Why Commission Art Appraisal?
Our Art Appraisal for Insurance Coverage or Insurance Claim-Settlement will provide you with the crucial information you need to know in working with an insurance agent. Every work of art is unique and irreplaceable. A well-prepared value statement in an appraisal report will help you and your insurance agent take precautions to prevent or minimize loss. Our expertise, scholarly research on your object, and professional presentation of our value conclusion will convince your insurance agent why your art work is unique and irreplaceable, and why it should be protected and preseved properly.
Our Consultation Appraisal for Acquisition (buy) will equip you with the knowledge of the sophisticated global art market. To begin with, inspiring works of Chinese art have an aesthetic quality and a history that are difficult even for Ph.D.’s to appreciate and explain. In addition, the art market is quite unlike the real estate market, in that it is mysterious, difficult to learn about, and subject to significant fluctuation. You can’t just look up the previous sales records for the object you wish to buy. These important pieces of knowledge, however, are provided in a professional art appraisal for acquisition. Our art experts (Ph.Ds) are happy to serve as an extra pair of expert eyes on your behalf and help you build up a first-class art collection.
Our Consultation Appraisal for Disposition (sale) prepared by a first-rank art specialist (Ph. D. in Chinese Art and Tibetan Art) will allow you to present your art object to the auction house or a dealer with an expert's knowledge and confidence. You will not be overwhelmed by auction house representative or dealers who do not take the time to explain unfamiliar terminology from the worlds of Chinese aesthetics and modern art sales. A knowledgeable owner, educated about the object as well as how objects like it have fared on the market in the recent past, stands a much better chance of profit when negotiating from a position of strength.
An expert art appraisal not only prepares you to deal with professional buyers, but also opens new opportunities. Many people assume that an auction house will always offer the best value for their object, but that is often not true. You need to consider (and understand) an adjusted value estimate, the calculation of insurance costs, fees for catalog illustrations, buy-back reserve fees, and other extra charges and conditions typically subtracted from the hammer price of an auction sale. A professional art appraisal alerts you to these possible charges in clear language and also helps you think creatively about other options, including museum donation, gift to charity, and other measures that can help reduce your tax burden.
Our Appraisal for Charitable Contribution prepared by a qualified and reputable art expert appraiser will support you to claim a decution for your charitable contribution. While the IRS rules become more and more sophisticated, we understand your needs, we know the rules, and we will work diligently to help you prepare a strong presentation to the IRS agents for a deduction. We will be there for you from the beginning to the end.
Our Appraisal for Pre-nuptial Agreement, Dissolution of Marriage will ease your pain and emotional dilemma in a difficult situation. We will follow your instructions, act on your behalf, pay attention to details, and help you resolve the puzzle to the best of our ability.
Our Appraisal for Bankruptcy (Forced Liquidation, Orderly Liquidation or Salvage/Scrap) will allow you to stand firmly on your feet and make a strong and convincing argument in court. We are the most qualified Chinese art expert appraiser in the field and our opinions carry weight in the court.
No matter what your appraisal needs are, you are not alone. We are dedicated expert art appraisers, working exclusively for you. The art appraisal report prepared by our art specialists will provide all the information you need to achieve your goals successfully.
WHO NEED ART APPRAISAL?
Appraisals for Owners Contemplating Sale -- Whether you have owned your Chinese art for decades or recently inherited it, an art appraisal will help you understand your piece, know its potential value, and make informed decisions about whether, when, and where to place it on the market. Our Chinese art appraisals offer in-depth analysis of how your Chinese art object will fare in the current Chinese art market--a fast-moving arena in which expert knowledge and advice are essential.
Appraisals for Insurance Claims -- If you have art objects, such as sculpture, paintings, prints, rare books, artifacts, antiques, or other collectibles, you should obtain a professional appraisal that accurately lists, describes and provides current retail replacement values for your personal property. A professional appraisal report may prove invaluable to you, your insurance providers, law enforcement officers, and your heirs in the event of accident, catastrophic loss, theft, or untimely death.
Appraisals for Estate Distribution -- Should you be acting as executor or executrix for probate, planning your own estate, or seeking to distribute or liquidate inherited property, you should obtain a professional appraisal of the items under consideration. Such an appraisal is a legal requirement for the probation of certain estates. It will provide a descriptive listing and valuation for estate planning; it can also be relied upon as an impartial document to aid in the equitable distribution of assets among heirs.
Appraisal for Charitable Donation -- Gifts of art to museums or a qualified organization are an important way for institutions to expand and improve their collections. For the donor, such charitable contributions to qualifying institutions are tax deductible. A professional art appraisal report containing proper documentation, market research, and valuation will help assure that you, as a donor, receive full credit for your gift from the IRS. Each art appraisal report is structured to comply with the requirements of the Internal Revenue Regulation Section 1.170A-13(c), the requirements of IRS Revenue Procedures 65-19 and 66-49, and all subsequent rulings. The tax advantages of museum and charitable donations can be profitable and with no risk, if IRS rules and formats are strictly followed.
Appraisal for Personal Appreciation -- Many owners of Chinese art, old and new, whether paintings or carvings or other media, want to know more about their object but don't have access to professional help. If you want to know more about the content of your painting or sculpture or print, if you want to learn more about the style of your art work and the meaning of the words written on it, if you want to learn the biography of the artist, then an appraisal of your Chinese art piece is what you need. Our Chinese art appraisal can also provide you with an up-to-date gauge of the market value of your piece, which will help you in planning for the future.
All art appraisal reports are structured to comply with the principles and procedures for the evaluation of personal property as prescribed by the Certified Appraiser of Personal Property Program (CAPP) of the International Society of Appraisers and are organized in accordance with the uniform standards of Professional Appraisal Practice as outlined by the Appraisal Standards Board of the Appraisers Association of America.
Art Appraisal for Insurance (Coverage, Claim-Settlement)
Why Do You Need An Art Appraisal for Insurance?
The article, Protecting Your Prized Possessions (by Michelle Halsey, Antique & Collectible Trader, Spring 2008), tells you why you need an appraisal for insurance, when you need an appraisal, how to choose an insurance broker/company, how to understand the value of your art object, and the coverage considerations you need to know before you insure your art work.
Understanding Art Insurance
1. Homeowner's Insurance Policy might be ideal for those with antiques and colltibles worth a few thousand dollars. But a homeowners's policy has exclusions and deductibles. Art insurance companies usually adopt a Risk Prevention Strategy to protect against any risk, such as damage or loss.
2. A Specialty Policy has broader coverage. It involves different valuations (such as) aggregate, current value and loss limit values to underwrite a specific type of collection.
3. The High-net-worth Coverage is favored by leading art insurance companies, such as Chubb, AIG Private Client Group, AXA Art Insurance, and Lloyd's of London, sepicializing in high-value art, antiques and collectibles.
4. The "Inland Marine" Coverage means the coverage of all types of losses, excluding acts of war, nuclear attack or government confiscation. This coverage might be ideal for those who plan to ship his or her collectibles back and forth between homes in New York and Palm Beach, Fla.
5. Liability Insurance for Fabrication, Installation, and /or Exhibition of Works of Art that Are in Public Areas is designed to cover static works of visual art (sculptures, mainly) that are in the area accessible by the public.
6. A Valuable Policy is structured to supplement homeowner's coverage if you have valuables that exceed $10,000, the Atlantic Mutual recommends considering this coverage.
7. Ownership Dispute Insurance is a title insurance policy structured to address the chair of title and lien risks inherent in art as a form of personal property. It is a "Single premium, indefinite term policy." In other words, you pay once and get protection for as long as you possess the art work.
Insurance Companies Specializing in Art
1. Chubb Group of Insurance Companies might be the right company for you if your valuables are worth more than $1,000 (per item) or more than $5,000 (per item). Chubb does not require an appraisal for every piece that you itemize. For most possessions, they need a description of the item and a value. However, Chubb requires an appraisl for fine arts worth more than $100,000, jewelry worth more than $50,000, and any other item valued over $25,000.
2. Atlantic Mutual focuses on serving the personal insurance needs of individuals with substantial assets to protect. The Valuable Policy at Atlantic Mutual says it offers broad coverage on a worldwide basis and carries no deductibles.
3. AXA Art Insurance Corporation distinguishes itself as the only insurance company specializing exclusively in fine arts and collectibles. It serves all clients, from the first time collector to the moost established collectors.
4. AIG American International Group, Inc. are considered world leaders in insurance and financial services. It has opertations in more than 130 countries and jurisdictions. AIC Private Client Group provides comprehensive insurance products and services to help meet the unique risk management needs of high net worth individuals.
Art Appraisal for Charitable Donation (IRS Rules)
IRS Rules and Art Appraisal for Charitable Contributions (Information cited from IRS Publication 561, pp. 8-10):
IRS requires an appraisal from a qualified appraiser if you claim a deduction of more than $5,000. If you claim a deduction of more than $500,000 for a donation of property, you must attache a qualified appraisal of the property to your return. If you do not attach the appraisal, you cannot deduct your contribution, unless you failure to attach the appraisal is due to reasonable cause and not to willful neglect.
You must receive the qualifed appraisal before the due date, including extensions, of the return on which a charitable contribution deduction is first claimed for the donated property. If the deduction is first claimed on an amended return, the qualified appraisal must be received before the date on which the amended return is filed.
You need to attach Form 8283, Section B, to your tax return if you plan to claim a deduction. Generally, you don't need to attach the qualified appraisal itself, but you should keep a copy as long as it may be relevant under the tax law. The appraiser must complete Form 8283, Section B, Part III on your behalf, including signing the qualified appraisal and Form 8283.
The weight given an appraisal depends on the completness of the report, the qualifications of the appraiser, and teh appraiser's demonstrated knowledge of the donated property. An appraisal must give all the facts on which to base an intelligent judgment of the value of the property.
IRS Form 8283 for Noncash Charitable Contribution
IRS Publication 561: Determining the Value of Donated Property
IRS Publication 526: Charitable Contributions
We Specialize in All Media of Chinese Art
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