What is the purpose of having ones art collection appraised? What justifies spending money on this service?
I do appraisals for Insurance Coverage, Charitable Contributions and IRS deductions, Equitable Distribution (usually a divorce or estate), Estate Tax Liabilities and re-sale valuation. It depends on the type of artwork you have and the value. Most insurance companies do not require an appraisal unless the value is over $5000, but some prefer to have all of the appreciable assets (art, & antiques) to be separately listed on a separate insurance Schedule It is called Scheduling in Insurance terms. The IRS now requires a qualified appraiser for all artwork donations over $5000 and household contents over $500. The IRS definition of Qualified includes membership in one the accepted appraisal organizations.
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