Learn how families can equitably dividing assets with both emotional and monetary values. Read our tips for dividing art & collectibles published in The Journal of Estate & Tax Planning published by the National Association of Estate Planners & Councils.
In an interview for Northern Trust, Wealth Advisor Stacy Singer describes the nuanced and often challenging path to estate resolution when valuable, one-of-a-kind objects are passed down to heirs. She offers her four strategies for navigating wealth transfer involving valuable fine art and collectible objects, which align directly with our holistic approach to collection management. In this post, we drill down the four key elements of this wealth planning strategy for art.
Join host Dave Shuffett, the KET crew and our expert appraisers at the next Kentucky Collectibles Appraisal Fair at the Paducah Convention & Expo Center on Friday, June 23rd and Saturday, June 24th. Fine art appraiser Morgan Rigaud and decorative art appraiser Diane Wachs will be appearing from Bryson to value family heirlooms, flea market finds, original paintings, mystery objects, and whatever walks in the door - all to raise money for Kentucky Educational Television.
Understanding the value of tangible property is critical when planning or administering an estate. Morgan Rigaud & Joey Thomas of Bryson Estates join forces with Taft Law attorney Dan Hoffheimer in conversation about the role of the appraiser in the estate settlement process with host Maryanne Zeleznik on Cincinnati Edition.
Bryson is a tech-empowered financial services company based in the greater Cincinnati area. Bryson has experienced rapid growth since 2009 as a leading service provider in the valuation of non-financial assets. That is, we appraise tangible objects; things like fine art, wine, classic cars, rare books, collectibles, furniture, memorabilia, and we do it for private clients, museums & nonprofits, 11 of the 15 largest insurance companies in North America and even the Internal Revenue Service.
We make it easy to donate tangible objects to charitable organizations. Enjoy the philanthropic & financial advantages associated with non-cash charitable contributions without the hassle and create your legacy.
We are thrilled that one of our wonderfully knowledgeable Asian art appraisers will be presenting this Wednesday at the University of Cincinnati. Dr. Patricia Graham will give her lecture "Pioneering Women in the Conservative World of Contemporary Japanese Buddhist Art-Craft Production" as part of UC's Japanese Studies Lecture Series: Religion, Art, and Gender this Wednesday, March 4th at 2pm in the Max Kade Center (Old Chemistry Building, 7th Floor).
The CAC lobby is designed to bridge the inside and outside, creating a hybrid between art and experience.
Gifts of valuable artwork can satisfy donor’s philanthropic and tax planning desires. Donors must familiarize themselves with the IRS requirements for documenting their contributions, clarify the terms of the gift upfront, and seek professional advice from tax planners and appraisers.
In the midst of the grief and chaos that surrounds someone's passing, the logistical challenges of estate sales can seem like even more of a burden. To be sure, selling the estate of a recently deceased family member or friend brings up some difficult memories – but the process doesn't have to be such a nightmare. These ten tips will help you with your legal and moral responsibilities, ensuring efficient administration, accurate appraisals and quick, profitable sales of any valuable personal property in the estate that you are managing.
If the stat-monkeys at Bloomberg are to be believed, more than 80% of all American adults have used online product listings to sell their possessions. Whether you are downsizing your closet or starting an antique business, this means a lot of competition for your target customers.
Rise above the commercial clutter with these six strategies used by the most successful online auction pros. Just be warned: You might find yourself dreaming about quitting your day job once the money starts rolling in.
1. Accurately Appraise the Item you are Selling
Since competition on the internet is so fierce for most auctions, you will get a pretty good idea of your realist sale-price by browsing competing auctions. Account for the relative condition of your item, its rarity, and the last price that it sold for. Unique items and works of art are more difficult to value – but your price decision represents a trade-off between the likelihood that the item will sell and the profit you will receive.
2. Choose the Best Auction Venue
Sometimes it seems like there are just as many auction venues as there are people trying to sell things on them, so be sure to pick the venue that suits your niche the best. Some specialty items, like baseball cards, are best listed on the hyper-specific auction boards that serve those enthusiasts. Online auctions rely on huge amounts of traffic to give low and mid-market items the broadest possible audience, but the quality of the traffic isn’t as high as you could receive at a specialty auction.
Pay attention to the “nickel and dime” charged by online auction companies. While it is worth investing in a company that provides you with Escrow protection and high visibility, all of the fees can add up – reducing the overall take from a successful auction.
3. Forget Reserves
Reserves can imply a straight sale. Reserves take away from the excitement of an auction, discouraging the kind of repeat bidding that turns auctions into runaway successes. If you absolutely cannot accept below a certain value for an item – consider setting a lower starting bid, but never use reserves to attempt to boost your final selling price.
4. Presentation is Everything
No matter how valuable your listing is, nothing will discourage bidding like a poor-quality photo. Since customers cannot personally view your product in an online auction, your photos it the only opportunity they have to appraise the item in question. Take professional-quality photos in a well-lit room against a plain backdrop, and photograph your item from every angle to ensure that it is well-represented to prospective buyers.
Figure 1- Some companies sell cheap portable photo-kits that will greatly increase your photo quality
Photograph. June, 2009. Courtesy of Mobilevenue.com.
5. Be Honest
Avoid the temptation to exaggerate or to hide negative details about your listing. Even if you convince someone to bid on your item despite its flaws, you risk chargebacks and a refund process that can result in the loss of your auction privileges and strikes against your merchant accounts.
6. Talk to Your Customers
Online auction platforms, just like brick-and-mortar businesses, only succeed through customer-service and consistent effort. Follow up with your clients and ensure they were satisfied with your auctions. Above-all, solicit positive feedback from your satisfied customers, bolstering your online reputation and increasing the trust people put into your listings.
Conclusion
For a market-savvy seller with good photographic equipment and a selection of mid-market items, online auctions can be a goldmine. While you might not get rich overnight, your profits through online auction sales can be considerable.
Additional Sources:
Bamberger, A. ArtBusiness.com. 2011. http://www.artbusiness.com/sellonline2.html [Accessed 7/9/2014]
ARTnews just released their annual list of 200 top collectors worldwide. This heatmap illustrates the global distribution of the most active art buyers.
How important is condition? In determining the value of 20th century furniture and design, condition is one of the most important variables assessed by the appraiser. Keeping important pieces in good condition is crucial to preserving their value. Here’s how you can identify common condition issues that affect the value of mid-century modern furniture.
From still banks to oil paintings, militaria to Barbie Dolls, nearly every type of collectible personal property can suffer from degradation, corrosion, or deterioration caused by these five environmental factors.
Jack Earl was born in Uniopolis, Ohio on August 2, 1934. He studied art throughout high school and college, eventually graduating with a Masters of Fine Art from Ohio State University in 1964. He took a position teaching art education and ceramics at the Toledo Museum of Art, where he first discovered European figurative ceramics through the museum’s book collection. The figurines inspired him, especially in their ability to tell a story through sculpture, and he was soon making hard-paste porcelain pieces of his own. Unlike the more idealized European tradition, Earl’s work was unique in its life-like representation of everyday life in the American midwest.
How do you know which appraiser will provide you with the report that will be acceptable to your insurance company, your attorney, or your financial advisor? If you are an educated consumer, you will hire a USPAP-compliant appraiser and look to the report they produce and see if it complies with the Elements of a Correctly Prepared Appraisal.
Craquelure is the term we use to describe the visible network of cracks on the surface of a painting or object. This cracking is caused by the shrinking of paint or canvas. Appraisers of fine art recognize the pattern of craquelure on the surface of a painting or object is one of many factors analyzed in the determination of age and authenticity.
His Holiness, Pope Francis, is auctioning his 2013 Harley-Davidson 1,585cc FXDC Dyna Super Glide Custom in the Bonhams Paris auction of vintage and classic motorcycles and autos on February 6. According to the catalogue, Harley-Davidson celebrated its 110-year anniversary by presenting the newly elected Pope Francis with two of its motorcycles and a biker jacket at a ceremony in Rome in June 2013. With papal pageantry, Pope Francis then blessed a gathering of some 800-or-so bikers in St Peter's Square for his June 16th Sunday Angelus.
By Joey Thomas
Paddles ON!, a collaborative auction spawned by Phillips and Tumblr, will close today, marking a legitimately integrating step for digital art in the contemporary market. While niche markets have evolved gradually, Paddles On! is the first dedicated digital art auction to be initiated by a major contemporary art auction house.
The marriage of visual interest and historical depth is abundant within the works on paper collection at the Cincinnati Art Museum. With some inspiration from their collection and careful curation, you can add to your private collection the works of masters that are beautiful, intellectual, and historically significant.
It's tax season, and you may have donated valuable tangible property to a University, museum or other qualifying not-for-profit institution in 2012. If you are seeking a tax deduction for donations of tangible property, it's important to keep these four things in mind when preparing your returns.
The Internal Revenue Service provides a tax advantage for those generous enough to give museums, universities, libraries and other qualifying institutions tangible property with relevant value. The gifts are referred to as Non-Cash Charitable Contributions and they exist in many forms. Before benevolently parceling out your personal collection of valuables, explore the requirements for taking advantage of this tax incentive.
