BLACKWOOD ASSET ADVISORS
Fine art and furniture appraisals to assist with insurance coverage, estate, equitable distribution, damage/loss and donation.
APPRAISAL TYPES
INSURANCE COVERAGE - DONATION - RESALE - LOSS - ESTATE
There are various objectives when writing an appraisal. The scope of work is determined by the client's objective and use.
INSURANCE COVERAGE
Appraisals are an important part of owning art, and for protecting your art investment. Art values can change quickly and insurance coverage should be current to insure proper coverage in the event of damage or loss.
All insurance claims will require two things:
a. Proof item existed
b. Value of item at time of loss.
CHARITABLE DONATION
Appraisals that have the intended use of charitable donation must meet stringent criteria of the Internal Revenue Service.
The IRS mandates that any charitable contribution of an item with a fair market value of more than $5,000.00 must have a certified appraisal by a qualified appraiser attached to your return, as well as the submission of IRS form 8283.
For Tax purposes, the IRS only accepts the Fair Market Value (FMV) of an artwork as a basis from which to begin your calculations - no matter what the circumstance of the deduction or payment may be.
Appraisal reports for the IRS are the most complex type of report and require a reasoned justification by the appraiser of the Fair Market Value of the item(s) donated. Items with a FMV over $20,000.00 should be submitted with a professional 8 x 10 photograph or 4 x 5 transparency.
RESALE VALUE
An appraisal can also be used to inform a client as to what their artwork is worth before making it available for sale. This arms the client with an impartial, independent assessment of their property when going into the marketplace.
DAMAGE OR LOSS
In the event of damage or loss, an appraiser can provide valuation for the replacement cost of that property, or the cost to restore or repair the property to make the client "whole".
ESTATE
There are many situations when an appraisal of personal property is needed for estates: To provide FMV for estate tax, probate, trust inventory, equitable distribution and estate planning.
Expert witness in trials related to equitable distribution of property and insurance claims.