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When Might You Need a Contemporary Art Appraisal? Art Acquisitions Art collectors, museums, galleries, and private individuals interested in purchasing contemporary Paintings, Sculpture, Photography, or Fine Art Prints might seek an appraisal to ensure they make an informed investment.
I’ve written this basic guide as an introduction to the different levels of value so that users of appraisal services will be able to better determine what sort of appraisalreports would best suit their needs. The next level is Fair Market Value.
Further, appraisalreports must follow the latest version even if the appraiser has NOT taken the latest course. A reminder that as appraisers, we must never act as advocates. Chapter 11 in the Core Course Manual discusses insurance coverage and claims. These are important elements for any appraisal assignment.
Over the years, I have spent a lot of time on the phone trying to help people determine if the painting they found in a garage sale is worth anything. I took no pleasure in having to explain that they had one of the many reproductions of the painting and their hopes of having won the art lottery was only a lovely dream.
Art doesn't handle temperature and humidity fluctuations well, and if you own a very small, very expensive painting, it might make sense to tuck it in the car with you rather than risk leaving it in the house. Would you need to have an appraisalreport already on file, or could you obtain one after the fact?
Your insurance agent has suggested that you need your art or jewelry appraised in order to put them under rider coverage. Your client with the large estate has just died and her personal property must be appraised. You just moved across the country and your favorite painting arrived with a gash through the canvas.
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