Fine Art Appraisal (Personal Property Appraisal)
What is art appraisal?
Evaluating art requires experience and knowledge of both art history and the art market. Appraisers research "comparables" to determine the market value of a work. Quality, provenance, condition, uniqueness, demand, and timing all factor into the valuation. There are three main professional appraisal organizations in the U.S. — the Appraisers Association of America, the American Society of Appraisers, and the International Society of Appraisers. Each offers appraisal services and can recommend an appraiser with a particular area of expertise. Various dealers associations, such as the Art Dealers Association of America (ADAA) and auction houses also offer professional appraisal services.
An Appraisal Report is not an indication or certificate of title ownership. It is based only on the readily apparent identity of the items appraised, and no further opinions or guarantee of authenticity, genuineness, attribution, or authorship is made. The owner needs to rely on an authenticator to test and prove the authenticity of their artwork or collection. An appraisal report does not constitute a certificate of authenticity.
When do you need an appraisal?
You need a professional art appraisal report for the following purposes:
iii. Asset valuation
iv. Estate with a surviving spouse
v. Estate with no surviving spouse
vi. Tax loss
vii. Equitable distribution
viii. Estate planning
xiv. Net worth
xvi. Others (to be specified)