To have art appraised, you typically need to find a qualified professional appraiser and provide them with information about the artwork for their assessment.
Getting an art appraisal is a crucial step for various reasons, such as insurance, estate planning, potential sale, or simply understanding the value of your collection. The process involves working with an expert who can evaluate your piece based on market conditions, provenance, condition, and other factors.
Here's a breakdown of the process:
Finding a Qualified Appraiser
The first and most critical step is locating a reputable and qualified art appraiser. Look for appraisers who specialize in the type of art you own (e.g., contemporary, Old Masters, prints, sculpture).
Tips for Finding an Appraiser:
- Professional Organizations: Many appraisers are members of recognized professional organizations like the Appraisers Association of America (AAA), the American Society of Appraisers (ASA), or the International Society of Appraisers (ISA). These organizations often have directories.
- Museums and Galleries: Local museums or reputable galleries may be able to provide referrals.
- Referrals: Ask lawyers, estate planners, or insurance agents who specialize in fine art for recommendations.
Ensure the appraiser is experienced and provides a clear fee structure (usually hourly or a flat rate, not a percentage of the appraised value).
Preparing Information for the Appraiser
Once you've found a qualified appraiser, you'll need to provide them with some basic information about the artwork. This documentation helps the appraiser conduct their research and verify details about the piece.
Essential Information to Provide:
- When and where it was purchased: Details about the acquisition, including the date, location (gallery, auction house, artist's studio), and the price paid.
- Any documentation that you have: This is vital and can include:
- Certificates of authenticity
- Bills of sale or receipts
- Provenance documents (history of ownership)
- Exhibition history records
- Literature where the artwork is featured or referenced (catalogues raisonnés, books, articles)
- Previous appraisal reports
Providing as much detail and documentation as possible streamlines the appraisal process.
The Appraisal Process
After you provide the initial information and documentation, the appraiser will proceed with evaluating the artwork.
Steps the Appraiser Takes:
- Inspection: The appraiser will inspect the artwork directly. This allows them to assess its physical condition, materials, technique, signature (if any), and overall quality.
- Research: The appraiser conducts thorough research, which may include:
- Checking auction results for comparable artworks by the same artist.
- Consulting databases and market reports.
- Verifying provenance and authenticity information.
- Analyzing the artist's market history and current trends.
- Valuation: Based on their inspection and research, the appraiser will provide you with an estimate of its value. This value can vary depending on the purpose of the appraisal (e.g., fair market value for sale vs. replacement value for insurance).
Receiving the Appraisal Report
The final output is a formal appraisal report. This document will detail the appraiser's findings, including:
- A description of the artwork
- Provenance and exhibition history
- Analysis of the artwork's condition
- Market analysis and comparable sales data
- The determined value and the basis for that value
- The purpose of the appraisal (e.g., insurance, estate tax)
Review the report carefully and ask the appraiser any questions you may have.
