Richard Associates Art Appraisals in Santa Fe, NM, offers art appraisal services for historic American Indian Art and Artifacts and late Modern and Contemporary Paintings. All appraisals comply with the Uniform Standards of Professional Appraisal Practice (USPAP) as well as the Appraisal Report Writing Standard and Code of Ethics set by the International Society of Appraisers (ISA). Every appraisal is individually crafted for the intended use and specific needs of our clients. The end result is a multi-page report that includes photos, descriptions, market analysis, values and value reasonings for each item. These can be delivered electronically or in printed form.
The process of developing an appraisal report for Native American art or contemporary paintings begins with an initial consultation to determine the purpose of the report. After inspecting the items for quality, condition and identification purposes, extensive research is conducted and data is compiled in order to come to a determination of value within the appropriate marketplace. Once the values have been established along with any conditional or assumptive provisos, an extensive report is crafted.
Verbal appraisal reports are also available, with certain limitations. These can be useful for informed decision making, when a written report may not be needed. Verbal appraisals do offer a cost savings as the appraiser provides no written documents, however, market research and analysis is still required. The client is encouraged to take notes and ask questions as the report is read.
“My family recently donated an historically significant group of paintings to a museum in Santa Fe, NM. I hired Richard Associates Art Appraisals to appraise the collection for charitable contribution purposes. Aarin was very knowledgeable about the process and attentive to all of the details involved. He produced a report that was extremely concise, detailed and informative. I would definitely recommend his appraisal services.” – AD, Las Vegas, NV
Appraisals are often needed for the purposes of:
- Insurance Coverage / Claims
- Charitable Donation Tax Deductions
- Equitable Distribution, Estate / Divorce
- Estate Planning
- Estate Tax Liability
- Capital Gains Tax Liability
- Informed Decision Making / Financial Planning
For federal tax reporting purposes such as donations and estate matters, the IRS requires that art appraisal services 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 the International Society of Appraisers are required to adhere to the Uniform Standards of Professional Appraisal Practice (USPAP), developed by The Appraisal Foundation, as well as continuing education requirements. Richard Associates Art Appraisals, located in Santa Fe, NM, meets all these qualifications.
Written Appraisal Reports:
$200 per hour for inspection, research, report writing and consultation. Written appraisals have a $350 minimum fee for a single item, depending on complexity, excluding IRS related reports. Set up and document preparation costs are better absorbed when distributed across multi-item appraisals. The initial phone consultation is always free of charge.
Verbal Appraisals: Quoted on a per item basis due to varying complexities – $250 is the minimum fee for a single item.
Court / Legal: $300 per hour for expert witness testimony, depositions, conference, court preparation and appearance. Retainer to be paid in advance.
Travel: $1000 per day plus all incurred expenses and / or per diem as agreed upon.
New Mexico tax will be added to all in-state invoices.