Into Art? or if you are a new collector, you probably wonder if you are sitting on a goldmine. You can only research the piece so far online and it may be time for a professional appraisal.
Let’s go over the steps of art appraisal to help you determine value.
What is an Art Appraiser?
An art appraiser provides a professional researched report about the value of the piece and its history. Appraisers know a lot about art history and usually have a good understanding of estate and income tax laws.
What are the Types of Appraisals?
Fair market Value vs. Replacement Value.
Fair market value is a proposed value and its the amount someone will agree to trade on. While its not wholesale or retail value, it’s the amount a willing buyer will pay a willing seller.
Replacement Value is primarily used for insurance appraisals. It’s the amount of money an owner will charge for a desired item on short notice.
A qualified appraiser will be able to talk intelligently about both of these values.
Are Most Art Appraisers Ethical?
There is something called the Uniform Standards of Professional Appraisal Practice which is an industry standard that provides a minimum set of quality control standards for appraisers in the U.S. Most appraisers are certified with this document.
Keep in mind an appraisal is an objective opinion, based on specific research criteria.
Are Art Appraisers Licensed?
There are no state or federal laws regulating property appraisal, unlike dentists, plumbers and other professions. Anyone can call themselves an appraiser of art.
The best way to avoid being conned is to ask the appraiser if they are a member of at least one of these organizations, the American Society of Appraisals, the American Appraisal Association and the International Society of Appraisers.
What is included in an Appraisal?
You will receive a written report which includes the following:
A detailed and description of the property including photographs, measurements a statement of why the report was completed, a note describing condition, the appraisers commentary including research methods, valuation and a history of ownership.
How Can I Find An Appraiser Near Me?
A Google search will readily find appraisers near you but be sure to do your homework and check the appraisers credentials which we’ve lined out here. Also make sure the appraiser will stand behind his or her work and can deliver for the fee you pay. There are many certified appraisers near you to take a look at your piece and help determine a value, whether it be for Insurance, recreational or the IRS.