FINE ART AND ESTATE APPRAISALS
For over 12 years, MKG has provided appraisal reports tailored to client needs, appraisal intended use, time frame, and budget. We perform appraisals for insurance purposes, estate taxes, and charitable contributions. Affiliations include membership with the International Society of Appraisers (ISA) and the Appraiser’s Association of America (AAA). All of MKG’s appraisals are compliant with the Uniform Standards of Professional Appraisal Practice (USPAP).
What is a fine art appraisal?
The International Society of Appraisers (ISA) defines an appraisal in two ways: An opinion of value, cost, or present worth of a work of art. A written report documenting the same. An appraisal is a complex document or statement that gives an educated opinion of value of a particular item, at a specific time with a defined purpose and function.
Why do you need an appraisal?
There are many reasons why an art appraisal may be necessary. Typical requirements are for insurance scheduling, estate tax, donation/charitable contribution, equitable distribution, damage/loss, asset management, estate planning, potential sale, and acquisition.
Are MKG Appraisers qualified to perform a valuation of your work of art?
MKG Fine Art Appraisers possess extensive knowledge and experience in the fine art market and have completed formal education in appraisal theory, principles of valuation, procedures, ethics and law. MKG Appraisers are affiliated with the International Society of Appraisers (ISA). Continuing education in appraisal practice and report writing, as well as ongoing peer review of reports and practices, helps assure that MKG Appraisers maintain the highest standards of professionalism and confidentiality. MKG Appraisers are qualified in expert witness testimony, and can meet your specific legal requirements.
What should you expect from an appraisal report?
All MKG appraisal reports are prepared in accordance with the Uniform Standards of Professional Appraisal Practice and Advisory Opinions (USPAP). We follow the ethical guidelines established by the Appraisal Foundation in Washington, D.C. (a board appointed by Congress as the source for appraisal and appraiser qualifications). MKG appraisals include color photographs, fully researched and fact based fair market values, itemized cataloguing, as well as a statement of our methodology and basis for valuations.
How often do you need an appraisal?
Appraisal reports should be reviewed every 3 years to keep up with changes in valuation as a result of the fluctuating art market.
Should you go to an auction house for a free appraisal?
“Free appraisals” from auction houses are quick approximations of what the auction house estimates your art will sell for in their auction. This “appraisal” does not reflect how the art might sell at someone else’s auction or what the fair market value might be. This “appraisal” is not useful for insurance purposes, is not a method to understand what your item is worth, and it is not an unbiased opinion of value. An auction house appraisal is not accepted by the IRS for tax purposes.
What are the different types of art appraisals?
When seeking insurance coverage, insurance companies generally require documentation of the replacement value of the client’s collection.
Estate Tax
These appraisals clarify questions of property value, distribution or de-accessioning of property, and assists financial planners, attorneys and related professionals in establishing a client’s net worth as a basis for estate planning. Our estate appraisals include on-site examinations, color photographs which meet IRS requirements, full cataloguing, and valuation using fair market values, all which are carefully researched and based on documented comparable sales. Each appraisal document is meticulously produced to meet not only our standards of excellence, but those of the ISA. Donation/Charitable ContributionThe Internal Revenue Service requires that non-cash contributions of available art and other tangible personal property worth more than $5,000 be accompanied by an itemized fair market value appraisal performed by a qualified professional appraiser.
Equitable Distribution
When planning for the distribution of assets to children, or when a marriage or business partnership is dissolved, our appraisals are an important tool to make equitable distribution possible. These appraisals can also be prepared in advance to avoid conflict and confusion, should distribution become necessary.
Damage/Loss
These types of appraisals identify the value of the damaged or lost property to facilitate claim settlements and disputes. Photo documentation and examination, well informed and unbiased appraisals, as well as an extensive network of professional restoration and conservation specialists make our damage and loss reports highly sought after by top insurance companies, claims resolution specialists, prestigious law firms, private collectors, and public adjusters. Utilizing our network of conservation experts, recommendations are then made as to the proper method of restoration or conservations, the probable outcome of such treatment, and the realities of devaluation.
For further information about MKG Fine Art Appraisals, please contact Tabitha Doby at tcd@mkgart.com
“…MKG’s Director of Appraisals, Tabitha Doby, and her team have efficiently valued over 250 works from our collection, both for donation and insurance purposes. . . . MKG continually provides their assistance in a timely and efficient manner, including time sensitive donation appraisals for IRS purposes. MKG enjoys an excellent rapport with our curatorial staff as well as with the major museums and galleries which we support.” – Michael Klein