Appraisal

DRFA provides independent, third-party appraisals compliant with federal standards.

Rigby is a Certified Member of the Appraisers Association of America (AAA), focusing on Post-War, Modern, Contemporary, and Emerging Art, and is a specialist in Contemporary and Modern Glass. This certification represents the highest level of accomplishment for members of the Appraisers Association of America.

Appraisals are specific to an individual client’s needs and the purpose of the appraisal. These might include addressing damage or loss, insurance inventory, donation, estate, asset management, resale, division of family goods, or collection planning. If individual objects fall outside of Rigby’s arena, DRFA engages outside specialists as dictated by the needs of an assignment.

DRFA has conducted appraisals nationally for private clients, institutions, corporations, and civic entities. Such appraisal clients have included Microsoft Corporation, Capital One, AIG Private Client Group, Washington State, King County, Seattle-Tacoma Airport/Port of Seattle, and the City of Seattle Office of Arts & Culture.

Pavel_Nekoranec
Un_Regard_Oblique
Stephen O’Donnell, Un Regard Oblique

CASE STUDY

When do you need an appraisal?

Appraisals are different from valuations and involve a greater degree of research, reporting, and liability by an independent third party. An appraiser must be compliant with the minimum federal standards known as the Uniform Standards of Professional Appraisal Practice (USPAP), updated every two years. To belong to a professional appraisal society, an appraiser must be compliant with these standards, and certification with the AAA is the highest level of membership, showing specialist competency in a specific genre. When looking for an appraiser, it is best to conduct a search through national appraisal society websites, especially if a specialist is required.

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DENA RIGBY FINE ARTS  |  SEATTLE, WA & RICHMOND, VA

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When Do You Need An Appraisal?

Appraisals are different from valuations and authentications and involve a greater degree of research, reporting, and liability by an independent third party. An appraiser must be compliant with the minimum federal standards known as the Uniform Standards of Professional Appraisal Practice (USPAP), which are updated every two years. To belong to a professional appraisal society, such as the AAA or the ISA (International Society of Appraisers), an appraiser must be compliant with these standards. When looking for an appraiser, it is best to conduct a search through these appraisal society websites, especially if a specialist is required.

There are many reasons for seeking a formal appraisal, ranging from insurance purposes, to meeting IRS requirements for donated property. Depending on the purpose of the appraisal, different definitions of value may be used. For example, the IRS requires “fair market value” as the value type for donations and estates, whereas the value often used for insurance purposes is “retail replacement value.” Before engaging an appraiser for insurance coverage purposes, or for the damage or loss of property, it’s a good idea to speak with your insurance provider to understand the intricacies of your policy.

Appraisals include clear language about who can use the appraisal and for what purpose. It is not uncommon for an insurance appraisal to be used at a later date by someone wishing to sell property, or to justify a higher asking value. When approached with this, a buyer might request an independent third-party appraisal to shed light on the market. Contrary to popular belief, an artist cannot take a tax deduction for donating their artwork to an institution. While artists often contact appraisers for this service, current regulations allow artists to write off the cost of goods only. While this is subject to change, artists should carefully review with their CPA to ensure paperwork submitted to the IRS does not raise red flags.

appraisal_case_study-Dena Rigby
Dirk Staschke, The Shadow of a Doubt
Preston_Baskets_for case study Dena Rigby
Preston Singletary, Tlingit Baskets, photo credit: Russell Johnson
Holiday_case-study Dena Rigby
Kelly Kerwick, Albemarle