What You Ought to Know About Appraisals - Yazzy's at Williamverdult.com

Below is an outline of the Appraisers Association of America's Elements of a Correctly Prepared Appraisal:

• Name and Address of Client
• Purpose of the Appraisal--Intended use: Donation, Estate, Equitable Distribution, Insurance, etc.
• Type of Valuation Used--Replacement value, fair market value, marketable cash value, etc. and Definition. 
•  Valuation Approach Used--Cost estimate approach, income approach, market data comparison approach, etc.
• Market in which valuation is applied: most common market (place).
• Market Analysis--Generic market History and possible projections for future activity.
• How objects were acquired, especially for IRS purposes.

Get an National Institute of Appraisers - Appraisal

National Institute of Appraisers

Qualifications of the Appraiser.

• Statement of Professional Qualifications of Appraisers including curriculum vitae.
• Date of Preparation of Appraisal and date on which objects were viewed and effective date of Appraisal.
• Statement of physical inspection or method used in determining value. Any qualifications?
• Statement of "disinterest" on the part of the Appraiser.
• Statement that the Appraiser has not been "disqualified" by the IRS (for IRS Appraisals).
• Statement of Assumptions and Limiting Conditions. 
•  Statement of Fee Structure--Statement that the Appraisers fee is not contingent on appraised value of objects.
• Statement of belief in authenticity that the appraised object(s) correspond to description(s) listed in the Appraisal.
• Clear division of appraisal when one or more than one appraiser is involved. Who did what? Inclusion of curriculum vitae of consulting appraiser.
• Thorough Description of Appraised Objects--Measurements and weights when applicable.
• Brief biography of the artist when necessary. 
•  Provenance (if available).
• Exhibition and Publication History (if any).
• Statement of Condition of Appraised Objects.
• Comparables and related analysis, when necessary.
• Firm Statement of Value--Not estimates, except when followed by detailed explanations of qualifications. 
•  Signature of Appraiser(s) and Tax ID number(s) when appraisal is prepared for IRS purposes.
• Statement of number of pages in appraisal.
  
  In summary, an appraisal respecting these criteria compiled by a suitable art appraiser should suffice to: substantiate charitable donations, settle estate issues and justify the asking price for a painting, sculpture, print or other artwork to be offered for sale in private or at auction.

Technorati tags: Alton Perkins, art, artwork, donating art, buy, sale, fine art, money, tax, Fair Market Value, price, appraisers, painting, Sotheby's, Christie's, masterpieces, Collectors, Mei Moses index, stocks, www.williamverdult.com, William Joseph Verdult, owns Verdult artwork, eBay, Bids4assets.com, Bell South, the Dutch Master, buy and sale, lithographs, original, artist, master king Tut, geisha, William Verdult paintings appraisal, www.verdulbluebook.com, artnet.com, Christies, Butterfield'startup, Art Financing