Your art is an investment, just like your home and your assets. Natural disasters happen; art damaged due to flooding, fire, or environmental conditions might cost thousands or even millions of dollars out of pocket to replace if not properly insured. Appraisals need to be updated every 5 years or so. Updated appraisals affirm that the item/s are insured for the correct amount, show proof that the property exists or existed, prove the properties preexisting conditions in the event of loss, and facilitate claim settlement by providing a detailed inventory, description, and itemized replacement cost. This report is not intended to estimate the selling price on the open or auction market. But rather a retail replacement cost.
The Internal Revenue Service requires a certified appraisal for tax write-offs on donations valued at over $5000.00. The charitable donation appraisal objective is to determine the fair market value of the donated item/s at this date in time and within regional markets. The Internal Revenue Regulation defines fair market value for donated purposes as, “The price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having a reasonable knowledge of the relevant facts”. In other words, it is the price that the property would sell for in the open market.
Understanding the current art market and various facets of art values is necessary when making decisions on how to distribute your assets fairly. The appraisal objective is to determine the fair market value of the item/s at this date in time and within regional markets. It is the price that the property would sell for in the open market.
Holly Hackwith has been appraising fine art for over 20 years, and is an Accredited Member of the International Society of Appraisers. She specializes in the appraisal of American and European paintings, sculptures, and works on paper. The resulting appraisal document with Holly Hackwith’s unbiased, independent opinion of value is accepted by all insurance companies, the Internal Revenue Service and courts for division of property. The initial appraisal will be an investment to ensure that your valuable objects are fully protected and/or accounted for.
2 Hour On-Site Initial Inspection …………………. $195.00*
*$100.00/hour past 2 hours
Initial Inspection at CAC Office…………………… $125.00
*5 piece limit
Appraisal Research & Report Fees……………….. $125.00/hr
Market Research Reports………………………….. $60.00/hr
Balance is due upon completion of and before delivery of the report.
For Special Circumstances:
Lodging. . . . . . . . . . . . . . . . . . . . . . . . Current Rates
Court Fees ½ day minimum . . . . . . . . . $650.00
Trial preparation and testimony. . . . . . $125.00/hr
Please note: A retainer is required for the greater of the minimum fee or onsite time.
The cost of an appraisal includes the expertise and time needed to thoroughly