Questions about Fine Art Appraisals?

1. What is a fine art appraisal?
A fine art appraisal is a professional assessment of an artwork’s value, conducted by a qualified appraiser who considers factors such as artist, condition, provenance, medium, and market trends.

2. Why would I need an art appraisal?
Appraisals are used for purposes such as insurance coverage, estate planning, donations, resale, or tax reporting.

3. How is an appraisal different from a verbal opinion or valuation?
A formal appraisal is a written, USPAP-compliant (Uniform Standards of Professional Appraisal Practice) document suitable for legal or financial use. A verbal opinion is informal and not legally valid.

4. Who is qualified to appraise fine art?
A qualified appraiser has formal training, credentials from recognized organizations (e.g., ASA, AAA, ISA), and experience in the relevant art category.

5. How much does an art appraisal cost?
Fees vary by appraiser, region, and complexity—usually charged hourly ($150–$500/hour) or at a flat rate per piece or project. Reputable appraisers do not charge a percentage of the artwork’s value.

6. How long does an appraisal take?
It can take anywhere from several days to weeks depending on the number of items, research required, and the appraiser’s workload.

7. What information do I need to provide?
You’ll need to share details like artist name, title, date, dimensions, medium, provenance (ownership history), condition, and any documentation or photos.

8. Will the appraiser need to see the artwork in person?
For most accurate results, yes. Some preliminary or low-value appraisals may be done remotely using photos, but physical inspection is preferred.

9. What does an appraisal report include?
A professional report includes a detailed description of the artwork, high-quality images, description of the scope of work, a market analysis, justification of value, and the appraiser’s credentials and signature.

10. What types of value can be assigned?
Common types include:

• Fair Market Value: Used for estate or donation purposes.

• Insurance Replacement Value: For insurance coverage.

12. Are art appraisals legally binding?
An appraisal is not a legal contract but can be used as supporting documentation in legal or financial proceedings.

13. Can an appraiser buy or sell my art?
Ethical standards prohibit appraisers from purchasing or selling items they appraise, as that creates a conflict of interest.

14. Will my information be kept confidential?
Yes. Professional appraisers follow strict confidentiality standards and will not disclose your information without consent.

Special Circumstances

15. Can I get an appraisal for an unsigned or unknown artist?
Yes, though the process may involve more research and the value may be limited if authorship cannot be verified.

16. Can inherited or damaged art still be appraised?
Yes. Appraisers can assess value even for damaged, restored, or inherited works—condition and provenance are factored into the value.

17. Do museums or galleries offer appraisal services?
Most do not; they may recommend independent appraisers or professional associations.