What do I have?
Where do I go from here?
How do I make the most of this asset?
These are some of the questions that lead our clients to begin the search for a qualified appraiser. At California Art Advisory, not only do we produce professional appraisal reports suitable for any legal, insurance or tax-related purpose, we also pride ourselves on sharing our resources with the public whenever possible. Solving art mysteries ourselves is always rewarding, but so is empowering those who have inherited or uncovered artworks to start to answer some of their questions on their own.
Why do you need an appraisal?
We perform the retail replacement valuations used to establish or update insurance coverage for your art collection. Since retail pricing is often significantly higher than fair market (auction) values, basing your coverage on current retail pricing makes it easier for you to purchase a replacement in the event of a loss - otherwise, you may be stuck waiting for a suitable replacement to come up at auction. A word of caution: relying on insurance appraisals for purposes of estate or donation planning is not advisable, as the IRS requires you to submit fair market values in those cases.
Whether required by the IRS for tax purposes, needed to determine equitable distribution, or used by financial planners to establish a trust, a fair market value appraisal brings essential clarity to the often complicated process of settling an estate.
Donating art can be a complicated process, and we are here to advise and assist at any stage. A speculative appraisal can determine if a donation makes sense for you. If the art has already been gifted, the IRS requires a detailed fair market value appraisal in order to claim your full tax deduction.