I have a confession to make. When I organize my clients, I truly do not know the value of their possessions. Nor is this my area of expertise. Just last month as I was helping a client downsize, I uncovered a rifle that looked to be 100 years old. My client didn’t even know her husband (who had passed many years back) had a gun! This shocked us both and we now had the follow-up task of research.
This is why I turn to professionals like Lynn Magnusson of The Magnusson Group (wwwthemagnussongroup.com/) to get professional advice as to what’s worth what in today’s market and which market items should be sold in what platform to get the most money. When her last newsletter came across my email I asked her if I could creatively borrow it for my next ezine. So I’d like to share the three reasons for appraisals below.
The Three P’s
By John Viebrock, Appraiser’s Assistant
Insurance appraisals protect your investments from loss by theft, fire, flood or other natural disasters by having your valuable antiques, works of art and jewelry professionally appraised and scheduled on your insurance policy. A detailed appraisal indicating Replacement Value from a professional appraiser will greatly assist you in the resolution of casualty claims.
Estate Planning, Downsizing, Equitable Distribution, Liquidation
Create a plan for what to do with the items that you or your family members have accrued over the years by hiring a professional appraiser to determine the Fair Market Value of your items. The Fair Market Value will give you an accurate determination of the value of your items to assist you with your needs whether it is for Estate Tax/planning, downsizing your estate, equitable distribution in a divorce or estate, or liquidation of your assets for retirement.
When donating to any Non-profit organization the IRS requires a professional appraisal on all non-cash donations exceeding $5,000. Your appraisal will determine the Replacement Value of the donated pieces to give you the correct write off on your taxes.
Why do I need my antiques and fine art appraised periodically?
There are a number of reasons to have your pieces appraised by a professional appraiser, from simple curiosity to complex estate management. A qualified and professional appraisal can also assist you in the proper and profitable disbursement of your collections. There are professional and ethical standards that apply to the combined services of consultation and appraisals. Remember it is very important to discuss your ultimate goals for your appraisals in advance.