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Why are Appraisals Required?

Updated: Aug 11, 2021

Appraisal reports may be required for estate planning, charitable contributions, estate or gift tax preparation liabilities, insurance or damage and loss claims, equitable distributions, fair rental and sale decisions, collateral loans, tax audits (foundations), and legal disputes. Owners of fine and decorative art and antiques may want to obtain an independent opinion of value with descriptions of their appraised property included in the report.

Clients may need values for items such as paintings, photographs, prints, maps, sculpture, gems and jewelry, furniture, rugs and carpets, ceramics, china, silver and silver-plate, metalware, lamps, candelabra, glassware, textiles, objet d’art (miscellaneous items), collectibles or memorabilia, and antiques. Clients who own or manage such objects—including individual collectors, advisors, institutions, galleries, insurance companies, lending institutions, and attorneys—should engage a professional personal property appraiser with expertise in fine or decorative art and antiques.

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