If the IRS determines that you gave them a misleading appraisal report, expect to pay. In Estate of Kollsman v. Commissioner, the Tax Court found that the evaluation used for the Estate’s taxes was off by $1.77 Million. What went wrong?
How do you determine what your household contents are worth in the current marketplace? Most people assume their homeowner’s insurance covers what they own, but they do so without a basic grasp of their collection.
The Magnusson’s inaugural online auction will consist of affordable art from all over the globe, including watercolors, oils, charcoals, etchings, prints and drawings. This offering is designed to appeal to all art lovers and collectors with a wide variety of flat art being auctioned.
Prince died without a will and his estate is now subject to intestacy laws. This very private person’s life will now become very public. His story is another timely reminder that nearly everyone thinks they will live a long time. Can you or your clients learn from his mistakes?
I love designing an eclectic home. Being able to mix and match different colors, styles, eras, textures & colors is liberating. In my business, I encounter many estate sale & consignment customers who want a blended sense of style, but are uncertain how to pull it off.
The majority of calls we receive contain the words: “lots of stuff.” The definition of “stuff” is quite broad, isn’t it? Many of us don’t even know what their “stuff” is- but we know we don’t want to let go of it! Our Hacks give you simple advice about how to let go of unused items and to turn them into money.
To lighten your holidays, enjoy this humorous portrayal of the players involved in a downsizing project. From the Mother Hen to the Cookie Monster, you are sure to recognize some of these characters at your Thanksgiving table.
Sometimes being an appraiser is a bit like being a detective. This week, Lynn recounts her experience in front of a judge and jury before testifying about her appraisal for items she had never seen. What did she do?
Does a Lower Estate Sale Commission Mean More Money for You? NO! Estate liquidation is a booming industry. Are you going to let a stranger without credentials come into your home or a family member’s home to take charge of the contents?
Wishing your home felt more like a summer getaway? We have the latest trends of 2016 to make your home feel like a paradise this summer. Mixed Materials For 2016, tasteful eclectic is in. Mixing materials is a great way to freshen up a space and leave a memorable impression on your guests. If you like [...]
I was first introduced to The Magnusson Group by our family lawyer after the death of my mother in 2012, when we engaged them to perform a personal property appraisal for her estate. From the first encounter, they displayed compassion and professionalism, as well as sensitivity to our family in a difficult time. Lynn and [...]
The art market, particularly the auction world, can be extremely exciting and dramatic. We all hear stories from top news sources about the most recent record-high sums paid for works of fine art. However, while some sellers win big by consigning at auction, others end up getting “BURNED.”
DON’T WANT TO TALK ABOUT IT??? Equitable distribution and tax issues are best addressed before they become urgent and emotionally draining. A family’s lack of preparation always leads to more unintended turmoil down the line. As appraisers and advisors, we’ve been helping manage personal property assets for over 20 years.
The sun is shining, the birds are chirping, and you want to embrace the gorgeous weather just outside your window. But, before you can skip outside footloose and fancy-free, there is “The Matter of Spring Cleaning” to attend to!
Do You "Just Want to Know What It's Worth?" Are you Downsizing and trying to figure out what to sell or keep? Are you trying to settle an Estate? Are you unsure of what objects require Insurance? Do you need a Plan for your Stuff? A Verbal Consultation gives you an unbiased "Antiques Roadshow"-type experience [...]
Check out the first in our ‘Artist Spotlight’ series! This week we take a look at the fun and funky folk art sculpture by Tony Lordi, a New Jersey native. Come in and see it for yourself Monday-Friday 9-4!
Happy Valentines Day! Ever wonder how much those Valentine jewels will be worth years down the line? In February, a little blue box from Tiffany’s can be a symbol of love, commitment, or (in some cases) desperation. We exchange gems and jewelry as a symbol of our affection because they are beautiful, rare, and valuable.
Imagine the following story: "John and Jane's" parents recently passed away, one predeceasing the other by just weeks. Mom and Dad left behind “a lot of stuff,” including a significant collection of African art. During the mid-1960s, after their Peace Corps days in Africa, their parents acquired what would be the first of many African [...]
Tax season is just around the corner. It's time to think about filing for a deduction for the donations you made last year. You must provide the Internal Revenue Service with a specific type of appraisal to satisfy their requirements. You should consider: 1) When do I need a tax appraisal for donating personal property? [...]
Like with any gift, charitable gifting is about more than just the object. It is important to determine the intended user or benefactor of your gift. To receive an IRS tax deduction, one must donate to a qualified organization, as opposed to a specific person.
Joseph Buccello runs Fat Farm NJ, a shop specializing in a wide arrange of antiques such as doors, knobs, stained glass, folk art, and tools. Fat Farm NJ opened its doors on October 15 at the Pot Belly Stove Galleria in Lafayette, NJ. The building has over 15 antique and craft vendors.
Magnusson Estate Services in a nutshell: HIRE THIS COMPANY! I don’t have enough wonderful things to say about Magnusson Estate Services! I hired them in the fall after a friend passed away and she left the entire contents of her home to me. While this home included valuable antique furniture, fine artwork, collectible decorations, and […]
The Magnusson Group was interviewed by Business News Daily. Check out our feature for their “Behind the Business Plan” section. You can read all about Lynn Magnusson’s journey from Swim Coach to Certified & Accredited Personal Property Appraiser.
We want to see how you restored your items from the Watchung Barn Sale! To Submit 1) Take a picture of one of your purchases from the Barn Sale 2) Post the picture on our Facebook Page and write how you plan to use/have used the item.
Personal Property Appraisers see all kinds of “anything” – from major-league art, wine, coins, jewelry and rugs to antique toys, art glass, sterling silver and even Santas! Are you unsure whether your collection has appreciated since you acquired it?
I’m not sure why, but, all our clients are really nice people. After 22 years in the field, I am blessed to meet someone new every day, learn something new everyday, and teach someone new every day. Our business brings in interesting jobs on a daily basis. Even so, the places we visit and the […]
We value certain objects because they are handmade, because hands made them and because they are historically important. The actual brushstrokes, the actual paint. There is only one. It almost always begins its life admired in a private home. Later, perhaps, it lives in a public institution, admired by many. In either case, the invisible […]
The appraiser’s job is to determine the scope of the project. This means that you should be prepared to answer important questions that will determine the answer to your question. – What is your motivation? Are you moving, downsizing, in need of cash, trading up or settling an estate? – What is your time frame? […]
If you want to know if hiring a certified & accredited appraiser is worth your time and money, then do a little preliminary research on your objects. If you can identify an item of furniture, jewelry, decorative or fine art, you are on your way to determining a value.
Many people are knowledgeable about the value of their estates: stocks, bonds, real estate. Few pay attention to their personal property. I think this is often because your collection represents you and your passions and memories; and a price is not easily put upon that.
The Magnusson family loves dogs and dog art! We sure do love our puppies here. Visit Polly and Sasha, mother and daughter Bijons (Polly ex-Westminster show!). Read more to discover new dog art at our gallery.
Just because an appraiser says they know about art or antiques or home contents, doesn’t mean you should hire them. Some “appraisers” pay for an association with an appraisal society. That doesn’t mean they’ve ascended to MEMBERS. It’s important that your due diligence includes hiring the right appraiser: one who is ACCREDITED by the American […]
The Antiques Roadshow website has a game you can play. You watch a little video segment. Along the way are multiple choice questions regarding the item (like “Who is Thomas Chippendale?”) And finally, can you guess the price before the appraiser calls it? Thanks to 16 years of fine and decorative art study, I managed […]
This weekend, we visited Pook & Pook Auction in Downingtown, PA and Rago’s in Lambertville, NJ. In many ways, these two venues represent polar opposites of the auction market in terms of product offerings. Pook’s Saturday sale featured about 750 lots of 18th and 19th century American furniture and decorative arts. The room was filled […]
The Magnusson Group has watched many family dramas take place when a loved one or family member passes away, or when family members downsize. Regardless of how fair and reasonable people’s intentions are, there’s often misunderstandings. A professional appraiser, like us, can help with the identification, labeling, valuing and distribution advice for almost all things […]
Do you love the Antiques Roadshow as much as we do? Drew and I have been playing the Antiques Roadshow “game” for about 10 years. It goes like this: the owner of the thing presents his item and its story to the appraiser on the show; before the appraiser divulges their value determination, each of […]
Senate Begins Hearings on CCRCs On July 21, the Senate Special Committee on Aging chaired by Herb Kohl (D-Wisconsin) convened a hearing on the state of the CCRC (Continuing Care Retirement Community) industry.
Lynn, do you collect anything? Yes, I collect friends, music and occasionally broken green pottery. Why broken green pottery? I like green pottery and I feel sorry for the broken ones. When and how did you get into the appraisal of antiques? Through my husband’s Comedy Club, Rascal’s, back in the early 90s. Seemed like […]
On Tuesday Christie’s held its New York Impressionist and Modern Art Sale. We already know of the auction record price of $106.5 million including buyers premium for the Picasso, but what about the rest of the sale, which included additional property from the Brody collection? The sale offered 69 lots with 56 selling for a […]
I enjoy the American Pickers series because I learn a lot about parts. Parts of bicycles, parts of cars, parts of things I usually don’t handle; physically, that is. I do enjoy getting dirty now and then, but, Mike and Frank really dig in. Like “Dirty Jobs,” I like to watch. Being an unbiased appraiser, […]
EDITED: We are no longer offering free Pre-Sale Estimates on Fridays. However, you can receive a problem solving consultation over the phone by calling 973-425-1550 I am being twittered by: See the Best Selling eBay Items of the last 90 days. If one ever needed a quick education on “stuff” that sells on eBay, this […]
I am often asked to appraise Dalis, Chagalls, Miros, Remingtons and the like. This is dangerous and sad territory for these clients, as most are fakes. They are beautifully framed and reproduced, contributing to the great sums that the clients paid for them at "estate" auctions and cruise auctions. I hate being the bearer of [...]
Louise Devenish has taught at NYU’s Appraisal Studies Program for several years, as well as at Parson’s School of Design. I have had the privilege of taking most of her classes. Her Style and Ornament class should be a requirement for all students of antiques. She currently writes for 1st Dibs. Her insightful article about […]
Many experts and dealers consider the Winter Antiques Show in NYC to be a barometer of things to come for the rest of the year. The New York Times reports that the results are very positive. The show saw over 22,000 attendees, up over 20% from the 2009 show. Sales, according to dealers in the […]
“It all began in the early days of the Probate Lawyer Blog, when I came across a Memphis newspaper story about a woman claiming that she was the secret half-sister of Elvis and that she had the DNA to prove it. How did she get the DNA? From Elvis, because he was alive. She had […]
Read all about it! Corporate donations to non-profits is something we haven’t seen in awhile. Timely, considering the awareness of our northwest natives within the context of the Olympics. I heard them called “aboriginals.” That’s news, too. Safeco Donating $3.5 Million Art Collection to Consortium of Museums.
Have you read Jane Cleland’s Josie Prescott Antiques Mysteries? Josie’s an antiques appraiser who uses her knowledge of antiques to solve crimes. Often called an Antiques Roadshow for mystery fans, the Josie Prescott Antiques Mysteries are traditional mysteries set on the rugged New Hampshire coast.
My friend, Nancy Doyne, wrote an interesting article about a man who thought about what would happen to his collections in the future. The legacy he left was more about how he cared for his family than about the things themselves. Oh, if only..... all our clients were like Mr. Josephson.
If you’ve got jewelry you want to learn more about you’ll like this – David Wolf, ASA, Master Gemologist writes for Chubb Insurance Newsletter. Here’s one of his articles: Diamonds and Precious Jewels: A Look at the Collective Jewelry Market.
To get something you never had, you have to do something you never did. I have a love hate relationship with Americana Week in NYC. I love it because one can see the most interesting and magnificent art and antiques up close and personal in a week. I hate it because January is such an […]
Heads up to those of you who might like to buy a piece of history! The late Chinese Export dealer Elinor Gordon’s collection is on the block next week at Sotheby’s in New York on January 23rd, 2010. It is a must see for any of you interested in these historical porcelain pieces. Her private […]
Isn’t it nice to know that there are good kids out there today doing good things? My friend, Nancy Doyne, from Mountain Lakes, NJ, has three amazing daughters, one of whom is Maggie. She has been working in Nepal, building a children’s home called Kopila Valley. Her post high school journal here is awesome. See […]
“Mainland Chinese are buying more art at Christie’s International’s auctions in New York and Europe as their purchases “rose significantly” last year using wealth produced by a growing economy, Christie’s said.”
Everything you need you already have. You are complete right now, you are a whole, total person, not an apprentice person on the way to someplace else. -Beverly Sills Sadly, hoarders and savers have not heeded her wise words. Help is available! The National Assn. of Professional Organizers https://www.naponnj.org/ Personal Property Consultants is an affiliate […]
Do you know… the most important requirement of any appraiser is USPAP compliance? The Financial Institutions Reform, Recovery and Enforcement Act of 1989 recognizes USPAP as the generally accepted appraisal standards and requires USPAP compliance for appraisers in federally related transactions. State Appraiser Certification and Licensing Boards; federal, state, and local agencies, appraisal services; […]
Our clients tell us that downsizing is one of the hardest things they ever do. But, they also tell us, post-execution, that it is one of the most gratifying of experiences. Letting go of their excess baggage is liberating. They want to know that their personal collections are respected and will go to someone who […]
Museums across the country are selling off portions of their collections to generate cash for operating expenses. It’s a passionate discussion; no one wants to HAVE to do this. Sadly, reality interferes with artistic missions. If you can’t experience it, is there still art? Many museums and historical institutions SHOULD redefine their mission statements, re-allocate […]