OUR APPRAISAL SERVICES, PERSONAL, CONFIDENTIAL & INDEPENDENT
Appraisal of our clients’ assets forms the foundation of our business, enabling us to develop strategies to properly manage risk and maximize a collection’s value.
A PROCESS TAILORED FOR YOU
Given that their prime function is selling, the undertaking of appraisal by auction houses or art and antique dealers is increasingly seen to have the potential for conflict of interest. Pall Mall Art Advisors was launched in response to a growing demand for a wholly independent appraisal service along with a requirement for a more white glove touch in today’s complex art market. We provide confidential appraisals for the purposes of Insurance, Taxation & Probate, Trusts & Estates, Donation, Family Division and Divorce, Sale on the Open Market or Art as Collateral as well as other complicated valuation scenarios. Through a pre-assessment discussion we establish your specific requirements and, whether working with private individuals or professional advisors, we aim to provide a fast turnaround of information.
“Thank you so much Pall Mall Art Advisors for your exceptional service. I thought companies that actually cared about their customers were a thing of the past, but you have proved me wrong. Everything you have done for us has been above and beyond our expectations – well done!”
– Caroline Nall, TypeStart Limited
Insurance appraisals reflect the cost of replacing an object shortly after loss or damage. Changing market values highlight the need for regular up-to-date portfolio appraisals. Our detailed and illustrated appraisals are accepted by all insurance companies and brokers so that in the event of any claim you can be confident of a full and speedy settlement. PMAA prides ourselves in being founding members of the Private Risk Management Association as well as being vetted partners of AIG Insurance, Chubb Insurance, and Pure Insurance.
We offer two kinds of insurance appraisal:
Full Insurance Appraisal
A formal document which lists specific items of value such as art, antiques and jewelry as well as other asset classes and provides a global figure for other household contents. The appraisal is fully illustrated and includes information about the age, size, provenance, condition or other facts that may be helpful for the insurers to be aware of. The resulting appraisal can be made available in a variety of formats including digital.
Walk Through Validation (WTV)
A contents appraisal, room by room, it includes an assessment by category, the provision of global figures and comments on insurance risk. Jewelry and valuable items will be discussed and recommendations and advice offered where required.
We can also arrange for a Video Appraisal which can not only record the context of the items inventoried but also highlight the details of a particular picture or object.
When dealing with the inconvenience of loss or damage, adding a Visual Inventory to your risk management strategy offers peace of mind and assurance that the claims process will be handled appropriately. Have a professionally edited Visual Inventory conducted by a seasoned appraisal professional.
TAXATION AND ESTATE APPRAISALS
Pall Mall Art Advisors undertakes appraisals for all purposes related to the assessment and calculation of taxation and import VAT and customs duties. We offer a complete Inheritance Tax (Estate Tax in the US) Appraisal Service for those engaged in the administration of estates. Increasingly we are invited to help in the strategic planning for estates arising from death, family division, trust, and complex inheritance tax issues relating to chattels. The basis of many appraisals for the purposes of taxation is the ‘open market value‘ (‘fair market’ in the US and Canada) i.e. the price which an item might be expected to fetch if sold on the open market at the time.
A Visual Inventory provides an accurate account of home contents and can be used when dividing an estate between members of the family or as peace of mind should a property be left unoccupied after the owner’s death.
Pall Mall Art Advisors appreciates the range of issues that concern trust administrators such as appraisal for tax purposes, acquisition and sale for asset diversification, and appraisal for insurance.
We are also aware of the increasing interest by clients in philanthropy, often taking the form of the lifetime establishment of charitable trusts. We are happy to offer art and tax appraisal expertise to the professional sector in connection with such foundations.
Charging fees that are realistic and transparent, we provide professional, independent appraisal reports to meet the requirements of the Internal Revenue Service (US), HM Revenues & Customs (UK) and other collecting agencies.
“Pall Mall Art Advisors’ specialist work and their management of the project proved professional and helpful in every respect. We were particularly pleased with their sensitivity in working with us and their assistance organizing and electronically reporting the material.”
—Nancy Berman, Executive Officer
The Philip and Muriel Berman Foundation
FAMILY DIVISION AND DIVORCE APPRAISALS
An equitable division of marital assets demands an accurate and properly documented appraisal. Pall Mall Art Advisors is regularly asked to consider the value of property acquired by an individual prior to the partnership, or through inheritance and the rise in value of jointly owned items due to market activity.
A prenuptial agreement, which includes appraisals of high-value chattels, is increasingly seen as sensible. Again accurate appraisals, subject to periodic review, are required.
When faced with the challenges of a divorce, a Visual Inventory provides an accurate account of marital property and is a necessary, date-stamped tool that facilitates the division of assets. Have a professionally edited Visual Inventory conducted by a seasoned appraisal professional.
ART AS COLLATERAL
As more capital flows into the art market, the need for specifically art-related financial services has grown. While art financing by banks has existed in some form since the 1970s, specialized asset-based lenders now cater for those collectors who may wish to unlock equity in their art. Banks require an open market value of the asset being used as collateral for a loan.
Key reasons why collectors may, subject to financial due-diligence, wish to borrow money against their works of art include the opportunity to generate short-term cash flow, redeploy capital into other investments, bridge a loan prior to sale at auction or private treaty, achieve long-term estate planning goals, and manage tax and capital gains.