Executors, trustees, heirs, attorneys and fiduciaries rely on AFAA to identify,research and value works of art for estates of all sizes; before and after death.
We work with you to objectively determine an artwork’s fair market value so it can be equitably gifted,donated or sold.
In the context of estate planning, a proper valuation, based on both facts and the law,is essential. In many families, statements of value about a particular painting or collection are frequently based on hearsay or legend. While a treasured artwork may have considerable emotional value, it may in fact have minimal market value. Other items may have appreciated in value, or have an unknown value. For federal estate, gift and income tax purposes, transferred property must be reported at fair market value. AFAA is a qualified appraiser for the IRS.
For estates where the identity,quality and provenance of the works is sparse or unknown an initial “walk-through” is recommended. We prefer to personally inspect the works but will review images and data sent by email in some instances. We assist you to identify those works that could have significant value and warrant further investigation, as well as those that do not.
For estate collections where the items are well documented and of known value,we prepare the appropriate fair market value reports, review and update past appraisals,suggest the most appropriate venue for sale or recommend institutions where a donation of the item could be accepted.
Hourly rates apply