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About Us

The art market surrounding contemporary art is moving faster than ever, the speed in which new transactional numbers are being made is happening at a pace that is hard to keep up. We like to think about an appraisal as a tool for wealth management. Art is an asset, it functions as a commodity within the larger commodity culture and its trade value between buyers and sellers, deserves the same level of attention and consideration as any other asset.

Volatility in the art world is real, as you and your team of advisors are strategizing and making short term and long decisions. Setting up the right insurance protection for your collection, considering a donation to a qualified institution or working through estate considerations, the need to make smarter and more informed decisions becomes more important than ever. We assist clients with very specific information about price and very specific information about how much an object is worth. 

We have over twenty years in the arts as an advocate and patron. Our area of expertise covers modern, post war and contemporary art and works by African American artists, however we specialize in post war and contemporary art. Current with the Uniform Standards of Professional Appraisal Practice (USPAP). Keon Parsons has a bachelor’s degree in Art History from Columbia College and certification in appraisal studies from New York University. He is also a managing partner in Concept Space, an art advisory firm based in Washington, DC which specializes in helping collectors develop sound collections along the guidelines of connoisseurship and appraisal methodology.

Types Of Value

There are several different definitions or valuation terms that typically come up in an appraisal and they all vary depending on the designation of the report. The valuation used for Insurance varies from the definition used for Non-Cash Charitable Contributions, and the definition used for Bankruptcy and Divorce may vary due if a sale is forced due to liquidity being immediate. Here are three of the most common terms.

Retail Replacement Value (RRV)

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defined as the 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 in an appropriate and relevant market.  When applicable, sales and/or import tax, commissions, advisement fees, and/or premiums are included in this amount.  
Used For:​ Obtaining insurance coverage on contemporary art.

Fair Market Value

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the IRS definition as stated in the Treasury Regulation Sections 1.170A-1 (c) (2) is "the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.

Used For: • Donation (IRS) • Estate Tax (IRS) • Estate Distribution

Marketable Cash Value

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defined as the net value a willing seller realizes after disposing of property in a competitive and open market to a willing buyer. Both the buyer and seller must be reasonably knowledgeable of all relevant facts, and neither being under constraint to buy or sell. Marketable cash value takes into consideration insurance, dealer commissions, advertising, travel, and shipping expenses that may be involved in the sale.  

Used For: Resale, Divorce • Estate Distribution • Estate Planning Purposes

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