PROFESSIONAL APPRAISAL SERVICES
Black Rock Galleries knowledgable and expert appraisal team works with private parties, executors, attorneys, financial advisors, and insurance brokers to provide USPAP compliant appraisal reports for:
Fair Market Value
Estate & Probate
Equitable Distribution
Insurance
Such appraisals provide formal valuations of items for sale, estates, insurance, IRS estate and donation tax, estate and marital settlements, equitable distribution, legal settlements, donations, as well as investment purposes.
Expertise:
Black Rock Galleries’ comprehensive appraisal team boasts over 125 years of combined estate appraisal experience. In fact, two of our appraisers have Ph.D.s! BRG’s expertise spans the breadth of personal property and includes (but is not limited to):
Appraisal Standards:
Our appraisal staff adheres to the highest standards of the American Society of Appraisers and the Internal Revenue Service, as well as the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP is the recognized ethical and performance standards and requirements for U.S. appraisers.
Appraisals Explained:
Simply put, and in accordance with USPAP, an appraisal is an estimate of value. A professional appraisal is an opinion of value based upon expertise and research of selling prices for similar items in the appropriate market at a specific moment in time (i.e., current market or, in the case of an estate, the market price on the date of death).
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FAIR MARKET VALUE |
Fair market value is based on the price at which a personal property transaction could be expected to take place under specific market conditions existing on the date of valuation. It is oftentimes juxtaposed to the values that people have in their minds because they either recall what they originally paid for the property years or decades before (the market value at that time), or, have assigned an emotional value to the piece(s). This is where using the expertise of a BRG appraisal professional can truly help. Our qualified appraisers will provide a current market value based on real, current market conditions - fair market value. |
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ESTATE & PROBATE |
An appraisal performed for estate and probate is essentially used to determine estate taxes, estate planning, or estate gifting purposes. This type of appraisal may be prepared for the Internal Revenue Service (or IRS) or probate courts. The valuations used in and estate or probate appraisal is based on the personal property owner's date of death. Probate courts require an inventory and appraisal of the estate assets. Likewise, the IRS may require an estate appraisal if the total estate is over a certain value benchmark, in which case everything must be appraised BRG's appraisers work in accordance with standards for estate and probate appraisals. |
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EQUITABLE DISTRIBUTION |
Equitable distribution is essentially dividing personal property between two or more people (or entities). Generally, equitable distribution is required by courts during divorce settlements when a couple must split their marital assets according to the mandates of the court. This can only be achieved if those assets have a specific valuation associated to them. In these cases, BRG's appraisers would identify the assets that need to be equitably distributed and provide fair market valuations on each of them. |
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INSURANCE |
Whether you are the owner of property and are looking to ensure that you have proper insurance coverage on your beloved pieces or you are an insurance company that needs valuations in order to pay out a claim, BRG's insurance appraisal services can help Having too little or too much coverage poses risks to both the property owner and insurance provider, so it's important to have periodic professional appraisals of your valuables. Depending on the requirements set forth by the insurance company, an insurance appraisal might be used for full replacement cost or market value. Additionally, it is important to note that there are several primary factors affecting depreciation and appreciation of property including: • physical (quality, condition, age, etc.) • external (i.e., current economic conditions - boom, recession, depression). • functional (i.e., is the property still "relevant" or useful in current market conditions) The appraisal specialists at BRG have the expertise to ensure that all these factors are worked into the valuations. |
The Process:
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Initial Contact It all begins with a phone call. If you need appraisal services, please call us to schedule an appointment for our appraiser(s) to come to your location. |
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Valuation A BRG appraiser will arrive at your location to appraise the items that need to be formally valuated. Depending on the size and scope of the personal property/estate, this may take a few hours to a few days. Reference photos may be taken. If there is sterling silver, gold, precious stones, etc. which are to be included in the appraisal, those pieces will be measured, tested, and weighed. |
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Research In the days and/or weeks (depending on the scope of the appraisal) following the valuation, the appraisal team will perform any necessary research for providing appraisal values. This may include researching known artists, past sales results, gold/silver values for specific dates, and consultations with specialty item subject matter experts. |
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Compilation Once all the research is complete, the appraisal is compiled into a comprehensive USPAP compliant appraisal report. |
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Billing/Invoicing Upon completion of the appraisal, a final invoice will be created and sent to the appropriate party for payment. This invoice will reflect time spent on-site for valuation, research time, and administrative costs (i.e., typing, printing, postage, etc.). |
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Distribution Once payment is received, copies of the appraisal will be distributed (i.e., private party, attorney, insurance company, etc.). A digital copy (pdf file) of the appraisal may also be emailed to the main contact upon request. |
From a full estate or just a collection or two — whatever your professional appraisal needs may be, let the uncompromising expertise of the BRG appraisal team help.
Contact us for more information on our appraisal services.
