Dale Chihuly (b. 1941) Phthalagreen Macchia with Blue Lip, 1985, blown glass
We prepare verbal and written appraisals for a variety of purposes.
Insurance Insurance companies generally require an illustrated written appraisal report of the Replacement Value of the client’s collection. Appraisals should be updated every three to five years to ensure that the valuation reflects changing market conditions.
Damage and Loss Claims These appraisals identify the value of the damaged or lost property to facilitate claim settlements and disputes.
Estate Planning and Taxation These Fair Market Value appraisals clarify questions of value, distribution or de-accessioning of property. We provide appraisals to families, executors, financial planners, attorneys and related professionals on the value of an art collection for estate planning and tax calculation. All appraisals for estate tax calculation must meet IRS standards and requirements. Estate Appraisal reports are prepared in accordance with the guidelines set forth by IRC section 20.2031-1(b) for reporting personal tangible property under Federal Estate Tax Return #706, Schedule F.
Charitable Contribution The IRS requires a formal appraisal determining Fair Market Value if the claimed deduction for one or more like items of donated property is more than $5,000. All appraisals of charitable donations must meet IRS standards and requirements. Charitable Contribution appraisal reports are prepared in accordance with the guidelines set forth by the IRC Temporary Regulations Section 1.170A-1(c) (2) for reporting non-cash charitable contributions for values in excess of $5,000.
Equitable Division These Fair Market Value appraisals clarify questions of the value and distribution of property to assist attorneys and related professionals in establishing a client’s net worth as a basis for equitable division in cases of divorce, inheritance, bankruptcy or business liquidation.
Asset Management/Sales Advisory These appraisals conclude Fair Market Value to assist clients to manage their art collections and make decisions regarding retention and sale of artworks.
Appraisal Standards
TheUniform Standards of Professional Appraisal Practice (USPAP) are procedures, guidelines and ethical standards for appraisal, first codified in 1987 by the Appraisal Standards Board of the Appraisal Foundation, a federally funded organization authorized by Congress. USPAP is a regularly updated enforceable set of rules regulating the appraisal profession. These standards apply to all appraisal including personal property, real estate, and business valuation. Appraisers working for Thompson & Martinez maintain current certification with USPAP.
