Winston Art Group | Art Hamptons 2010 - “What's it Worth? An Insider’s look at Appraisals”

Client consignments for sale on 1st Dibs

Art Hamptons 2010 - “What's it Worth? An Insider’s look at Appraisals”

“What's it Worth? An Insider’s look at Appraisals” – David Sleeman, Director of Winston Art Group, joined Ron Fiamma, Director of Private Collections for the Private Client Group of Chartis Insurance, and Nikki Brown, Global Fine Art Practice Leader of Aon Private Risk Management, in addressing the importance of appraisals as they relate to protecting art collections. More information on Art Hamptons International Fine Art Fair here.

Stay Informed

Estate Tax & Estate Planning:

Winston Art Group’s appraisal will serve as the first step in decision-making as it pertains to equitable division of property among heirs and beneficiaries.

Insurance Appraisals:

In the event of loss or damage, Winston Art Group’s appraisal will provide the retail replacement values of any work of art for clients, brokers, and insurance companies.

Damage or Loss:

To determine whether a work merits conservation, restoration, or sale, Winston Art Group’s informed and unbiased appraisal will identify damage or loss to property and assist in settling claims and disputes.

Family Division:

For the division of assets following divorce or dissolution, Winston Art Group’s professional team will determine value and identify appropriate resale markets for all tangible assets.

Donation:

For the proper valuation and documentation of all charitable gifts over $5,000, a Winston appraisal will serve as the first step in the donation process.

Art as Collateral:

Winston Art Group will determine the value of all fine art objects if and when the decision to monetize works is made.

Primary Market:

A market created by either the maker or agent of the maker when an object is sold for the first time.

Secondary Market:

A venue for sale of an object between a seller and a buyer, neither of whom had participated in the creation or initial sale of the object.

Comparative Market Data Approach:

The most commonly applied approach when appraising personal property, in which appraised value is based upon past prices for similar works by the same artist or artisan, or similar works by another artist or artisan of equal standing and related reputation.

Retail Replacement Value:

The amount it would cost to replace an item with one of similar and like quality, purchased in the most appropriate marketplace in a limited amount of time.

Salvage:

A valuation term implying abandonment by the rightful owner in which the recoverant may be entitled to a pre‐agreed percentage of any net price realized in a future sale.

Fair Market Value (FMV):

The price that property would sell for on the open market between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. If you put a restriction on the use of property you donate, the FMV must reflect that restriction.

USPAP:

Procedure and guidelines for correctly prepared appraisals established by the Appraisal Foundation.