Apprasial Information

8/12/2019 Apprasial Information

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Jane Brumfield ISA AM

Personal Property Appraisals

Specialist in Contemporary Fine & Applied

USPAP Compliant Appraisals

Insurance

Non-Cash Donation

Estate

Equitable Distribution



Jane Brumield ISA AM

I am an accredited member of the International Society of Appraisers. The ISA’s professional developmentand credentialing programs, along with its strong code of ethics, serve as the foundation for the myprofessional approach to personal property appraising.

I have been working in the visual arts for over 25 years. I owned a commercial art gallery for a period ofeight years, following a career curating contemporary art exhibitions for publicly funded museumgalleries in the UK. I have been an accredited member of the International Society of Appraisers sinceOctober 2012.

ISA Training Makes an Important Difference

The International Society of Appraisers offers the most comprehensive personal property appraisaleducation program in America. An ISA trained appraiser is well equipped to give you an accurate andcomplete appraisal. Membership in a professional association is important because it shows that theappraiser is involved with the profession, has peer recognition, has access to updated information, and issubject to a code of ethics and conduct.

Continuing education is important for appraisers. Procedures and regulations are always changing.Because of this, ISA constantly updates, expands, and rewrites its courses to ensure that its members willperform the work you need with knowledge of all the latest professional standards. The University ofMaryland University College (UMUC) reviews all ISA courses and certiies that the courses meet the

University’s high academic standards.



Appraised Values

The same item may have many different appraisedvalues depending on how you intend to use theappraisal. For insurance you need to know thecost of replacement, in a timely manner, within themost relevant market to the client. For IRS purposes‘Fair Market Value’ is determined by comparing

sales of similar property in the most commonmarket for the item. These two concepts are notalways the same. Your appraiser should understandthe many different types of values, assigned uses,and market levels. He or she works with you tochoose the proper type of value so that you can usethe appraisal correctly and effectively.

Make An Educated Choice

Whenever there is a question about the value ofyour personal property, there’s also a risk involvedIt may be the risk of selling too low, or of payingtoo much; the risk of being under or over insured;the risk of not getting your fair share in a divisionof the property; the risk of incurring tax penaltiesor being audited when claiming a deduction for acharitable contribution or when calculating estatetaxes. A professional appraiser helps you managethese and other such risks by providing a written

opinion of value, upon which you can base yourinancial decisions. Rather than being just an

“educated guess,” the professional appraiser’svalue conclusions are based on prescribed methodsof evaluation, research, and report writing. Acompetent appraiser helps you manage inancial

risk.

The Appraisal Process

If you are able to provide an inventory, photographsand supporting information, I may be able to offeran initial quote prior to an inspection appointment.Often this is not possible, and I cannot quote forthe assignment until I have been able to ascertainthe scope of work at the inspection. I require a

minimum retainer of $300 prior to the inspectionappointment.

Initial quotes based on information provided bythe client, may be amended following theinspection, should the scope of work appear to bedifferent. My inal quote will be given as a range,

as it is dificult to judge the exact number of hours

required to fulill an assignment. If the quote is

accepted, the inal billing will not exceed the upper

end of this range. An additional retainer may berequired if the anticipated scope of work amountsto twenty or more billable hours.

If it is possible and appropriate I will documentall items at the time of inspection, however, largeassignments may require more than one visit, ormultiple days for the documentation. Mydocumentation takes both a written and imagebased form. Items should be made accessible. I willrequire a surface to work and appropriate lighting,

where possible. Issues that negate effectiveinspection of items will be listed in your inal

report, and may diminish the perceived reliabilityof the value conclusions.

Once the inspection is complete, I will research theitems, sales data and markets. I will then analyzethis data to conclude values. This will then bepresented in a written report to suit the purposeof the appraisal. The research method, markettype, value type and reporting will be driven by theintended use.

The retainer will be deducted from your inal bill,

which will become due at the conclusion of theassignment. I will provide two copies of the reportplus an CD containing images and supportingmaterial. Further copies may be provided onrequest.



How Much Will It Cost?

The cost of an appraisal will vary dependent on theamount of work involved to provide you withcredible and useful information. I charge an hourlyrate for my time, but will give a clear quote, givenas a range, for each assignment. The quote is givenas a range because it is not possible to judge exactly

the number of billable hours required, however Icap my charges at the upper level of this quotedrange. Your inal bill will not exceed the upper

estimated cost of my quote, with the exception ofadditionally agreed, outside costs, which could nothave been reasonably foreseen and that occurredduring the research of the items. These costs mayinclude authentication and/or scientiic tests.

As a guide... An Appraisal Report for a single item

or small group of similar items may cost $300 -$500. An average estate appraisal will often cost$5000 - $10000, dependent on the scope of work.An extensive estate may cost in the region of$15000 upward.

I do not act as an agent in the sale of property. Inrespect to this kind of work, I will research themarket and resale values, and may act as a liaisonbetween you and possible buyers or agents. Mytime is charged at my normal hourly rate, and

the client is liable for my fees, irrespective of theachieved outcome. The nature of this work canoften be time consuming and the client should beaware of the possible costs.

Managing Appraisal Costs

• Provide an inventory and as much informationas possible concerning the item(s) to be valued.

• Provide relevant receipts, previous appraisalvalues, pertinent family/ownership history ofthe item.

• Prepare adequately for the onsite visit toreduce the amount of time required todocument your items.

Although, I will still need to verify and inspect thecondition of each piece, the information youprovide will cut down on billable research hours.

Fees

A retainer of $300 is required prior to an inspectionappointment. A further retainer may be requiredonce a full quote has been accepted.

• Inspection, documentation, research, analysisand reporting

$80 per hour

• Administrative support and photo editing$40 per hour

• Travel time*$40 per hour

• Travel expenses*At cost

• Tests, Experts & AuthenticatorsAt cost

For large assignments a day rate or ixed fee may be

negotiated.

*Travel time and expenses are charged forassignments outside of the Boise Metropolitan Area

Jane Brumfield ISA AM

Brumfield LLC825 East State StreetBoise, Idaho, 83712

E: [email protected]: 208 297 0498

W: www.brumfieldllc.com

Documents

Apprasial Information