Antiques, art, and collectibles appraisal expert witness Lisa M. Barnes is co-owner of Thomas Charles Editions, LLC. She describes the professional appraisal process:
An appraiser uses a variety of tools: reference works, online electronic databases, and historical documents; and may consult with additional specialists in the field.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.
It is best to get an appraisal before you need one. You will need an appraisal for:
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.
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