By Jennifer Garland Ross, AAA
An estate appraisal should answer the questions the estate actually needs answered—not automatically assign a detailed individual value to everything in the house.
Editor’s Note: The tax figures and IRS references below concern the United States. The practical principles—identifying property, clarifying ownership, selecting qualified specialists, and defining the purpose of an appraisal—are relevant internationally, although local rules differ.
What does it cost to appraise a $200 table lamp? At an illustrative $300 per hour, even 10–15 minutes of examination, photography, cataloguing, and valuation can cost $50–$75. Multiply that by hundreds of household objects, and the cost of finding out what everything is worth can become a substantial percentage of the contents’ value.
When an executor calls Art Peritus, one of the first questions is the date of death. For a U.S. federal estate tax return, Form 706 is generally due nine months after death, with an extension potentially available. The attorney and accountant should clarify whether the assignment is needed for estate tax reporting, documentation of inherited-property basis, distribution among beneficiaries, or another purpose. Those assignments may require different scopes and levels of detail.
For deaths in 2026, the federal estate tax basic exclusion amount is $15 million, but state requirements may differ. Even when estate tax is not owed, a valuation may help establish the tax basis of inherited property. A painting bought for $1,000 and worth $50,000 at death may generally receive a $50,000 inherited basis; if later sold for $60,000, the gain could be calculated on $10,000 rather than $59,000, assuming applicable rules and no other adjustments.
Estate appraisals are often retrospective: an inspection in November may require a value as of a death in March. Relevant comparable sales may occur before or after the effective date, but the appraiser must explain their significance. A qualifying estate may elect an alternative valuation date under specific statutory rules; that election belongs to the estate’s tax advisors, not the appraiser.
A modest lamp still needs an accurate description and credible value if it is individually appraised. An important painting can require considerably more supporting analysis. The IRS publishes Art Appraisal Services guidance and a preferred format for works valued above $50,000, including object information, comparable sales, and images or catalogue references. Those recommendations should not be confused with a universal requirement that every low-value household item receive the same depth of comparable-sales analysis.
An executor may want every item individually valued to help siblings divide a household fairly. But cataloguing and researching hundreds of inexpensive objects can cost more than those objects are worth. Federal estate-tax regulations on household and personal effects permit certain groupings in defined circumstances. The appropriate approach depends on the purpose, the objects, and the applicable reporting rules.
One estate involved approximately fifteen storage lockers left largely unchecked for twenty-five years. Carpets expected to have significant value had suffered extensive moth damage; other objects showed evidence of water and infestation. The collection the family remembered was not the collection we found.
Executors should identify every residence, warehouse, locker, and safe deposit box, and disclose items already moved, distributed, or sold. Existing insurance schedules and room photographs are often invaluable. A missing painting may be innocently relocated—or it may raise questions requiring follow-up. The appraiser must make reasonable inquiries, while relying on the estate’s representatives to identify the property included in the assignment.
When a house must be vacated, arrange the inspection before everything is wrapped and packed. The final appraisal report can follow; unpacking and repacking hundreds of objects merely to inspect them wastes time and money.
A generalist might overlook the significance of a nineteenth-century landscape by Albert Bierstadt. Appropriate category expertise matters as much as professional reporting standards such as USPAP. Art Peritus coordinates contents work with specialists in paintings, furniture, silver, jewelry, and other categories when warranted.
Under IRS examination procedures, artworks claimed at $50,000 or more generally require referral to Art Appraisal Services when the estate return is already under examination, subject to exceptions. This does not automatically trigger an audit. But the referral procedures contemplate availability of the entire taxpayer appraisal, so unsupported lower valuations elsewhere in the report should not be assumed to escape scrutiny. An appraiser’s job is an independent, well-supported opinion of Fair Market Value—not the lowest figure an executor would prefer.
Ask the estate attorney and accountant to clarify the valuation date, ownership, purpose, and scope. Gather prior appraisals, insurance schedules, invoices, photographs, and information about all storage locations. Tell the appraiser about deadlines for moving or selling the property. The more precisely the assignment is defined, the more efficiently it can be completed.
The essential question is not simply, “What is everything worth?” It is, “What does this estate actually need to know—and how much work is justified to find out?”
Read the full article on Substack: The Great Stuff Transfer Part 2, The Cost of Knowing What Its Worth. The article is free to read.
For help with the art, antiques, jewelry, and personal property involved in your plans, contact Art Peritus HERE.
*Jennifer Garland Ross, AAA, is the founder and principal of Art Peritus LLC, an independent fine and decorative art appraisal and advisory firm.*
This article provides general information, not legal or tax advice. Consult the estate’s qualified advisors about the applicable jurisdiction and circumstances.
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Jennifer Garland Ross, AAA, is a nationally recognized fine art appraiser and lecturer specializing in fine art appraisal, valuation standards, appraisal education, and art insurance claims. She is the founder of Art Peritus, a fine art appraisal and luxury asset appraisal firm providing USPAP-compliant appraisals, expert valuations, and consulting services for collectors, estates, insurers, attorneys, fiduciaries, and family offices. Art Peritus provides independent valuation expertise across fine art, decorative arts, and more than 70 categories of valuable personal property and luxury assets.
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