Q: I manage the estate of a deceased parent. He/she was a hoarder. After a long and notable career, they left no plans regarding what to do with a home and studio full of artwork, a filing cabinet full of papers. Where do we begin?
A: Break up the work into different tasks. Set priorities and goals, based on your resources.
Q: We want to move all this material into storage, What’s of paramount importance?
A: The number one task is to organize is to create an inventory of the subject’s artworks and papers.
Q: What constitutes an inventory?
A: An inventory is a descriptive list of whatever personal property is in the estate, such as papers, artworks, etc. related to the creative life and career of the person in question.
Q: It sounds like we might need an appraisal.
A: The IRS requires an appraisal to be performed by a qualified USPAP-complaint appraiser, based on an opinion of Fair Market Value, on the date of the subject’s death. This appraisal must be submitted to the IRS within a limited time from the subject’s passing. This is different from an insurance appraisal for Retail Replacement Value, which may be useful for insuring property against damage or loss. Contact us for more information.
Q: What’s an appraiser? Are they like those people we see on TV?
A: Yes and no. What you see on TV is a valuation. Appraisal is a legal term, as defined by the Appraisal Foundation, which is authorized by the U.S. Congress. It is an opinion of value, developed by a trained, qualified professional acting as an appraiser according to USPAP, (Uniform Standards of Professional Appraisal Practice). Valuation is not the same as appraisal, but appraisal is a form of valuation.
Q: I want to insure this material, just in case. What do I need to do?
A: You will need a detailed inventory, ideally with photos is each object, and a credible valuation of the property to be insured. It is possible to include the creation of an inventory within the scope of work of an insurance appraisal for Retail Replacement Value. Contact us for details.
Q: What about storage? We want to sell the house. In order to do that we must first
A: The answer to that question falls within the scope of work of an assignment. Contact us to find out more.
Q: What are “best practices” for storage of artworks.
A: Best practices are guidelines for the secure storage of objects in environments that are unlikely to expose them to damage from a variety of causes, such as excessive heat, cold, dampness, mold, insects, rodents and thieves. The American Alliance of Museums has published a set of guidelines for its member institutions to follow. Because each situation, and each client’s needs and resources will be different, it’s best to develop a specific storage plan under professional guidance. Contact us to find out more
Q: What’s an oral history? Why is it worth investing in one?
A: An oral history is a conversation between an interviewer and a narrator, that can exist both as an audio recording, and verbatim transcription. Its value as a primary document is similar to that of a legal deposition except that it is not sworn testimony. If the subject is still living, commissioning an oral history is definitely worth considering. If the subject is deceased, collecting narratives from a spouse, children or former associates can add significant research value to the archive.
Q: Some of this stuff looks like junk to me. Why can’t I just put it out on the curb?
A: No. You might be discarding thing that could generate revenue, or possess research value. Contact us to learn more.
Q: Let’s say we have assembled an archive, produced an inventory, and moved the papers and artworks into storage, according to best practices. Now what do we do? What do we do with the papers? How can we sell the artwork?
A: The answer to those questions fall within the scope of work of an assignment. Let us know how we can help by writing to us at: legacy@needlewatcher.com
Q: What will Needlewatcher LLC be able to do for me?
A: Following a review of the information you supply, we provide you with a free 30-minute consultation. Should you engage our services, Needlewatcher develops a written or verbal Plan of Action that describes and prioritizes specific tasks, directs you to resources, provides you with referrals and identifies potential venues for donation and sales. Needlewatcher can provide these services billable hourly, or for a negotiated project fee.
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Needlewatcher LLC
PO Box 233, Essex
New York, 12936-0233
347-266-5652
legacy@needlewatcher.com
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