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The appraiser will then research the artist, provenance, exhibition history and market trends related to the artwork and similar pieces. The appraisal report is a crucial document used for various purposes, such as insurance, taxation, sale, or donation, and is often required to be conducted by a certified appraiser to ensure its credibility.
In fact, our job is to protect your interests by providing an expert, well-documented opinion of value based on careful examination and market research. A piece appraised for insurance replacement has a very different value than one being appraised for resale or estate division.
Here’s when it’s worth bringing someone like me in: Insurance If your artwork is damaged, stolen, or lost in a fire, the insurance company needs to know what it was worth before something happened. I love the research, the detective work, the chance to really dig into the story behind a piece of art. Good question.
Excellent: Now, you need to differentiate in your research between this artist (worth 2 mil) and that other artist (worth 2 Grand, max). There are many problems with doing your own research; we’ve only touched on a few. Non-Cash CharitableDonation, Estate Planning, Divorce, etc. ~ How can you prove You’re Right?
Reasons of valuations for tangible property can include estate and probate purposes, equitable distribution, insurance coverage, charitabledonations, dissolution of marriage, and bankruptcy. The most important qualification to look for is USPAP compliance.
How much should you insure them for? Ideally, your appraisal will result in a reliable price estimate for insurance, tax or resale value. Retail Replacement Value for Insurance Coverage People will often get a Retail Replacement Value appraisal for insurance prices. Can you get a good price if you sell them?
As appraisers, we are market researchers. For insurance replacement purposes, appraisers should consider where the client typically shops, which, in most cases, falls under the retail market. The insured needs to be made whole by replacing the 1925 Cartier ring with a comparable ring of similar qualities. current asking prices).
Whether you need a quick valuation for possible re-sale of your items, or you are looking for a more in-depth assessment for insurance or estate planning purposes, discovering a professional nearby is crucial. The Appraisal Process There are several important steps when conducting an appraisal: Research. Charitable contributions.
If your insurance provider has asked you to get your artwork professionally appraised, or you need it evaluated for some other reason, How Do I Get My Art Appraised will help you find a qualified appraiser, fully understand all aspects of the appraisal process, and prepare you for what a professional fine art appraisal is likely to cost.
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