What is an art appraisal?
Definition: An art appraisal is a formal, written assessment of an artwork’s value, performed by a certified appraiser. Depending on the context, an appraisal may determine fair market value, replacement cost, or charitable value. It is used in scenarios such as:
- Insurance: To document replacement value for coverage or claims.
- Estate planning: To assess asset value for probate or inheritance.
- Charitable donation: To meet IRS requirements for non-cash contributions.
- Resale: To inform private sales or auction reserves.
Qualified appraisers typically follow USPAP (Uniform Standards of Professional Appraisal Practice). The valuation process considers artist market history, comparable sales, condition, provenance, and authenticity. Appraisals should be updated regularly to reflect current market trends.
