FREQUENTLY ASKED QUESTIONS
We keep track of the questions we get and decided to list some of the most common, along with some brief answers:
Let us know if you have any more questions that we can answer.
What do you mean by, what is the purpose of my appraisal? What we're asking is. Is it so you can insure an object against damage or loss? Donate it? Put it up for sale? Invest in it? Figure out how to divide your estate? The "appraised value" varies, reflecting your "purpose." No purpose, no way to come up with the appraisal that you need.
Why is it important for me to remember where I got my artworks? One of the most important buzz words in the art world is "provenance". This is the chain of ownership that connects you to the person who made the object. The more links in the chain we can make usually translates into higher value. Believe us when we say, your time spent thinking about this, searching through papers, talking to family members, is worth your while.
What on Earth does "Fair Market Value" mean? If that's your question, rest assured, we get asked that every day. It's a legal concept, a tax concept. And so, confusing. It's worth understanding, however. And it means this: the value of an object in the marketplace at this very moment, based on what a knowledgeable, willing and unpressured buyer would probably pay to a knowledgeable, will and unpressured seller. When would this mean something to you? When donating a work or distributing an estate.
What about "Retail Replacement Value"? Another question we get asked a lot. And the answer is this: The amount it would cost to replace your object with one of "similar and like quality" if purchased in the most appropriate marketplace within a limited amount of time. Let's say the family cat knocks over your prized antique porcelain vase. You'll probably want your insurance to "make it right" sooner rather than later. So Retail Replace Value is almost always higher than Fair Market Value.
Why are you asking me for "family stories" about my artwork? Family stories about a beloved object (even if you're the only one who loves it) may contain information useful to the appraisal. Frequently there are details that mean nothing to our clients, but quite a bit to us.
Why is it important to know when an appraisal needs to be finished? The IRS has rules (but you knew that). In their eyes, appraisals have to be done within certain time frames. This affects donations and estates. We want to make sure we meet your deadline.
Why are you asking me to take my artworks...off the wall, out of the cabinet, down from the attic? We're happy to do any of this in an appraisal, but you can save some money by doing this yourself, rather than paying us to do it. We arrive and immediately get to work.
How can I get references on you? We're happy to give you people to contact. You can also contact the Appraisers Association of America in New York; 212-889-5404 / aaa@appraisersassoc.org / www.appraisersassoc.org.
Let us know if you have any more questions that we can answer.