CK FAGAN
Auction and Appraisal Company

Appraisals

           Early 19C Porcelain..valued for a Hickory, NC deceased estate.  Would you know the difference?.     


    
Professional Appraisal
   Personal Property Valuation Consultant

An appraisal is not a personal opinion about value based on the appraiser's worldly experience.  It is a reached thesis in which you assert an opinion about the economic exchange value of rights inherent in the ownership of property.

Appraisers are professionals having proprietary knowledge.  Appraisal questions are researched and opinions written.  Appraisers must develop a broad expertise based on specialized education and experience.

The appraiser must have the "proof" to prove the value of a particular item.  Burden of proof includes the burden of persuasion and the burden of production.  

The Uniform Standards of Professional Appraisal Practice (USPAP) is used as the outline for the development of the opinion and the basis for writing the opinion.  

New Update:
URGENT.  IRS now requires that you be competent in USPAP for tax related appraisal work. In addition, the new International Financial Reporting Standards (IFRS) adopted by U.S. Regulatory Agencies is now being implemented. The New Standard will require all long term (machinery, equipment, etc) to be stated as FAIR VALUE, FASB 157. CPAs sign off on an audited financial statement. Therefore, CPAs signing off on the audited statement will need to know the appraisal of Fair Value is realistically supported.

Type of Appraisals

Insurance:  Provides the necessary documentation to substantiate the existence, and condition and replacement value of your items.  It is necessary to be completed by a professional certified appraiser by most insurance companies.

Estate (Death and/or Probate):  Some states require the estate at death to be appraised by a professional appraiser. 
Special Note**   An inventory can be done by an appraiser and at the same time it can be set up for auction.  The inventory is not a full appraisal if the items are set for auction and price will be set to "Fair Market Value"  If your current state does not require it is very useful to have a full appraisal done to determine the approach for liquidating the estate.  Be very skeptical of an offer of full appraisal for an estate and offer to sell.  Appraisers can not hold a bias in connection with an item(s) being valued.  This means you can not sell what you appraise.  Items can be inventoried and prices set when they sell at auction.

Charitable Donations:  New donation rules for 2008.  You can download publication 526  to see all the changes.  It is advised you obtain a qualified appraisal for clothing or a household item that is not in good used condition or better if you deduct more than $500 for it .  You must include it with your return.  All items over $5000 must have an appraisal included.  

Equitable Distribution:  An appraisal  ensures the equitable distribution of property.  Joint valuations save time and money.

Moving:  Most moving companies offer very limited coverage and do not insure antiques and art.  This type of appraisal will allow you to purchase additional coverage and document you high value items.

If you are not sure if need an appraisal or have any questions, please feel free to contact Cathy at:
                                    (828) 446-7139          
                           
Email ckfaganauction@gmail.com

Appraisal Terms/Fees:
Appraisals are based at $130 per hour with a three hour minimum.  They can not be done by email and could involve more than one item. 

Antiques/Collectible Research & Consultation
 Flat fee of $65 per item.  Sets of the same item (dish sets, tea sets, coffee sets,etc.) are  considered one item and charged as such.  Report sent via USPS will reflect overall information about item.  It is not a full appraisal.  It will be noted if a full appraisal is recommended.

All  requests are pre-paid.  Payment can be made by check, money order or credit card.  Please call for credit card procedure.

Procedures for Email:

  • Send a .JPG format image file that is clear, no larger than 550 pixels or 8.5" x 11".
  • Measure the item (height, width, length,etc)
  • Note the condition (excellent, good, fair, poor) Look for repairs, cracks, chips, breaks and discolor.
  • Take a picture of any marks (look on the bottom or inside, etc)
  • Please note any other items of concern (faded, etc.)
  • Please feel to tell me "too much". 
  • You must call and submit your credit card information.  I can scan in the receipt and send it back.

If you prefer to mail the information please feel free to send your request and $65 to:

CK Auction and Appraisal Co.
119 Heritage Creek Dr.
Hickory, NC  28601

PHOTOS WILL BE RETURNED. 

Please feel free to call or contact me by email if you have any questions. 
Allow up to three weeks for a response.
                                                                         

           

           

 

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