Can New Jersey require an expert appraisal of inherited artwork?
Yes. Under N.J. Admin. Code 18:26-8.8(b), the Director of Taxation may require that values for tangible personal property subject to the transfer inheritance tax be supported by an appraisal from a broker, dealer, or other person with expert knowledge of that market. A documented appraisal prepared up front avoids scrambling when the Division asks.
What valuation date applies to art in a New Jersey estate?
The decedent's date of death. New Jersey regulation values all property subject to the transfer inheritance tax at its clear market value on that date, so paintings and collections must be appraised retrospectively to date-of-death market conditions, not to today's market. New Jersey no longer imposes a separate estate tax for deaths after January 1, 2018; the inheritance tax is the operative regime.
How are comparables chosen for antique artwork?
From realized sales, never asking prices. We research auction records and dealer transactions through sources like Sotheby's and Christie's archives, Invaluable, and MutualArt, then adjust for attribution, condition, restoration, size, and provenance, documenting the rationale for each adjustment so another appraiser could follow the reasoning.
Which mistakes most often inflate an art value?
Treating advertised prices as market evidence and using the wrong market for the assignment. Asking prices routinely exceed what works actually bring, and a retail replacement figure meant for insurance will overstate value in a donation, estate, or equitable distribution context. A report should name its value definition and market level explicitly.