Valuations
Discover the value of your items using the online VALU8R on the homepage
Use the VALU8R to search for previously sold prices at auction and use the comparables to estimate the value of the items you have. Sellers or buyers can retrieve highly relevant comparable works to determine values from several thousands of works of art sold or to be auctioned. Collectors will be able to make informed decisions about the categories of work they wish to collect and sell. Buyers will find it extremely easy to bid on items in real-time with direct access to relevant items for sale. Sellers will find it incredibly efficient in finding a valuation if they wished to consign their items for sale.
As a result, buying at auction or consigning a work of art for collectors has never been easier. With the VALU8R, collectors can now conveniently research, consign, and purchase with confidence and assurance.
Appraisals
888 Auctions has been providing professional appraisal services for over a decade. Our specialists are internationally recognized as experts in their fields. We create comprehensive written appraisals with objective, justified values
- Estate Planning and Tax Reporting
- Insurance Coverage or Loss/Damage Claims
- Equitable Distribution
- Charitable Donation
- Donation of Certified Cultural Property
- Bankruptcy, Divorce or Partnership Dissolution
Whether a simple valuation for sale or a complex inventory, we can provide you with the information you need to make informed decisions. We can also provide verbal appraisals when circumstances warrant a more informal, lower cost approach.
Please contact [email protected] and an appraiser will be appointed to serve you.
Our Appraisal Services
Estate Planning and Tax Reporting
In the case of an estate, a fair market value appraisal is used for the function of determining estate administration taxes and to assist in the division of property. According to the Canada Revenue Agency the generally accepted meaning for Fair Market Value is “the highest price, expressed in terms of money, that the property would bring in an open and unrestricted market between a willing buyer and a willing seller who are both knowledgeable, informed and prudent, and who are acting independently of each other”.
Insurance Coverage or Loss/Damage Claims
Whether you require an appraisal for insurance coverage, to file a loss claim, or because you are shipping or moving items and it is required by your mover, our insurance appraisals will minimize any risk of you not receiving the full value for your property, yet ensure you aren’t overpaying for coverage.
Charitable Donation
When you donate property to a registered charity, you qualify for a tax credit based on 75% of the fair market value of the property. If the deduction is $1000 or greater, you are required by Revenue Canada to have a fair market value appraisal. Capital gains taxes must be paid on the difference between the fair market value and the price at the time of purchase.
Donation of Certified Cultural Property
Certified cultural property donations bring the greatest tax benefits, as they are not subject to capital gains tax. You can claim the full 100% of the appraised fair market value. If the donation is $50,000 or less you will require one fair market value appraisal. If the value is greater than $50,000 you are required to submit two appraisals, prepared independently of each other. The appraisals must meet the format guidelines established by the Canadian Cultural Property Export Review Board.
Certified Cultural Property is described by Revenue Canada as a property of outstanding significance and national importance to Canada, for which the Canadian Cultural Property Export Review Board has issued a certificate. if the cultural property is not certified, the donation is considered a regular gift in kind and you will receive an official donation receipt based on the fair market value however you will not receive the same tax advantages as a certified cultural property. Regardless of whether the cultural property is certified or not, you will require a fair market value appraisal for gifts $1000 or greater in value.