Appraisals prepared by DGS Fine Art Consultants, Inc. comply with the highest standards in the field, known as USPAP, Uniform Standards of Professional Appraisal Practice. USPAP is set and promulgated by The Appraisal Foundation in Washington, D.C., a congressionally sanctioned, not-for-profit organization, established in 1987 and dedicated to the advancement of professional valuation for appraisers and users of appraisal services to ensure public trust in the work performed by appraisers. As a Certified Member of the Appraisers Association and past President of their Board of Directors, I adhere to their extremely stringent code of professionalism and ethics. I am also a Chubb Masterpiece ® Protection Network Preferred Provider.
Appraisals are necessary for the following purposes:
- Insurance schedules
- Damage/loss claims
- Settlement of estate taxes
- Determination for tax relief for a non-cash-charitable donation
- Equitable distribution, as in division of property in a divorce or business
- Basis for collateral loans
- Disposition of collections or individual works
- Professional Opinion of Value (not USPAP-compliant)
It is essential that appraisals, no matter what the purpose, be prepared by a qualified appraiser. The IRS will only accept estate and donation appraisals prepared by a qualified appraiser, which is defined in IRS publication 561 as “an individual who has earned an appraisal designation from a recognized professional appraiser organization for demonstrated competency in valuing the type of property being appraised.”
As a Certified Member of the Appraisers Association of America (one of the “appraiser organizations” recognized by the IRS) and with my extensive practical experience in and knowledge of the art market, I fulfill the IRS’s requirements. As a Chubb Masterpiece ® Protection Network Preferred Provider, you can also be assured that I am a provider of excellent and quality service.