There are two different things people mean when they ask what something is worth, and the difference matters before you spend anything.
A formal written appraisal is a document. It is prepared to a professional standard for a specific purpose, usually an insurance policy, an estate filing, a charitable donation or a division of assets, and it is written so that an insurer, an attorney or a tax authority will accept it. It is a paid service.
An auction estimate is our opinion of what an item would bring at sale. It is a range, not a document, and it is free.
Most people who contact us need the second one. If you need the first, we are accredited members of the International Society of Appraisers and our appraisals are prepared in compliance with USPAP, the Uniform Standards of Professional Appraisal Practice.
Hughes has been appraising and selling property in Los Angeles since 1978.
Insurance. Replacement value, so a policy covers what an item would actually cost to replace rather than what it cost when it was bought. Insurers generally want this in writing and updated periodically.
Estate and date of death valuation. Fair market value as of a specific date, for estate administration, tax filings and distribution among heirs. Executors and trustees are usually working to a deadline and need something the court and the accountant will both accept.
Charitable donation. Fair market value supporting a tax deduction. Donation appraisals have their own requirements, so tell us at the start that the appraisal is for a donation.
Equitable distribution. An objective, defensible set of values when property is being divided, whether in a divorce or among beneficiaries who need a neutral number rather than a family argument.
Hughes is not a law firm and not a tax advisor. We provide the valuation. How it is used, and what is required in your particular matter, is a question for your attorney, your accountant or the court, and requirements vary by county and by situation.
Free auction estimate, or paid formal appraisal
Use this to work out which one you need.
Choose the free auction estimate if you are deciding whether to sell, you want to know roughly what something would bring, you are weighing an offer someone has made you, or you are trying to work out whether an estate is worth a sale or a cleanout. It costs nothing, and it is usually the honest answer to "is this worth anything".
Choose the formal written appraisal if a third party needs the number. An insurer, the IRS, a probate court, an attorney or an opposing party in a division of assets. If someone other than you has to accept the figure, you need the document.
If you go on to sell the appraised property through Hughes, we rebate the appraisal fee.
Los Angeles and the surrounding communities, including Pasadena, Altadena, South Pasadena, San Marino, Los Feliz, Silver Lake, Glendale, West Hollywood, Beverly Hills, Westwood, Brentwood and Pacific Palisades. Our offices are at 8059 Foothill Blvd, Los Angeles, CA 91040.
Send us photographs and a description and we will tell you which service you need and what it costs. Use the form below, call (626) 791-9600, or email info@hughesauctions.com.
