Appraisal Services
Nigro Art Advisory provides personal property appraisals for private collectors, attorneys, administrators, fiduciaries, accountants, and insurance professionals. Our appraisal services support a variety of needs, including insurance coverage, estate planning, equitable distribution, estate tax filing, and charitable donations.
Our process includes onsite examination, in-depth market research, objective market analysis, and detailed, well-substantiated reports that support our valuation conclusions. All appraisals comply with the Uniform Standards of Professional Appraisal Practice (USPAP) and strictly adhere to IRS guidelines.
At Nigro Art Advisory, appraisal fees are billed on an hourly basis, never based on the value of the appraised property. There is a three-hour minimum for insurance appraisals and a four-hour minimum for tax-related appraisals. A written estimate and work agreement are provided in advance.
Types of Appraisal
Insurance Coverage
Document and appraise your personal property to ensure that you are protected with adequate insurance coverage before a damage/loss claim. These types of appraisals focus on your investments in fine art, antiques, porcelain, silver, furniture, and collectibles. It is advised to updated appraisals every three to five years to maintain adequate coverage.
Art as Collateral
For clients using their personal property to facilitate a loan Nigro Art Advisory will prepare a Fair Market Value or Marketable Cash Value appraisal.
Estate Planning
Knowing the value of your personal property is vital to the estate planning process. The appraisal document aids in decision making as it pertains to equitable division of estate property among heirs and beneficiaries.
Equitable Distribution for Estate Purposes
For contested estates where value may be in question or non-contested estates where the fiduciary wants a formal valuation of the estate contents to help distribute the property evenly.
Charitable Donation
A donor wishing to claim a charitable deduction of $5,000 or more for donating an item or group of similar items to a non-profit must obtain a qualified appraisal of the items’ value. All of our appraisals adhere to the IRS guidelines and are USPAP compliant.
Estate Tax Filings
Both the IRS and New York state require a USPAP compliant appraisal if the total value of an estate crosses a certain value threshold. These appraisals provide a comprehensive valuation of the decedent’s personal property, which includes but is not limited to, antiques, art, automobiles, boats, clothing, coin collections, household furniture and furnishings, jewelry, and stamp collections. All of our appraisals adhere to the IRS guidelines and are USPAP compliant.
Division of Property
Like Equitable Distribution Appraisals, the Division of Property appraisal is based on Fair Market Value. These appraisals are often used for distributing property in divorce settlements.
Advisory Services
Beyond appraisals, Nigro Art Advisory provides art advisory services, helping clients build and manage their art collections through inventory management, collection oversight, installation, and sales.
In addition, Nigro Art Advisory offers specialized assistance for clients handling household contents during estate transitions or relocations. This service includes an in-person assessment, market research, and the facilitation of personal property sales.
