Whether successfully managing art as an asset, safeguarding a treasured piece, or valuing fine art, personal property or household items for resale, estate or insurance purposes, it is key to have a properly documented, independent, current and comprehensive appraisal report. With more than thirty years of experience, Helaine Fendelman provides appraisal reports that are compliant with the current Uniform Standards of Professional Appraisal Practice (USPAP). Full catalog descriptions with appropriate comparable price records and images are available for a variety of appraisal needs.
The firm, Helaine Fendelman & Associates, specializes in Estate, Divorce, Donation, Resale, Family Division and Damage and Loss of Value Appraisals.
Different types of appraisals are required for different purposes. The type of appraisal needed will be discussed upon inquiry. Fees vary by assignment and are charged at hourly, per diem, or flat rate.
Please note that for a number of the following types of appraisal documents, Fair Market Value is used and defined as the sales price for an object wherein neither the buyer nor the seller are under any obligation to buy or sell and they both have willingly reached agreement on the buying/selling price:
- Art as Collateral Appraisals
Appraisals are required when art is used as security or a guarantee for repayment of the loan if one defaults on the monies owed.
- Charitable Contribution or Gift Appraisals
These appraisals are used when donating art, antiques or collectibles of significant value to verify the Fair Market Value of the item or items to be given to qualifying United States tax exempt organizations such as museums or universities.
- Damage or Loss of Value Appraisal
This type of appraisal is used by insurance companies, adjusters or the insured party when valuing a lost, stolen, damaged or destroyed article of personal property. The value establishes what the item was worth in original condition and the value in its present condition.
- Estate Appraisal
When a person dies, the Internal Revenue Service (IRS) regulations require that estate appraisals use Fair Market Value to determine the value of the objects owned by the decedent.
- Family Division Appraisal
To ensure equitable division of personal property in a divorce situation, estate planning or upon death of a family member, this type of appraisal lists tangible assets and assigns a Fair Market Value at date of examination.
- Insurance Appraisal
This is a retail replacement cost analysis of all items of personal property.
- Resale Appraisal
When downsizing or liquidating, the appraiser helps the seller establish the Fair Market Value of the items and, usually, assists in determining the appropriate marketplace in which to sell the items.
The Three Types of Appraisal Reports
Self-Contained Appraisal Report: Contains all information significant to the appraisal, and is the most comprehensive appraisal report option. Intended users of the appraisal will find all significant data reported in detail, including: information analyzed, comparable images, procedures followed, evidence supporting the appraisal, opinions and conclusions.
Summary Appraisal Report: Contains a summary of information significant to the appraisal, and is less detailed than the Self-Contained appraisal. The intended users of this report will find all significant data reports in a more abbreviated format.
Restricted Use Appraisal Report: Contains a brief statement of information signifant to the appraisal, and is intended for the use of only one user, the client. This type of appraisal cannot be used for IRS, tax, court or other purposes. The intended user should not expect to find all significant data reported within this report.
The Three Approaches to Valuation
Comparative Market Data Approach (also called: Market Data Approach, Comparable Market Data Approach and Sales Comparison Approach): The most common appraisal approach, this is applied when appraising personal property using comparables, based on past prices close to the Effective Date of an appraisal, for similar works by the same artist, or another artist of relatable standing.
Cost Approach: This approach is based on determining value based upon the cost of duplicating or recreating an identical piece to that which is being appraised. This value is determined by applying the cost of construction and materials.
Income Approach: This approach is used to determine the value of a work of art or object which will be used to generate future income. Reproduction, renting and leasing is used to determine this value.