ESTATE TAX APPRAISALS
PMAA provides comprehensive and IRS compliant appraisals for estate tax filing. The IRS requires that appraisals be completed by USPAP compliant appraisers and that all appraisals submitted include a specific set of requirements.
Objects exceeding $50,000 (FMV) are automatically reviewed by the IRS Art Advisory Panel. The Art Panel consists of industry specialists in all areas of collecting looking for appraisals conducted by qualified and independent appraisers, that meet all requirements set forth by the IRS.
PMAA Estate Tax Appraisals include:
- Items over $3,000 (FMV): Full cataloguing including: Artist/Make, Title, size, medium, age, and general condition along with any supporting details such as provenance, literary references and exhibition history
- Digital and hardbound copy of report(s)
- Items over $25,000: Comparable sales results and analysis
- Discussion of the current marketplace in relation to the types of objects in the estate
Sources used to determine fair market value:
- Auction market for assessment of current market for the particular artist and/or type of work being valued
- Auction house records from international auction houses using several databases that search more than 12,000 sellers and 58 million global records
- Living artist and artist estates to confirm authenticity, editions, etc.
- International art fair reports
- Private collectors and advisors
- Over 75 contracted specialists familiar with global, national and regional market pricing
For inquiries please contact Kate Molets
Director of Appraisals