Much like a real estate appraisal, a personal property appraisal is the process of developing an opinion of value based on market research and comparable properties and expressed in a specific dollar amount. Our firm specializes in preparing written appraisal reports of personal property with a focus on antiques, fine art, midcentury modern and contemporary furniture, decorative arts, and general household contents. All appraisals conform to The Uniform Standards of Professional Appraisal Practice (USPAP) and the Code of Ethics of the American Society of Appraisers.
The most common reasons a client may need an appraisal are for:
federal estate tax returns
estate planning & settlement donations
equitable distribution of assets
bankruptcy
divorce
insurance coverage
loss claims
purchase/sales advisory
Often a client does not need an appraisal of their personal property, but rather a formal inventory. We perform total or partial inventories of collections and household contents, with detailed item descriptions, measurements, materials used, date of manufacture, condition, and digital photographs. Inventories are especially essential in documenting collections for insurance coverage or as the groundwork for estate planning. Such inventories can be used as the basis for an actual appraisal at a later date and are a cost-effective way for families and estate planners to document and organize a collection.