Valuation & Appraisal

What it is. Valuation and appraisal services produce a written opinion of a work's value, prepared to the evidentiary and methodological standard required by its purpose — insurance replacement, estate administration, charitable donation, equitable distribution, or sale.

Method. The correct approach depends on why the valuation is needed. A Date of Death appraisal (DDR) establishes a work's value as of a specific date for estate tax and probate purposes, using comparable sales and market conditions prevailing at that date rather than the present. A Fair Market Value (FMV) appraisal — the standard applied for charitable donation, gift tax, and many equitable-distribution matters — reflects the price a work would command between a willing buyer and a willing seller, neither under compulsion, both reasonably informed, typically as of the current date. Insurance replacement valuations are a distinct, generally higher figure reflecting retail replacement cost rather than open-market resale value. We identify which standard applies before research begins and document our comparables and reasoning throughout.

Why it matters. Using the wrong valuation standard — retail replacement value for a tax filing, for instance — can expose an estate or donor to penalties, disputes with tax authorities, or a report that a court or insurer will not accept.

How to engage. Assignments begin with identifying the intended use of the appraisal, since that determines the applicable standard, format, and level of detail required. Reports are prepared in a form suitable for submission to the relevant authority, insurer, or counsel. By appointment.