Frequently Asked Questions

To request an appraisal from Tema McMillon Art Appraisals & Advisory LLC, you can simply reach out to us via phone or email. We will guide you through the process, whether you prefer an onsite evaluation or a virtual assessment.

Our appraisal services cover a wide range of items, including European, American, and African Fine Art, luxury items like handbags and furniture, decorative arts such as porcelain and ceramics, and various collectibles. We specialize in damage assessments, estate appraisals, insurance valuations, charitable contributions, and equitable distributions.

Yes, we have extensive experience working with high net worth clients, providing them with premium art appraisal and advisory services tailored to their unique needs and preferences.  We have worked with numerous clients of insurance carriers such as Chubb, AIG and Lloyd's of London.

Whenever there’s a question about the value of your personal property, there’s also a risk involved. It may be the risk of selling too low, or of paying too much; the risk of being under or over insured; the risk of not getting your fair share in a division of the property; or the risk of incurring tax penalties or being audited when claiming a deduction for charitable contribution or when calculating estate taxes.
A professional appraiser helps you manage these risks by providing a written opinion of value upon which you can base your financial decisions. Rather than being just an “educated guess,” the professional appraiser’s value conclusions are based on prescribed methods of evaluation, research, and report writing. Bankers, financiers, investors, insurers, adjusters, estate managers, trustees, executors, attorneys, judges, federal and state tax agencies—all are dependent upon the knowledge and expertise of the appraiser, and so are you.
A competent appraisal report has:

• A cover document explaining in detail what type of value is being sought (“objective”) and how the appraisal is to be used (“intended use”).

• The methodology and resources relied upon, including market analysis and market(s) selected.

• A complete and accurate description of the property written to industry standards.

• The date(s) and location of inspection, and the effective date of value.

• A statement by the appraiser that he or she has no financial interest in the property or that such interest is disclosed in the report.

• The appraiser’s qualifications for the property being appraised and signature.

• Plus, all the other requirements that make it a USPAP compliant report.  USPAP is defined below. 

• Do not accept an appraisal if:
  •    It is handwritten or unsigned.
  •    The fee is based on a contingency or upon the value of the property.
  •    The appropriate "objective" and "intended use" are not stated.
  •    The item is beyond the appraiser's expertise.
  •    The appraiser is not willing and able to defend it in court (subject to the appraiser's availability, and separate fee arrangement).

Adapted from: https://www.isa-appraisers.org/find-an-appraiser/be-certain-of-its-value

USPAP stands for Uniform Standards of Professional Appraisal Practice.  These are the appraisal standards covering the development and communication of appraisers' opinions and conclusions published by the Appraisal Standards Board of The Appraisal Foundation. The IRS requires all appraisals to be USPAP compliant.

The IRS recognizes only one definition of fair market value for donation, estate, and gift tax purposes:
The fair market value is the price for which the property would change hands between a willing buyer and a willing seller, neither being under compulsion to buy or sell and both having reasonable knowledge of the relevant facts.  Treasury Reg. 20.2031-1

This is the value most commonly used for insurance purposes and is the highest value of an artwork or collectable.  It is defined as the amount required to purchase a property of a similar age, quality, origin, appearance, provenance and condition within a reasonable length of time in an appropriate and relevant market.  Retail Replacement Value often includes ancillary costs such as tax, shipping and framing.

• As a qualified appraiser, we stay current with USPAP by completing the National Update Course every two years. 

• Additionally, we complete a range of courses and seminars each year to stay up-to-date on methodology, the latest tax and legal issues related to the appraisal field and, of course, to increase my subject matter knowledge across a variety of fine and decorative art genres.

• The Appraisal Foundation defines “Qualified Appraisers” as meeting the following minimum professional requirements:

• Education: 30+ semester credit hours from a college | 120+ hours of specialized professional coursework

• Continuing Education: 70+ hours every 5 years | 7-Hour Personal Property USPAP course every two years

• Experience: 700+ hours of appraisal work | 1,800+ hours of appraisal market experience and/or 4,500+ hours of non-appraisal market experience