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Calgary's Accredited Fine Art Appraiser

Equitable Distribution Appraisals

Lawyers and judges, estate and trust officers, accountants, financial planners, and bankruptcy trustees deal with equitable distributions in matters of estate dissolutions where the property is distributed to heirs and probate fees or capital gains taxes are determined, in matters of divorce, and in business dissolutions.

Estates

If the estate has some real works of fine art, they will need to be equitably divided, sold off and the profits distributed, donated to a charity for a tax deduction, or, a combination of these approaches. The inherited art will first need to be appraised. As per the Canada Revenue Agency rules, fair market value appraisals are done for the function of determining estate taxes, and to assist in the division of property. A fair market value appraisal is the only type acceptable to the Canada Revenue Agency. The generally accepted meaning of fair market value is "the highest price, expressed in terms of money, that the property would bring in an open and unrestricted market between a willing buyer and a willing seller who are both knowledgeable, informed and prudent, and who are acting independently of each other". (Gifts and Income Tax, Canada Customs and Revenue Agency, P113 (E) Rev. 98).

Bankruptcies

In cases of business or personal bankruptcy, property is distributed to holders of debt. Collections of artworks are not considered exempt from being attached to pay a debtor's obligations and may need to be sold to satisfy creditors. The property first needs to be appraised and the fair market value established (see the above for a definition).

Divorces

In matters of divorce, if there is real fine art, the property will have to be divided, liquidated, donated for a tax deduction, or, a combination of these. Canada's provinces define matrimonial property in different ways. Alberta's Matrimonial Property Act refers to marital property as having market value. The generally accepted meaning of market value is "the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and under the assumption that the price is not affected by any undue stimulus".

Whenever there's a question about the value of personal property, there's a risk involved. It may be the risk of not getting a fair share in the division of property, the risk of incurring tax penalties when calculating taxes, or the risk of selling at too low a price.

You can depend on my expert appraisals to make critical financial decisions because my value conclusions are based on accurate research in the correct marketplace. I determine my value conclusions based on prescribed standards of identification, valuation, and report writing. My appraisals conform to, and are certified according to the Appraisal Foundation's Uniform Standards of Professional Appraisal Practice, as well as to the International Society of Appraiser's Code of Ethics and Report Writing Standard.

I am accredited with the International Society of Appraisers as a personal property appraiser with a specialty in fine art. I have received formal training in appraisal theory, principles, procedures, ethics and the law. I also have extensive experience in the visual arts, and a broad knowledge of the Canadian art market based on twenty-five years of working with Canadian art collections.

My expert appraisals will reduce your risk by giving you timely and accurate valuations based on facts.

Each Appraisal Contains

• A full description of the artwork including a "thumbnail" narrative description.

• A digital colour photograph of the artwork.

• A detailed, signed and dated condition report describing the artwork.

• A careful examination of prices realized for similar artworks.

• An examination of the art market(s) in which similar artworks are sold.

• An accurate and timely value of the artwork.

• A description of the process used to value the artwork and a definition of the value sought in the appraisal.

• A signed and dated certification that my appraisal conforms to uniform academic and ethical standards.

• The seal of the International Society of Appraisers recognizing that I am an Accredited Member with a specialty in fine art.