What is an appraisal?

An appraisal is a document that quantifies the value of
Fine Art: paintings, sculpture, etc.

When should I get an appraisal?

It is best to get an appraisal before you need one. You will need an appraisal for:

  • Insurance coverage
  • Estate planning
  • Division of property
  • Determining your net worth
  • Informed purchasing
  • Charitable donations and gifts

How is value determined?

An accredited appraiser uses a variety of tools: reference sources, online electronic databases, historical documents, as well as consultation with specialists in the field. Based on the analysis of the research, the appraiser produces an appraisal report detailing the appropriate valuation of your Fine Art.

Why do I need an appraisal?

  • Obtaining insurance: a current appraisal is required for insurance policies covering fine art. An appraisal updated on a regular basis ensures the accurate replacement value of your Fine Art and protects you from financial losses caused by theft, fire, and flood.
  • Estate Planning: a recent appraisal will be of assistance to your heirs and executors.
  • Division of property: your personal property may require division due to dissolution of marriage or business partnership. A current appraisal provides the necessary information and documentation to ensure equitable distribution.
  • Determining your net worth: you may need to know your net worth in order to meet a business or investment need. The appraised value of your personal property – including Fine Art – is part of your total net worth.
  • Informed purchasing: an appraisal of current market value can assist you in making an informed decision prior to the acquisition of a major piece.
  • Charitable donations: a current fair market appraisal is required for gifts of Fine Art being donated through Cultural Properties or the IRS. An appraisal prepared in accordance within the established guidelines will facilitate your Fine Art donation.

Is an appraisal a legal document?

An appraisal prepared by a qualified appraiser can act as a legal document in insurance settlements, business or marriage dissolution, estate proceedings, bankruptcy, and other matters involving personal property.