in the art and antiques market, has great research tools used in a trained methodology, and has an aptitude for sleuthing! A Certified Member is tested every three years in a formal classroom setting, led by appraisal education leaders and peers. The exam covers existing and forthcoming changes to the rules and regulations of the Uniform Standards of Professional Appraisal Practices. Furthermore, the Appraisers Association of America stipulates that Certified Members complete yearly mandated hours of professional studies in Material Culture, publication opportunities, further appraisal regulations classes and conferences, and mentoring opportunities. One of the foremost areas in which membership is measured is strict ethical regulations and professional conduct. All these professional benchmarks are reviewed yearly.
Help! I am an executor of an estate, and I don’t know what to do with all this stuff!
Elizabeth has had 30 years of working with clients through just that problem. Although it is an honor to be named executor, it is hard work, and difficult choices may be made much easier if you know proper objective value. Elizabeth also may suggest what to donate and help the estate receive charitable donation tax credit, or what and where to sell. Elizabeth has years of experience and understands the legal community’s needs, and serves with offices on both Coasts.
How often should I update an inventory of my possessions or my appraisal?
With fluctuating markets, and especially with fine art, the demand for an artist’s work changes rapidly, as does the demand for period furniture. Demand influences value greatly. You should have an appraisal update every three years. You should do a self-inventory of your household every year, and think about what needs to be insured, and have that added to your appraisal. It’s inexpensive way to protect your valuable assets.