Richard & Associates Art Appraisals specializes in antique American Indian art appraisals that comply with the Uniform Standards of Professional Appraisal Practice (USPAP). Brokerage services and consultation regarding collections, purchases and sales are also offered. Aarin Richard is a member of the International Society of Appraisers.
Appraisals are often needed for the purposes of:
- Insurance Coverage / Claims
- Charitable Contribution Tax Deductions
- Equitable Distribution, Estate / Divorce
- Estate Planning
- Estate Tax Liability
- Capital Gains Tax Liability
- IRS Gift Tax Liability
- Value Confirmation / Informed Decision Making
Typically, American Indian art appraisals require an initial consultation to discuss the client’s intended use of the appraisal, i.e. is it for insurance, estate division, tax purposes etc. This informs the appraiser of the objective and the approach to be taken. After inspecting the items for quality, condition and identification purposes, research is conducted and data is compiled in order to come to a determination of value within the appropriate marketplace. Once the value have been established along with any conditional or assumptive provisos, a report is crafted in accordance to the client’s intended use.
For federal tax reporting purposes, the IRS requires that appraisals be performed by a qualified appraiser. This is someone who has met certain levels of defined competency and knows the established criteria for such appraisals. Members of appraisal organizations such as ISA are required to adhere to the Uniform Standards of Professional Appraisal Practice (USPAP), developed by The Appraisal Foundation.
Verbal opinions of value and / or oral appraisal reports are also available with certain limitations. The initial phone consultation is always free of charge.
$165 per hour for inspection, research and report writing, oral reports, verbal opinions of value and consultation. 50% due at time of inspection. Final payment is due prior to the release of the report.
Court / Legal:
$250 per hour for expert witness testimony, depositions, conference, court preparation and appearance. Retainer to be paid in advance.
$75 per hour plus all incurred expenses and / or per diem as agreed upon.
*New Mexico gross receipts tax applies on all services.