Appraisals

Gordy Fine Art and Framing Company provides professional appraisals of art, antiques, and household items. We conduct a wide range of appraisal assignments including sales value, insurance coverage, damage and loss, estate tax, charitable donation, equitable distribution, liquidation, and loan collateral.

Contact Barbara Schafer at 765-284-8422 or barbara@gordyframing.com.  She will be glad to discuss your appraising needs.

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What is Barbara’s experience?

Before becoming an appraiser, Barbara had a twenty-five year museum career focused on object research, historic preservation, exhibit development, educational programming, and fundraising. She has provided consulting services in researching, publishing, and organizing museum collections to increase public access.

Throughout her career, Barbara has worked closely with artistic, ethnographic, and historical objects examining them for period accuracy and condition quality. She has spent the majority of her time with American made decorative arts and fine arts as well as European imported glass, ceramics, and silver.  She also has experience with dolls, toys, auto memorabilia, and textiles.  She has curated and researched collections in upstate New York, eastern Pennsylvania, and east central Indiana.

Barbara has received training in appraisal services at New York University in partnership with the Appraisers Association of America and is compliant with the Uniformed Standards of Professional Appraisal Practice (USPAP).  She holds a Master of Historical Administration from Eastern Illinois University in Charleston, Illinois.  She received a bachelor’s degree in history and secondary education from Hanover College in Hanover, Indiana.

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What is an appraisal?

An appraisal is a researched opinion of value of an object for a specific purpose. An appraisal can used for sales value, insurance coverage, damage and loss, estate tax, charitable donation, equitable distribution, liquidation, and loan collateral. An appraisal includes onsite examination, in-depth market research and objective analysis, and thorough documentation explaining and supporting the valuation conclusion.

A written report is part of an appraisal which

  • Clearly states the kind of value being determined, such as fair market (used for taxes), replacement (used for insurance coverage), liquidation (used for bankruptcy or business dissolution), etc
  • Describes the object being valued along with photographs.
  • Details the appraisal methodology and market research used to arrive at the value.
  • Includes the signature of the appraiser responsible for validity and objectivity.
  • Specifies the personal qualifications of the appraiser.


Who can an appraisal help?

·         Individuals ·         Accountants
·         Collectors ·         Attorneys
·         Foundations ·         Businesses and Corporations
·         Museums ·         Financial Advisors and Institutions
·         Colleges and Universities ·         Insurance Brokers and Carriers
·         Churches

 

Why do you need an appraisal?

Before you pay for an appraisal, ask yourself why you need one. Do you want to insure your artwork or antique? Are you thinking of selling it? Do you need to divide your assets? Do you want to claim a tax deduction for a donation to charity? Do you need to pay estate taxes? Has your artwork or antique been damaged and do you need to file a claim?

The answer to this basic question is important, because it is the purpose of the appraisal that determines the value of the object. For some items, there can be a significant difference between insurance replacement value and market sales value. We will need to understand the intended use of the appraisal, so that the property is valued correctly.


Do all artworks and antiques need an appraisal?

No.  In some cases when people ask for an appraisal, they really just want some help to identify the object or an idea of a “ballpark value” of an object. We understand this, but feel that even giving only a “ballpark value”, is still an appraisal and there should be at least some charge in order to make it fair to all who ask for appraisal assistance.  Even though it may not entail a written report, it is considered a professional opinion of value (POV), for which there is also a charge.

We do offer general advice for free but these do not include any values, but rather a general idea of whether an object has “decorative” value, or “moderate” value, or “significant” value. We also can help you better identify an object so you can go online or to the library to do your own value research.

In both instances, please call or email in advance to make sure Barbara is available to assist you.


How long does an appraisal take?

People love all the antiques and appraisal shows on television.  Our family’s favorite is Pawn Stars.  You both learn and laugh at the same time.  However, don’t believe what you see on TV! Professional-quality appraisals can’t be done in 10 minutes or less.

Depending on the purpose of an appraisal, the specifications needed to be met in the report, appraisals generally take four to six weeks. A professional opinion of value (POV) can be done much quicker.  Turnaround times are always discussed when meeting with Barbara.


Does GFAF buy and sell art and antiques?

We sell the artwork of twenty-five living artists with an east central Indiana connection.  We do not buy or resell artwork or antiques. Due to this, we provide completely independent and unbiased appraisals which avoids any potential conflicts of interest.  An independent, unbiased appraisal can help you avoid paying too much or selling for too little an artwork or antique, and also aid in identifying the best and most appropriate marketplace in which to transact.


What are your fees?

Gordy Fine and Art Framing Company and Barbara are constantly enhancing their knowledge of the current art and antique markets, changing IRS, legal, and insurance regulations that effect appraising, and following the best practices for appraising. To accomplish this Barbara is regularly involved in national professional training opportunities, staying up-to-date with the current guidelines of the Uniformed Standards of Professional Appraisal Practice, and subscribing to various art and antique market related resources.

The fees are based on the cost of maintaining this professional approach to appraising.

$40 for up to one hour of research for a Professional Opinion of Value (POV). 

$75 per hour for an appraisal and written report. Estimates are provided in advance.

A 30% surcharge is added for all jobs that require delivery of an appraisal report or a Professional Opinion of Value (POV) within 3-days or less.

Additional charges can be added when multiple copies of an appraisal report are needed, for the amount of travel involved, whether an expert consultant is needed, and for any other costs appropriate to the completion of the appraisal. All additional charges will approved by the client in advance.