USPAP Compliant: Certified Member of the International Society of Appraisers
Art Appraisal Service Areas
- Serving the Vail Valley, Roaring Fork Valley, Summit County, Denver, Steamboat Springs in person
- Online art appraisals available in all USA states via photograph
Qualified Appraisal Services
- The type of appraisal you need will depend on your intended use of the appraisal -
The approach to value will be determined by this intended use. Here are four of the most common appraisal uses and their approaches to value following the International Society of Appraisers (ISA) guidelines. ISA methodology is in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP), as set out by the Appraisal Standards Board (ASB) of The Appraisal Foundation:
- Donation Appraisal: Uses the sales comparison approach to determine fair market value. The sales comparison approach analyzes comparable sales data as are available to indicate a value conclusion within the market considered most common for the property.
- Estate Tax Appraisal: Uses the sales comparison approach to determine fair market value. This approach is the same as for a donation appraisal, as the fair market value needs to be the same to ensure fairness in tax purposes.
- Insurance Coverage: Uses the Cost Approach to estimate Replacement Value. The Cost Approach analyzes comparable cost data as are available to replace the property being appraised with a suitable substitute.
- Equitable Distribution: Could use fair market value, market value or otherwise depending on the situation.
- Other appraisal types can include capital gains tax liability on the sale of property, IRS gift tax liability, damage claim losses, anticipated purchase or sale of an object and more.
Estate Tax Appraisal
A fine art appraisal is crucial for estate tax purposes, as it ensures an accurate valuation of the artwork within an individual's estate, helping to determine the overall net worth and tax liability. In the event of a person's passing, estate taxes may be levied on the transfer of their assets, including art collections. A professionally conducted appraisal by a qualified appraiser not only provides a clear, unbiased valuation but also acts as essential documentation for estate tax filings. This procedure safeguards against potential disputes, penalties, or audits from tax authorities, and ultimately allows for a smooth and fair distribution of assets among the beneficiaries. Moreover, a comprehensive art appraisal can identify under- or over-valued pieces, enabling the estate to make informed decisions on tax planning, insurance coverage, and asset management.
The Internal Revenue Service (IRS) requires a qualified appraisal for an art donation to ensure the accuracy, objectivity, and credibility of the artwork's valuation, thus maintaining the integrity of the tax deduction process. A qualified appraisal, performed by a qualified appraiser with expertise in the relevant field, helps to establish the fair market value of the artwork, providing a reliable basis for calculating the tax deduction.
Engaging a qualified appraiser benefits the donor by guarantees compliance with the Uniform Standards of Appraisal Practice (USPAP) and IRS regulations, which reduces the risk of penalties, audits, or disputes from the IRS.
A fine art appraisal is indispensable for insurance purposes, as it establishes the current replacement value of the artwork, allowing for adequate coverage in the event of loss, theft, or damage. Art collections can represent a significant financial investment, and their value may fluctuate over time due to market trends, historical significance, or the artist's reputation. A professional appraisal by a qualified appraiser ensures that the insurance policy accurately reflects the artwork's true value, preventing under- or over-insurance. Moreover, an up-to-date and detailed appraisal provides a comprehensive inventory of the collection, including descriptions, provenance, and condition reports, which can expedite the claims process in case of a mishap.
Regular fine art appraisals are essential for maintaining accurate insurance coverage and protecting the owner's investment, offering peace of mind that their valuable assets are safeguarded.
Equitable Distribution Appraisal
Obtaining an accurate and current valuation of the artwork by a qualified appraiser helps to establish a clear and objective basis for the distribution process. In situations like divorce settlements, inheritance, or dissolution of partnerships, a professionally conducted appraisal by a qualified appraiser provides an unbiased assessment of each artwork's value allowing for informed decision-making during negotiations.
By establishing the precise value of each piece within the collection, the appraisal minimizes disputes, misunderstandings, and potential legal complications, ultimately promoting transparency, fairness, and harmony among the involved parties.
Understanding The Value Of Art
Understanding the correct value of your art collection is important when it comes to making sound financial decisions for your future…
Art is more than a mere attachment, understanding the value of your art is important so that you can secure peace of mind - both financial and personal for you and your family for years to come.
- Understanding the basis for tax mitigation strategies
- Determining portfolio value
- Insurance coverage
- Family disputes
- Key financial decisions
How To Understand Value In Art
Watch this video to learn more
USPAP COMPLIANT APPRAISAL REPORTS
All our written reports conform with the most stringent industry standards and are fully compliant with the Appraisal Foundation's Uniform Standards of Professional Appraisal Practice (USPAP), as well as the requirements and standards of the International Society of Appraisers (ISA).
These standards regulate appraisal methodology, report development, and ethical conduct. Reports written to these standards are the highest in the industry, and are accepted by the IRS, insurance companies, museums and financial institutions.
Larissa Wild: Curriculum Vitae
PROFESSIONAL LEADERSHIP ROLES
• Director: International Society of Appraisers Board of Directors 1 (2020-2021)
• Chair: International Society of Appraisers Fine Art Committee1 (2019-2020)
• Chair: International Society of Appraisers Awards Committee (2018)
PROFESSIONAL QUALIFICATIONS AND MEMBERSHIPS:
• Private Client Services Designation, International Society of Appraisers
• Christie's Education, Certificate in Art Market Economics
• Certified Member International Society of Appraisers, Fine Art Designation 2
• Member of ArtTable, the foremost professional organization dedicated to advancing leadership for women in the visual arts
• Opal Group Emerging Managers Summit, Austin TX
• Trained, tested and in compliance with the qualifying and continuing education requirements of the Uniform Standards of Professional Appraisal Practice (USPAP) since 2016
• Exceeds Internal Revenue Service (IRS) Qualified Appraiser Criteria
• Exceeds the Personal Property Appraiser Qualification Criteria adopted by the Appraisal Foundation’s Appraiser Qualification Board (AQB)3 as follows:
o Successful completion of 120 hours of classroom coursework and qualifying examinations in: Appraisal Valuation Theory, Market Research and Analysis, Appraisal Ethics, Methodology, Identification and Authentication, Federal Regulations and Functions, Legal Issues, and Narrative Report Writing Standards
o Successful completion of coursework and qualifying examination in the ISA Appraisal of Fine Art specialization course
o Completion of the art market experience and appraisal development qualification requirements
• President and Founder: Larissa Wild Fine Art Consulting, LLC (2016 - Present)
• Host and Founder of The Art Elevator Podcast (2021 - Present)
• Art Consultant: Zuger Group, Vail Colorado (2015-2016)
• Gallery Director: Paderewski Fine Art, Beaver Creek Colorado (2009-2015)
• Gallery Director: Horton Fine Art, Beaver Creek Colorado (2009-2012)
• Import and Sales of African craft, Sydney Australia (1997-2003)
• Museum Assistant: Australian Center for Photography (1997-2003)
• Collection Assistant: Australian Museum, Sydney Australia (1988-1994)
• Fine Art Specialty course, ISA, 2017
Core Course in Personal Property Appraisal, ISA, 2016
• Graduate Courses: Canberra University Architectural School, 2008
• B.A., Fine Art, National Art School, Sydney Australia, 2000
• Graduate Courses: Canberra University Architectural School, 2008
• Historic Preservation: Colorado Mountain College, 2009
1 International Society of Appraisers (ISA) is the largest professional association of personal property appraisers in the United States and Canada
2 The Certified Member (CAPP) distinction is the highest level of recognition ISA can bestow. There are no higher designations in the personal property appraisal profession in the United States. As of 2018, there are less than 30 individuals holding certified ISA status earned through the discipline of fine art
3 The Appraisal Foundation is the foremost authority on the valuation services, authorized by Congress as the source of appraisal standards and appraiser qualifications.