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The fair market value is generally determined based on comparable sales of similar properties, income the property generates, and the cost of replacing the property minus depreciation. These are commonly referred to as the Sales Comparison Approach, Income Approach, and CostApproach respectively.
An insurance appraisal seeks to provide an estimated cost of what a collector would require to make the collector whole again if their art is ever damaged or stolen. Consultations were completed with several dealers and scholars who specialize in the works of [artist]. Names of who I consulted with are listed in the bibliography.
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