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You may also see this level of the market described as “replacement cost,” which is a term used by the International Society of Appraisers. In my firm’s appraisal assignments, I’ve found that Retail Replacement Value is the main level of value used in fine art and antique insurance coverage. The next level is Fair MarketValue.
Whether you inherited a painting, purchased a piece years ago, or are considering donating to a museum, there are many reasons why an appraisal might be necessary. Understanding the marketvalue ensures you are making informed decisions about your artwork and maximizing its potential return.
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