Art AppraisalWhat is a ‘Qualified Appraiser’ and why is it important to work with one?Qualified Appraisers, as defined by the IRS, are designated by a recognized appraiser organization, such as the Appraisers Association of America (AAA), and demonstrate verifiable education and experience in valuing the type of property being appraised. Fine Art Asset Management appraisers are AAA-certified members and qualified by the above standards. Their appraisals help clients know what they own, assess adequate insurance coverage, quantify damage losses, ensure equitable distribution, and facilitate tax and estate planning. What is USPAP?USPAP, or Uniform Standards of Professional Appraisal Practice, is a set of standards, competence, and methodology promulgated by the U.S. Congress for both art, personal property, and real estate appraisals. All Fine Art Asset Management appraisers have up-to-date USPAP credentials and are in good standing with the IRS.How are appraisal fees determined?Appraisal projects are billed on an hourly or project basis and are never contingent on the appraised value of an artwork or collection. Time to prepare an appraisal depends on purpose of the appraisal, number of objects appraised and amount of descriptive and provenance information available. Fine Art Asset Management can provide a written proposal of estimated time and fees after assessing the scope of a project.What is the difference between fair market and replacement value?Fair Market Value* (FMV) is the price at which property would change hands between a willing buyer and a willing seller with both having knowledge of relevant facts and typically for charitable donations and estate tax purposes. Retail Replacement Value* (RRV) is the cost to replace an item of similar age, quality, origin, appearance, provenance, and condition in a limited amount of time, typically for insurance purposes and a more comprehensive figure than FMV (often based on current retail market prices). *As defined by the Internal Revenue Service.Art AdvisoryThere are many art advisors in the industry. Why should I work with Fine Art Asset Management?The company prides itself on offering objective and conflict-free services in an often opaque and unregulated art marketplace. Every aspect of a transaction is fully disclosed to clients to ensure both minimized risk and maximum gain.As subsidiary of an FDIC-regulated bank, Fine Art Asset Management maintains the highest standards of due diligence, transparency, record-keeping and data security. Our fine art specialists are members of The Association of Professional Art Advisors (APAA), whose members are objective advocates working solely for their clients and adhering to a stringent code of ethics and standards.How does Fine Art Asset Management help clients build and shape a collection?Fine Art Asset Management partners with clients to create the most advantageous sale strategies for works being de-accessioned from a collection. Through deep knowledge of the marketplace and established relationships with auction houses and galleries, the company identifies the most appropriate channel for sale, advises on marketing and promotion, and negotiate the lowest possible selling commissions and fees for clients.For those looking to build a collection, Fine Art Asset Management works with new and experienced buyers to determine aesthetic interests, space, budget, and current/future goals. With a global network of contacts at the primary/secondary markets, the company can source fresh-to market material, negotiate competitive pricing, and oversee the entire transaction, from reviewing bills of sale, monitoring shipping to final installation.