Our written appraisals can be used for family, expert witness, court, or insurance purposes. Written appraisals include photographs, dimensions, condition and detailed description.
The type of appraisal selected is directed by you, the client; either Insurance/Replacement Value appraisal or Fair Market Value appraisal, as needed.
fair market value appraisals
Market Value is the major focus of most appraisal assignments. They are commonly used in family, inheritance, sale or donation situations.
"Fair Market Value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts." (Treasury Regulation Sec. 20.2031-1[b])
Circumstances such as location, time, desirability, use and scarcity all play a factor in the market value of an item. For example, furniture should not be evaluated at some fixed rate such as 15% of the cost of new replacement furniture. On today's market, it may be out of style or in poor condition, therefore having little or no market value. On the other hand, it may be an antique, the value of which could not be determined by using any formula but rather current market conditions for like or similar furniture based on location.
insurance / replacement value
Replacement Value appraisals are used when an item needs to be insured above and beyond what normal household insurance covers or in the case when an expensive item has been damaged, lost or stolen. Replacement Value can be significantly higher than Fair Market Value because it may include designer or broker costs, shipping fees, etc.
"Replacement Value is the price in terms of cash or other precisely revealed terms that would be required to replace a property with another of similar age, quality, origin, appearance and condition within a reasonable length of time in an appropriate and relevant market. Intangible provenance value is additive as appropriate." (Treasury Regulation Sec. 20-2031-6[b])
Our fees are based on an hourly rate of $100.00 for travel and appraisal. Minimum appraisal fee is $200.00.
Estimated cost to appraise the first 10 items is $200.00 with additional items at ~$10 each.
Large quantities or entire household estimates can be given via a free consultation appointment.