Cost Approach Paintings Sales Comparison Approach 
International Society of Appraisers
MARCH 14, 2025
This is because we use different approaches for determining fair market value and replacement value. When determining fair market value, we use the sales comparison approach to analyze comparable sales data (i.e., Replacement value also takes into consideration relevant costs associated with replacement.
Concept Appraisals
MAY 31, 2023
The market analysis goes a step further, studying the broader real estate market trends in the area, such as supply and demand dynamics, pricing trends, and the pace of sales. Together, these aspects paint a comprehensive picture of the external factors influencing a property’s value.
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