Knowing the intended use of an appraisal helps us to determine the appropriate level and types of analysis and research required, ensuring that the final report is tailored to your specific needs and expectations. It also helps us focus on the aspects that matter most, such as addressing any legal considerations, client requirements, and determining the proper scope of work for the overall assignment. Our goal is to provide you with the most accurate and reliable information possible. We work with clients for every type of need, including appraisals for bankruptcy, charitable deduction, divorce, equitable distribution, estate tax, gift tax, insurance, loan collateral, planned sale, and probate.

An appraisal valuation is the method by which an appraiser determines the value of an asset. The valuation type often depends on the purpose of the appraisal report. We always work with our clients to understand the purpose of the appraisal so we can conduct the appropriate valuation type every time. The most common valuation types include Fair Market Value, Replacement Value, and Liquidation Value.

• Fair Market Value: Under the Internal Revenue Service Publication 561, Fair Market Value (FMV) is “the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts.” We determine an asset's FMV using the market approach, which involves analyzing the value of the item based on comparable realized prices for the same kinds of item of similar age and condition that are available on the open market.

• Replacement Value: Replacement value is typically used for insurance purposes to ensure a policy covers the cost of replacing an item if lost, stolen, or damaged. Insurance companies often require an appraisal report to determine how much the item would cost to replace at retail prices, or to reproduce. This is also called the Cost Approach. The Cost Approach is occasionally also used to appraise items that are no longer made or manufactured, or certain kinds of rare or complex assets that don't have an easily calculable value.

• Liquidation Value: Liquidation value is the value of an asset when it's sold quickly, often at a discount. This valuation method is based on the idea that the asset will be sold fast without enough time to find better buyers. It's typically used when appraisals are required for bankruptcy or loan collateral.

There are several factors we analyze when appraising personal property that are included in the final report. Depending on the items being appraised, some of the things we may take into consideration include: condition, market demand, authenticity, artist, manufacturer, rarity, scrap/melt value, and useful life left. By working to understand our client’s needs, we always ensure the appropriate analyses are conducted and included in the final report.

We appraise all types and volumes of tangible personal property – from antiques, art, and coins to vehicles, electronics, and dinnerware. Tangible personal property refers to any physical asset that exists in the real world (vs the intangible or intellectual realm) and can be relocated. We’ve appraised almost every type of personal property imaginable over the years. While we specialize in large-scale estate appraisals, we also appraise individual items, collections, and everything in between.

The following are just a few examples of the many types of assets that can be defined as tangible personal property and that we have experience appraising: artwork, antiques, coin collections, historical documents, jewelry, movie memorabilia, autographed photographs, collectibles, furniture, electronics, household appliances, tools, and even cars, motorcycles, and RVs.