Art AppraisalsYou know the balance of your bank account, so what about the money on your walls?

art-appraisal

Art Appraisals

Hughene Acheson is a qualified personal property appraiser and is professionally trained in appraisal principles, procedures, theories, ethics and report writing standards. She has adopted the mantra of the ISA and is dedicated to expanding her knowledge of valuation theory and expertise on a continual basis. All appraisal reports comply with the technical, methodological, and ethical requirements of the current version of the Appraisal Report Writing Standard and Code of Ethics of the International Society of Appraisers (ISA), along with Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation. Certified Cultural Property appraisals comply with the Canadian Cultural Property Export Review Board. For further information on Canadian Cultural Property and gifting works of art, please refer to the Canadian Revenue Agency’s website, specifically the section dedicated to Gift and Income Tax.
 

Appraisals are important legal documents* intended to establish the value of property for a variety of purposes, including:

This appraisal document determines the values of the viable assets which may have to be liquidated, within a short amount of time, to settle debts. The appraiser is aware of the economic realities of the situation, and the appraisal report for the art object(s) will provide the Liquidation Value.
This appraisal document determines the Fair Market Value of art object(s) donated to an organization or Canadian institution in order to establish the donor’s permitted income tax deduction.
This appraisal document determines the value of the damaged or lost property in order to facilitate insurance claim settlements and disputes.
This appraisal document outlines the Marketable Cash Value of the art assets in a divorce settlement where a couple’s assets must be divided equally and fairly between the two parties.
This appraisal document determines the Fair Market Value of art object(s) in connection with the preparation of estate tax returns, to assist in estate planning, or to aid in asset distribution of property jointly owned by family estates, by business partners, or corporations changing ownership.
This appraisal document determines the Fair Market Value of art object(s) for asset management, loan collatarel and related financial and legal matters.
This appraisal document and/or service determines the Fair Market Value of an artwork in anticipation of a potential purchase. Hughene will provide guidance around critical issues in the purchase of the artwork (the asset) such as the historical importance of the artist, the importance of the piece within the artist’s oeuvre, an analysis of condition, determination of provenance, and authenticity concerns.
This appraisal document and/or service determines the Fair Market Value of art object(s) in anticipation of a potential sale through various market venues. For resale, a strategy, along with deliberate consideration or the art object’s most appropriate market—regional, national, or international—is determined.
Whether small or large, an art collection always needs to be properly catalogued and accounted for; this appraisal document determines the Retail Replacement Value of art object(s) in order to provide appropriate insurance coverage for the art collection. It is imperative to update your art insurance appraisal every two to five years, to address general trends in the art market, cyclical values and volatility factors.

 
* These legal documents must be written by an accredited, certified appraiser, one qualified in the field of the object to be appraised and knowledgeable in the legal, financial, and technical requirements of the appraisal. An appraiser should be an active member of an appraisal organization. Members are tested and accredited by their respective associations on a regular basis to insure the quality and reliability of their work. Appraisers who are not members of one of these associations are not reviewed or endorsed by such an authority.

Note: Personal property appraisers are not licensed and anyone may call himself an appraiser no matter what his qualifications or lack of them. Hughene Acheson has been an active member of the ISA (International Society of Appraisers) since 2009, and has also been active in the ISA Toronto chapter since 2010. Hughene has her USPAP Certification (Uniform Standards of Professional Appraisal Practice), having completed the 15 hour course in 2009 and 2012 and her 7-hour USPAP update in 2014.


 
 

Working with Hughene was a very satisfying experience. She has a unique ability to approach delicate questions with ease and with respect. I was impressed by the thoroughness and rigour of her approach at every step of the way. I welcome the opportunity to work with her again.

Client,
September 2013