WHAT IS AN APPRAISAL? An appraisal is a document that quantifies the value of: Fine Art: paintings, sculptures, etc. Furniture Decorative Arts Residential Contents WHEN SHOULD I GET AN APPRAISAL? It is best to get an appraisal before you need one. You will need an appraisal for: Donations and gifts Determining your net worth Division of property Informed buying Estate planning Obtaining insurance HOW IS VALUE DETERMINED? An appraiser uses a variety of tools: reference works, online electronic databases, and historical documents; and may consult with additional specialists in the field. Based on the analysis of the research, the appraiser produces an appraisal report detailing the appropriate valuation of your personal property. WHY DO I NEED AN APPRAISAL? Donations and Gifts - An appraisal allows you to knowledgeably plan your gifts and donations. In some cases a qualified appraisal is required for tax and other purposes. Determining Your Net Worth You may need to know your exact net worth in order to meet a business or investment need. The appraised value of your personal property - art, antiques, furniture, etc., - increases your total net worth through accurate documentation. Division of Property Your personal property may require division due to dissolution of marriage, bankruptcy or death. A current appraisal provides you with the necessary information and documentation to assure equitable distribution. Informed Buying Considering the purchase of an expensive items such as a painting or antique? An appraisal can assist you in making an informed purchase. Estate Planning An up-to-date appraisal attached to your will reassures your heirs, lawyers, and accountants and will save you money and assist in avoiding unpleasantness. Obtaining Insurance A current appraisal is required for many insurance policies covering fine art, silver, decorative arts, and jewelry. An appraisal updated on a regular basis establishes the accurate replacement value of your personal property and protects you from financial losses caused by theft, fire and flood. IS AN APPRAISAL A LEGAL DOCUMENT? Yes! An appraisal by a qualified appraiser can act as a legal document in insurance settlements, divorces, estate proceedings and other matters involving personal property. WHAT ABOUT THE INTERNAL REVENUE SERVICE? The IRS requires verifiable documentation on the value of property donated to a non-profit organization. An appraisal in accordance with IRS regulations and guidelines provides you with the information needed to document your donation. ABOUT LISA Lisa M. Barnes is co-owner of Thomas Charles Editions, LLC, Anthem, AZ. She is the founder of a respected international art consultancy and appraisal firm who has appraised and curated art collections for numerous and diverse corporate and private collectors, hotels, and government institutions in the U.S. and abroad.