OUR SERVICES
Whether successfully managing art as an asset, safeguarding a treasured piece, or valuing fine art, personal property or household items for resale, estate or insurance purposes, it is key to have a properly documented, independent, current and comprehensive appraisal report. Value is dependent upon rarity, desirability, condition, authenticity and current market values. Quarry Fine Arts offers knowledgeable valuation of original prints, drawings, sculpture, and paintings from the late 19th to late 20th Centuries. QFA conducts appraisals for the following purposes:
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Insurance Coverage And Inventory
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Non-Cash Charitable Contribution (Donations)
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Estate Tax And Estate Planning
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Gift Tax
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Art Financing (Collateral)
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Sale Advisory
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Reappraisals Of Collections To Reflect Current Market Values
Appraisals
Appraisals are fully researched with an analysis of each work based upon provenance, exhibition and literature, comparable works, and an examination of its current condition.
Our reports are compliant with the current Uniform Standards of Professional Appraisal Practice (USPAP). The type of appraisal needed will be discussed upon inquiry. Fees vary by assignment and are charged at hourly, per diem, or flat rate depending upon the nature of the project.
Collectors should have a comprehensive appraisal completed at least every 3 to 5 years to ensure adequate insurance coverage and help track new or sold items in an evolving collection.
For Insurance appraisals, works are valued at the Retail Value defined as highest amount in terms of US dollars that would be required to replace a property with another of similar age, quality, origin, appearance, provenance, and condition within a reasonable length of time. IRS appraisals for Estate, Gift and Donation purposes mandate the use of Fair Market Value, which is broadly defined as the price at which a work would sell between a willing buyer and willing seller, both knowledgeable about the facts and in the most appropriate market for that type of object.
Estate Planning And Estate Tax
Quarry Fine Arts prepares Fair Market Value appraisals which can be used for financial and estate planning, as well as for submission to the IRS for estate tax purposes. The IRS mandates the use of Fair Market Value for this type of valuation. A Fair Market Value Estate Planning or Estate Tax appraisal document aids in decision making as it pertains to equitable division of estate property among heirs and beneficiaries. As an independent art appraisal firm, QFA’s appraisals for estate tax are completely objective. Our appraisers have no financial interest in the property being appraised because they are not affiliated with a venue that is selling the property for profit. This allows us to value the property completely objectively, reflective of the current market.
Typically, our appraisers inspect the estate property in person. In some cases, however, we are able to complete appraisals without an on-site inspection, from provided images, description and documentation. Once completed, the appraisal documents are available in both hard copy and digital formats.
Insurance
Quarry Fine Arts prepares Retail Replacement Value appraisals for all types of fine and decorative art which can be submitted to insurance carriers and brokers to assist in binding insurance coverage. Insurance appraisals are for Retail Replacement Value, as they are intended to represent the value it would take to replace the piece or a whole collection quickly in the event of a major loss. QFA can be engaged for insurance appraisals by the owner of the property, by the insurance broker, or by the insurance carrier.
Charitable Donation
Quarry Fine Arts prepares Fair Market Value appraisals for property being donated for purposes of a charitable tax deduction. Donation appraisals are delivered to clients with an 8283 tax form, and can be submitted to the IRS to obtain appropriate tax deductions. For clients who have works of art or a collection which they would like to donate, but do not have a specific institution in mind, QFA can advise on an appropriate institution and oversee communication to confirm acceptance of the donation.
Typically, our appraisers inspect the estate property in person. In some cases, however, we are able to complete appraisals without an on-site inspection, from provided images, description and documentation. Once completed, the appraisal documents are available in both hard copy and digital formats.
Art As Collateral
Quarry Fine Arts prepares Fair Market Value and Marketable Cash Value appraisals, which can be used by lenders to facilitate a structured loan using these assets as collateral. Loans using art as collateral can be used to finance new art acquisitions, fund investments, manage short-term cash needs, and achieve longer term asset allocation and estate planning goals. In most cases, artwork used as collateral can remain in the client’s home or office. QFA’s team of art market professionals can make suggestions as to which works of art within a collection are most appropriate to be used as collateral to meet the requirements of the lending institution.
Art Advisory
OVERVIEW
Quarry Fine Arts offers a range of specialized services individually tailored to help build, manage, and sell collections of fine and decorative art. We work with our clients to customize a suite of services to meet your needs. Our experts take a holistic approach when strategically reviewing a collection in terms of timing, venue and placement for purchases and sales.
Buying
Whether you wish to acquire an individual work of art or build an entire art collection, Quarry Fine Arts will help you articulate your vision and guide you throughout the purchase process. We find the best quality pieces to fit within the
context of aclient’s home, office or institution by sourcing material from private sellers, dealers and auction houses. With unparalleled access to art in both the primary and secondary markets, we help clients acquire individual works and build collections by:
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Globally sourcing exceptional artwork
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Providing unbiased advice on condition, quality, price, provenance and documentation
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Conducting curated tours for clients of art fairs, auctions, and gallery exhibitions around the world
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Representation at auction
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Negotiating a favorable purchase price
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Reviewing certificates of authenticity, title paperwork and import/export documentation to ensure a smooth transaction
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Facilitating the transactional process, including insurance, shipping, installation and other logistics
Our independent advice on buying at auction includes previewing works of art for sale, thoroughly researching the works under consideration, reporting on its condition, quality, and conducting a comparable analysis. We can provide the research necessary to determine the value of a property in the context of the artist's body of work and its place in the current market and work with you to determine bidding levels. Our acquisitions are fully transparent so clients can make informed decisions based on reliable market data.
Selling
Quarry Fine Arts is uniquely positioned to impartially advise on every step of the sales process. We can find placement for a single object or for an entire collection. QFA will analyze and advise on where, when and how to sell to maximize return through auction, dealer, gallery and private sale. Sales services include:
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Advice on where and how to sell works of art, analyzing the most appropriate sales channels and timing to maximize potential returns
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Advice to clients on pricing works of art for sale
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Solicitation of sales proposals from auction houses
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Comparative analysis of competing sales proposals
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Advice on estimates and reserve prices and the feasibility of realizing auction house estimates
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Negotiation on client’s behalf to secure the most advantageous terms of sale and financial packages
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Management of the sales process with consistent client communication from a single point of contact
Estate Liquidation
Quarry Fine Arts will facilitate the sale of estate property to maximize profits for the beneficiaries and meet other desired goals the estate executors may have. This includes selling items of value through auction, dealer, gallery and private sale. We also offer household clearout services for the removal of household items such as low-value art, furniture, furnishings and collectibles that do not hold enough monetary value to be sold on the primary or secondary markets.
COLLECTION MANAGEMENT
Cataloging, Archiving & Inventory
Properly maintaining a collection can involve a wide range of services. Quarry Fine Arts can advise on which archival methods best suit the needs of your collection. Nominally, a full digital inventory with accompanying photographs is essential in documenting and properly organizing a collection. If you wish to have a photographic and descriptive record of your collection, QFA can prepare an inventory document which includes color digital images and full catalogue descriptions for each item, identifying key information of the work, such as artist name, artist nationality, title of work, date of work, dimensions, provenance, exhibition and literature history. A report may be customized and sorted according to the client’s specifications (i.e. by collecting category or location).
Conservation & Restoration
Many collections require various levels of conservation and restoration. Conservation stabilizes existing issues, preventing any further damage. Restoration can be invasive and is not advised for all pieces. There are a number of factors which dictate when each process should be employed. Quarry Fine Arts can advise you on the best course of action based upon cost efficiency and market implications, and assist in finding qualified specialists and coordinate the conservation and restoration process. Furthermore, QFA can ensure that collections are kept in the best condition by providing annual condition inspections and reports.
Framing & Display
Quarry Fine Arts offers a variety of services to highlight your collection in the best possible way while preserving its condition. This includes determination of appropriate framing, mounting and display for sculpture, painting and works of art on paper for their protection and aesthetic enhancement, framing or reframing of existing collections or single pieces, and supervision of lighting with a certified lighting designer.
Transportation & Storage
Most collections will, at some time, require transportation and storage. The demands of every collection are different and Quarry Fine Arts can help advise on qualified specialists and facilities to properly care for your collection.
CORPORATE COLLECTIONS
Quarry Fine Arts can assist companies of all sizes in building, managing and selling collections of fine and decorative art. For those looking to build a collection, QFA works with new and experienced buyers to determine aesthetic interests, space, budget, and current/future goals. QFA will work with the client to create a targeted and uniquely curated collection that will reflect the company’s values, foster inspiration among employees, or meet other intended goals for the specific corporate collection. Our advisory team will identify works and artists for inclusion in the collection, and advise on price, quality and condition of each piece. We can also source commissioned work. Our advisors recognize the value of shared feedback on art and actively seek to make the process of building a collection an educational opportunity for the entire company.
QFA recognizes that in order to maintain the integrity and value of a collection, proper physical conditions are essential. We find cost-effective ways to help our corporate clients ensure that collections are responsibly cared for. Our team can oversee framing, cleaning, restoration, and conservation. In addition, our advisors can organize and oversee shipping and installation, as well as help clients with lighting and installation, professional photography, marketing, and promotion of a corporate collection. QFA’s appraisal department can lend ongoing support to ensure appraised values remain up-to-date for insurance and financial planning.
For companies looking to sell some or all of the works in their collection, Quarry Fine Arts can help with liquidation. QFA is uniquely positioned to impartially advise on every step of the sales process and will provide market analysis and advise on where, when, and how to sell to maximize return. QFA will solicit sales proposals from auction houses and other appropriate secondary market sources, and will negotiate on behalf of the client to secure the most advantageous terms of sale and financial packages, reviewing competing sales proposals and managing the sales process with consistent client communication from a single point of contact.
