The art appraisal is a valuation in which a diverse number of factors are considered by the appraiser and analyzed in written form. These factors include the purpose of the appraisal, the market in which the object is being valued, the market in which the object was purchased, the market in which the client may want to sell the object, the type of valuation applied and the valuation approach employed by the appraiser. An art appraiser must be knowledge in valuation theory. This will allow one to consider and select, for the appraisal, one of the commonly used valuation approaches, such as the cost approach in which similar and like items previously sold are compared and contrasted to allow the appraiser to make an informed choice about an item currently under consideration. Appraising is a complicated field practiced by trained professionals. Consequently, one should be circumspect when considering the verbal art appraisal, which may be little more than an informal estimate of what one could expect an abject to fetch at auction or what a dealer would probably pay to purchase it.s can change quickly and you will need to adjust your insurance coverage to protect you artwork from loss or damage. You will also need a current art appraisal whenever your art is involved in insurance claims, estate tax, charitable donations, when selling the art, or for equitable distribution. There are several kinds of art appraisal, including Current Fair Market Value and Current Replacement Value. Be sure that you know the difference and get the right type of appraisal to fit your needs.
Copyright appraisers association of America, Inc. 1996