What can we appraise?
We specialize in appraising fine art, including paintings, sculpture, watercolors, art glass and ceramics, prints and other works on paper. However, no appraiser can be an expert in all areas, so if necessary, we consult and work with other qualified appraisers in the valuation of appreciable property beyond fine art.
Types of appraisals
Insurance – Insurance appraisals are prepared to document two necessary pieces of information that protect the owner: that the property as described exists, and the value of the property at the time of the on-site examination. Insurance appraisals are often required by insurance companies to establish the amount of coverage required for an art collection. These documents prove crucial in the event of theft or a damage claim.
Non-Cash Charitable Contribution – For donors who are gifting items to a non-profit organization, the IRS requires the donor to obtain a qualified appraisal of the items being donated. In addition, the IRS now requires the appraiser to meet the provisions of the Pension Protection Act of 2006. As trained and accredited by the International Society of Appraisers, we meet and exceed the requirements outlined by the IRS for charitable donation appraisals of artwork. In addition, we complete the 8283 form at the time of your appraisal that is to be submitted with your tax return.
Estate (tax liability, probate settlement and estate valuation) – Memphis Art Appraisals provides estate appraisals for probate and estate planning, as well as equitable division of property among family. Our estate appraisals are based on the comparable market data approach and Fair Market Values. Estate and probate appraisals comply with the standards and guidelines put forth by the Federal Treasury Regulations and the Internal Revenue Service.
Divorce and Equitable Distribution Appraisals – Equitable Distribution Appraisals, which are based on Fair Market Value, are often used for distributing property in divorce settlements. Since values are determined according to USPAP standards and ISA guidelines, only one appraisal is necessary and can usually be used by all parties involved. This type of document can also benefit clients wishing to distribute antiques and artwork among their children or distribute to various heirs of an estate.
What is the process?
After an initial phone conversation, we will set an appointment for an on-site examination. At that time, we will examine all property using applicable methods including UV light. Examination time can vary depending on the object. We do ask that you provide us with access to previous appraisals, bills of sale or invoices and other documentation to expedite the process.
Following on site examination, we will conduct off-site research. Value conclusions are based on comparable sales analysis for each item including:
- Identification of Marks and labels
- Identification of artist or maker
- Verification of date of creation
- Investigation and evaluation of applicable markets
- Consultation with other experts if necessary
The client is provided with a bound printed document signed by the appraiser, which includes object description, value and definitions of those values, photographs, market analysis, and the appraiser’s certification and credentials. (Additional copies can be supplied for an additional fee).
Appraisal fees are based on an hourly rate plus expenses and include factors such as travel, on-site time, research time, documentation and report writing time. Fees are never based on the value of the objects under evaluation.