There are a number of different reasons why one would want a fine art appraisal in Minnesota. There are a number of different reasons, and they are usually unique. The reasons usually are for insurance, income and inheritance tax purposes, estate planning and settlement, as a charitable contribution or to put the work up for sale.
If a piece of fine art is part of an estate or the art is being donated; it must be appraised for tax purposes. If the art has been damaged or stolen, then an appraisal must have be made to support any insurance claims or law suits that come out of it.
If you are involved in more than one situation, then having your fine art appraisal in Minnesota done with separate reports are important as each deals with a separate issue with different ramifications. Owners of fine art are aware of the fact that the market value of their work fluctuates wildly, and it is in their best interest to have periodic appraisals so that they are neither over nor under insured.
The IRS:
Works of art can be donated to any charity that has a tax-free certification. When the donation is made, it is of the utmost importance that an appraisal is made by an individual licensed to do such appraisals, the donation is acknowledged by the charity and that the records are kept so the appraised value can be used as a tax deductable charitable contribution.
Insurance cover:
To insure a piece of fine art you need to get a fine art appraisal in Minnesota. The appraisal must state that you are the owner of the work; it must have a detailed description of the work and the appraised value. The appraisal must be made by a certified appraiser, the documents prepared by him act as assurance that you will be reimbursed to the appraised value in the case of loss.
Conflicts of interest and ethics:
Appraisal is an industry which is self-regulating when it comes to ethical dealings. A dishonest appraiser could easily undervalue a work of art that was being put up for sale; he could then make the purchase and resell the work for a very large profit. To achieve certification, the appraiser must take courses in ethics and pass very strict examinations. To be an appraiser, you must be impartial and objective, you can have no conflict of interest otherwise you will lose your license and reputation.
Certifications:
Personal property appraisers are not regulated by law, even though they are licensed. It is very important, that you, as the owner of a work of art chose an appraiser from one of the main certifying bodies that are very strict with accreditation.
Fine art appraisal in Minnesota can be made by History Bound in Mendota MN. They have a staff with skills and experience in appraising works of fine art and many other objects of great value.