Art appraisals are legal documents that let people and insurance companies know the value of artwork. Whether you found a gem in the back of your grandma’s closet or invested in a gallery piece, there are several important facts you should know about the process. This way, you can ensure items are evaluated by honest, certified professionals.

3 Important Facts You Need to Know About Art Appraisals

Why Art Appraisals Are Necessary 

The main objective of conducting an art appraisal is to know the exact monetary worth of a piece in the case it’s lost or stolen. In a certified document, an appraiser lists the artwork owner, condition and description of the piece, when it was examined, and the current market value. This information is then given to the owner’s insurance company. The appraisal is also necessary if the artwork is sold or donated as a charitable contribution to a museum or additional institution. 

What Appraisal Types Are Available

There are several appraisals available, but, after acquiring a piece of art, you should conduct a fair market value or replacement value appraisal. The IRS requires the former, which determines how much the piece should sell for at market. Replacement value is assessed for insurance purposes, setting the cash price that would be required for a substitute of the same age and condition.  

What the Appraiser Qualifications Are 

Professional appraisers use the latest industry techniques to calculate the estimated market, replacement, and cash value of artwork. Qualified individuals are certified by national organizations and must pass ethics exams to guarantee their objectivity. When looking for trained appraisers, make sure they are approved by a reputable organization.

If you need a jewelry or fine art appraisal, assessments of antiques and collectibles, or additional service in Honolulu, HI, the appraisers at Lipton will help. To schedule an appointment, call (808) 533-4320 today, or visit them online to explore how they’ll determine the worth of your belongings.