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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.
This usually ends with a printed document that describes the piece and assigns a price or range of prices that represent the expert’s best value estimate. Retail Replacement Value for Insurance Coverage People will often get a Retail Replacement Value appraisal for insurance prices.
A client recently called us to update an insurance appraisal for original Andy Warhol prints. Similar to investment markets, the marketvalue of artwork fluctuates over time. Conversely, if the value of your artwork has gone down, an appraisal will result in lower premiums for adequate insurance coverage.
They proposed to the IRS that this new organization, made up of many the most knowledgeable and respected art dealers around the country, could help to establish consistent standards for evaluating the fair marketvalue of artworks. Fine print sales are also included in the Artprice database.
Casey stressed the need to assign a value to the object treated and how that is essential should any loss ensue. The Fine Art Insurance policy offers coverage starting at $75,000, with careful consideration given to the potential maximum value of artwork.
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