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SAT 11-4 PM
WHY APPRAISE YOUR ART?
Art appraisals are necessary if you are donating artwork, insuring an art collection, or determining estate values. Kiechel Fine Art provides on-site evalutations, consultations and written appraisals. Downlad our appraisal fact sheet.
WHO SHOULD APPRAISE YOUR ART?
No legal certification or licensing requirements exist for personal property appraisers and no government testing nor standards guide the profession. Because of this, it’s important to find an appraiser who has established expertise and professional training in appraisal principles, theory, ethics, law and procedures.
Kiechel Fine Art director Buck Kiechel has appraised corporate, personal, and university art collections. He is currently the only certified art appraiser in Nebraska. Buck has passed the stringent certification process of the International Society of Appraisers (ISA), which requires the succesful completion of coursework and examinations for its members.
WHAT TYPES OF APPRAISALS ARE AVAILABLE?
The Internal Revenue Service requires that a donor obtain a qualified, outside appraisal for any donation worth more than $5,000. IRS publication 561 (Rev. October 2005) describes the charitable donation process, including a lengthy description of “Fair Market Value.” Changing legislation and strict IRS procedures make it essential that donors seek assistance from a knowledgeable, qualified appraiser for tax purposes.
Insurance policies provide payment for loss of personal property through fire or theft. A professional appraisal prior to the loss is essential for protecting the value of your property. In the event of a loss, proof of ownership as well as a claimed value must be provided by the owner to the insurance company. Most insurance companies require updated appraisals every few years.
In an effort to insure an equitable distribution of monetary assets, the courts often make their awards decisions based on the determined value of all marital property. In such instances, objective appraisal services are necessary to assign values and determine an equitable division of assets.
State tax regulations require upon death that property in the estate be inventoried and appraised to establish a basis for determining estate taxes. This appraisal also becomes useful when the estate must be divided equally among heirs or when donations from the estate to charitable organizations are to be made.
If a federal estate tax return must be filed, federal regulations require appraisals to meet strict criteria and be performed by a qualified appraiser. Our appraisals are conducted in accordance with the state and federal Estate Tax Code.