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ISA members are invited to send in their questions on all things appraising and education to ISA's instructors.
As true rarities become harder to find, collectors seem to have an increased tolerance for risk in their purchases. The boldest example of this in recent memory is Christie's 2017 auction of Salvador Mundi, sold by the auction house as a Leonardo da Vinci, for a record-setting $450,312,500.
A recent ruling by the 9th Circuit Court affirmed a U.S. Tax Court opinion that found an appraisal from an esteemed auction house is not adequate assurance of appraisal expertise or competency. On Friday, July 26, The Appraisal Foundation (TAF) released a press release on the ruling.
This article explains why consumers may need insurance coverage for their collections of personal property and why it’s so important to seek out a qualified appraiser when obtaining that coverage.