What You Need to Know About Artwork Appraisals

What is an Art Appraisal?

Whether you have a collection of artwork or just one piece, an appraisal by a professionally-licensed expert appraiser is essential. An appraisal is a formal, written, widely-accepted process of determining and proving the value of artwork. An appraisal is completed by a certified professional, and it includes a certificate (for tangible proof) of your artwork’s value.

Why Should I Have My Art Appraised?

While an art appraisal can be used for a variety of purposes, the most important reasons to obtain a professional appraisal are:

• Charitable Donations: An appraisal is used to determine the value of an art donation, which can be deducted from taxable income: a tax write-off.
• Estate Planning: An appraisal is used to determine the value of artwork so that there can be an accurate calculation of estate tax for inheritance.
• Sales: A professional appraisal allows a seller to determine an appropriate asking price for the artwork (with a signed document to show the prospective buyer).
• Restoration: In the event that artwork is damaged and needs repairs, an understanding of the art’s value can help determine whether the cost of the restoration is worth proceeding with.
• Art Financing: To use a piece, or collection, of artwork as collateral for a loan, lenders will require a professionally-done and recent appraisal.
• Insurance: Insurance companies require a professional appraisal, and oftentimes photographs, to make the decision regarding a claim. It is also necessary to have a recently-updated appraisal (usually in the last 3 years) in the case of a loss.

How do I Find a Professionally-Licensed Appraiser?

AppraiseItNow has a global team of professional art appraisers that are certified by the American Association of Appraisers and the International Society of Appraisers to issue USPAP-compliant appraisals. Our appraisers are carefully vetted, are located in all 50 states (and abroad), and have each been successfully appraising art for decades. Our appraisers are available to meet with you at your site, at their site, or online over Zoom: we adjust our service offering to meet your needs.

What Does an Art Appraisal Look Like?

An art appraisal is a professionally-completed, signed document detailing an appraiser's findings, methods used, credentials, and the signature of the appraiser. The appraisal details the artist, medium, age, description, and value of your artwork. During the appraisal process, you meet with a licensed art appraiser and individually go through each piece in your collection. After the in-person or online inspection of the works, research is conducted to determine the appropriate value of the works (market value, replacement value, or liquidation value). Art appraisals are typically completed and returned within one week of inspection.