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Auctionhouses, galleries, and art dealers often require a certified art appraisal to estimate and reserve artwork sales prices. Loan Collateral Art collectors or investors who use their contemporary art as collateral for loans may require an appraisal to determine its value as security.
At the time, the price for the entire collection was $23 million, and the foundation had to take a bank loan, with the collection as collateral, to complete the purchase. That might have been the end of the story, but there would be more developments , all of which led to the recent auction of the Taper Collection.
The previous record for a copy of the 13th Amendment at auction was $2.4m, set in 2016, while the previously most valuable copy of the Emancipation Proclamation sold at auction in 2010 for $3.8m, both at Sotheby’s, according to the auctionhouse.
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