In 2020, Michele C. Quinn became an Associate Appraiser for 20th & 21st century fine art with the Appraisers Association of America (AAA) and is currently USPAP (Uniform Standards of Professional Appraisal Practice) compliant through April 2024.
Working with an appraiser who truly understands the value of your art can help you decide on how much to insure it for, determine if a piece of art is worth salvaging if damaged, create a donation value for the IRS, verify value for resale, give insurance adjustors information on values to pay out claims if art is lost or stolen, provide information to accountants and tax preparers and more
The Fair Market Value estate planning or estate tax appraisal document aids in decision-making as it pertains to equitable division of estate property among heirs and beneficiaries.
ESTATE PLANNING & ESTATE TAX
Insurance appraisals are for Retail Replacement Value. They are intended to represent the value it would take to replace the works.
Donation appraisals are for Fair Market Value.
Donation appraisals are delivered to clients with an 8283-tax form and can be submitted to the IRS to obtain appropriate tax deductions.
For clients who have works of art or collectibles which they would like to donate, but do not have a specific institution in mind, MCQ can advise on an appropriate institution and oversee communication to confirm acceptance of the donation.
Damage and Loss appraisals are for Retail Replacement Value. They are intended to represent the value it would take to replace the whole collection quickly in the event of a major loss.
DAMAGE OR LOSS APPRAISALS