Jewelry liquidation value appraisal refers to the estimated value of a piece of jewelry if it were to be sold under the assumption of a fast sale, often in a liquidation scenario. In other words, it is the value that an item would fetch if it had to be sold quickly, such as in an auction or to a jewelry store that purchases and sells jewelry in the secondary retail jewelry market. This type of appraisal is lower than a retail replacement value appraisal, as the assumption is that the item needs to be sold in the secondary retail market and will not garner the full retail price due to time constraints or other factors such as it is a previously owned item. Jewelry liquidation value appraisals are important when you need to sell your jewelry or in situations where there is a need to evaluate the value of jewelry for legal and financial purposes.
Do you need an estate jewelry appraisal report for IRS filing or court?
If the estate is subject to federal estate tax, a detailed report will be required to establish the fair market value for each item. Estate appraisals subject to IRS scrutiny entail additional market research for significant jewelry items. These appraisals will list the documented sales prices of comparable items (e.g. researched sales at auction). When applicable, these prices are followed by an analysis of the similarities and differences between the item in question and the comparable item(s) assisting the reader (e.g. IRS agent) to understand the fair market value conclusion in the report. Naturally, estate appraisals require more time and research and are billed at our hourly rate or we can quote a fixed price on the entire assignment.
Is the issue one of equitable distribution? Would you still need a jewelry appraisal report?
Often, estates and trusts are not subject to federal estate tax, but a report documenting every item is still desirable. For example, these less formal reports are useful to help with the equitable distribution of the estate/trust assets. Often these appraisals require less detailed market research and consume less time. While the same hourly rate applies, the costs are consequently reduced.
Or, do you simply need consultation to help identify and establish a market value for the items?
Finally, in those situations wherein no printed report is required but information to assist with the equitable distribution of the assets is needed, we provide a consultation option. The same hourly rate applies (there is a one hour minimum), however, because no report is produced and no photos are taken, the amount of billable time can be significantly reduced.
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