Insurance Appraisals are a very important part of owning art.

Appraisals enable the insured to have the correct amount of insurance coverage

Provide proof the property existed

Provide proof of the property’s pre-existing condition

In the context of an insurance claim, it is often necessary to determine:

The value of the artwork prior to the loss

The extent and nature of the damage

The potential for conservation or restoration

Any resulting diminution in value

The IRS mandates that any charitable contribution of an item with a fair market value of more than $5,000.00 must have an appraisal by a "qualified appraiser" attached to your return, as well as the submission of IRS form 8283.

An appraisal can also be used in many other ways, including: Resale; Dividing property in a divorce or other family situation; Dividing property among heirs or beneficiaries; obtaining a loan

If the decedent owned at the time of death works of art or items with collectible value and if any one item or collection is valued at more than $3,000, then an appraisal by a qualified appraiser is required by the IRS