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My latest article for Worthwhile Magazine™ tackles a tricky area of appraising: understanding the different levels of value. This is one of the most confusing elements of appraising that I spend a lot of time discussing with clients, so I wanted to cover the subject in an article that could reach and help a much broader audience.
Whether you are a seasoned collector, an art enthusiast, or someone looking to sell or insure a piece of art, understanding when to seek an art appraisal is essential. In this article, we will explore the key indicators that suggest you may need an art appraisal. You do not need a formal written appraisal to sell most fine art.
An insurance appraisal is also used for estate planning purposes, as well as insurancepolicies and claims. FAIR MARKETVALUE VS. MARKETVALUE In the situation of an estate distribution, the appraisal report is written to determine Fair MarketValue, which is slightly different from MarketValue.
You’ll need a fair market valuation and a suggested asking price. Do you want to include your item on your homeowner’s insurancepolicy, or do you want to donate it and/or write it off your taxes? Then you’ll need an insurance or replacement valuation.
It is a worthy pursuit as marketplaces can vary regionally around the country so finding an appraiser near you who understands local market trends can save you a lot of headaches. This article seeks to provide some simple steps you can follow to connect with reputable local appraisers. Marketvalue determination.
To help others better understand how their art is currently covered, or not covered, I have written this informational post titled, Fine Art Insurance 101. To research this article, I looked at both homeowners’ and personal inland marine policies, and specialized policies written just for art collectors.
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