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Value matters and an art appraisal completed by a qualified art appraiser can save you substantial money by not selling too low, insuring too low, or paying too much in estate tax or equitabledistribution. Appraisals can also assist in establishing provenance, which can significantly impact the value of the artwork.
Provenance, the documented history of an artwork’s ownership, is a cornerstone of art appraisal that adds layers of significance to the valuation process. In this blog post, we delve into the crucial role of provenance and its impact on the appraisal of fineart.
When applicable, sales and/or import tax, commissions and/or premiums are included in this amount.” ( Appraising Art: The Definitive Guide to Appraising the Fine and Decorative Arts , 2013, Appraisers Association of America, page 438.) The next level is Fair Market Value.
If you prefer in-person assessments, and are located in the greater Northwest Pennsylvania area (Cleveland to Erie to Buffalo and down to Pittsburgh), Penrose Appraisals can also provide tailored appraisal services, especially for significant occasions like insurance, charitable donations, or equitabledistribution. Estate settlement.
Understanding an artwork’s value aids in insurance coverage, estate planning, and equitabledistribution. These tools may offer ballpark figures but cannot replace the nuanced insights and expertise of a qualified appraiser who considers various factors, including provenance, condition, and market trends.
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 fineart appraisal is likely to cost.
What Is an Art Appraisal? An art appraisal is a professional assessment of an artworks value based on factors such as the artist, condition, provenance, and current market trends. Provenance, artist attribution, and condition all play a role in determining value. It was purchased from a gallery, auction, or estate sale.
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