Appraisal Services
We appraise personal property for private collectors, attorneys, administrators, fiduciaries, accountants, and insurance professionals. The appraisal assignments we handle include those needed for insurance coverage, estate planning, equitable distribution, estate tax filing, and charitable donations.
Services include onsite examination, in-depth market research, objective and unbiased market analysis, and detailed, substantiated reports explaining and supporting the valuation conclusion. Our appraisals comply with the Uniform Standard of Professional Appraisal Practice (USPAP) and strictly adhere to IRS guidelines.
Our appraisal fees are based on an hourly basis, never on the value of the subject property. There is a three-hour minimum for insurance appraisals and a four-hour minimum for tax-related appraisals. A written estimate and work agreement are provided in advance.
Types of Appraisal
Insurance Coverage
Document and appraise your personal property to ensure that you are protected with adequate insurance coverage before a damage/loss claim. These types of appraisals focus on your investments in fine art, antiques, porcelain, silver, furniture, and collectibles. It is advised to updated appraisals every three to five years to maintain adequate coverage.
Art as Collateral
For clients using their personal property to facilitate a loan Nigro Art Advisory will prepare a Fair Market Value or Marketable Cash Value appraisal.
Estate Planning
Knowing the value of your personal property is vital to the estate planning process. The appraisal document aids in decision making as it pertains to equitable division of estate property among heirs and beneficiaries.
Equitable Distribution for Estate Purposes
For contested estates where value may be in question or non-contested estates where the fiduciary wants a formal valuation of the estate contents to help distribute the property evenly.
Charitable Donation
A donor wishing to claim a charitable deduction of $5,000 or more for donating an item or group of similar items to a non-profit must obtain a qualified appraisal of the items’ value. All of our appraisals adhere to the IRS guidelines and are USPAP compliant.
Estate Tax Filings
Both the IRS and New York state require a USPAP compliant appraisal if the total value of an estate crosses a certain value threshold. These appraisals provide a comprehensive valuation of the decedent’s personal property, which includes but is not limited to, antiques, art, automobiles, boats, clothing, coin collections, household furniture and furnishings, jewelry, and stamp collections. All of our appraisals adhere to the IRS guidelines and are USPAP compliant.
Division of Property
Like Equitable Distribution Appraisals, the Division of Property appraisal is based on Fair Market Value. These appraisals are often used for distributing property in divorce settlements.
Advisory Services
Nigro Art Advisory offers advisory services to select clients who are either handling the estate of a loved one or who are preparing to move. This service includes in-person viewing of the collection, market research, and facilitating the sale of personal property.
