Art Appraisal Services
Allyson Lee Appraisal Services provides professional appraisal reports of fine art and antiques for insurance scheduling, estate tax and planning, charitable contributions or gifts, insurance claims for damage/loss, family division and property distribution.
The type of value placed on the property will depend on the intended use of the appraisal and may include:
FAIR MARKET VALUE- Defined as “the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts.” Intended uses for FMV appraisals include estate settlement, estate planning, equitable distribution and charitable donation.
REPLACEMENT VALUE - Defined as "the amount it would cost to replace an item with one of similar like quality purchased in the most appropriate marketplace within a limited amount of time, under prevailing market conditions." Replacement value appraisals are used for insurance scheduling and loss claims. There are three types of replacement value depending on the type of property you have: Replacement - comparisons, Replacement - cost, and Replacement- New.
MARKETABLE CASH VALUE - Similar to Fair Market Value, however, is used for sales advisory and may include the cost associated with selling a work of art in the conclusion of value.
FAIR VALUE & LIQUIDATION VALUE- Fair value is used primarily in divorce cases and business scheduling of assets, while liquidation value is often used in art lending.
After discussing an appraisal assignment with a potential client to determine intended use, intended users and type of value required, an estimate for services is provided. If both parties agree, clients will be asked to sign a letter of engagement. The appraisal process involves inspecting, photographing, researching, writing the report, concluding value and delivery of the report. After the LOE is signed, the next step is to schedule an inspection, where they property is photographed, cataloged and inspected for condition and unique characteristics. It is helpful to the appraiser for the client to provide any documentation they have for the items, which may include receipts, prior appraisals, letters from experts or original labels and exhibition records. The turn around time for an appraisal can take up to four weeks, depending on the size and complexity of the assignment.
Appraisal fees are based on an hourly fee structure, and not by the value of the items appraised. The billed hours are determined by the amount of time spent inspecting, cataloging and photographing the items, as well as research, value conclusion analysis, and writing of the report. An appraisal includes a signed original and one signed copy of the appraisal. Electronic versions are available by request.
For complicated appraisals or large estates, a free consultation and walk through can be arranged to determine cost. Since each assignment is unique, it is recommended you call or email if you have questions regarding fee structure.
Additional fees for research and reporting are charged if a client requests authentication services or extra copies of a report.
*Travel fees may be applicable. Travel fees are not charged for properties within a 20 mile radius of Boston, Holliston, or Swanzey, NH; however, for all others, a fee of .56 per mile is charged.