Frequently Asked Questions
Finding value in art appreciation
What is an appraisal?
An appraisal is the act or process of determining value, estimating cost, or determining the present worth of an appreciable asset. Appraisal conclusions are arrived at through systematic and thorough analysis and processing of all relevant factors.
Who needs an appraisal?
Apprize Art recommends that all parties in possession of personal property in excess of $1,000.00 USD seek professional appraisal services. Because Insurance companies often require separate policies for precious objects (artwork, jewelry etc.), individuals and institutions alike should have current valuations performed on their property at least once a year.
What is the function of an appraisal?
The function of an appraisal is the use for which it will be employed. It is the reason why the appraisal is being conducted. The function of an appraisal is dictated by the client. Examples of appraisal functions are:
- Obtaining insurance coverage
- Determining a casualty loss deduction
- Establishing an amount for a non-cash charitable contribution
- Determining fair asking of sales price
- Determining federal or state estate tax liabilities
What is the purpose of an appraisal?
The purpose of an appraisal is the objective of the appraisal, or what the appraiser is seeking. It may be a monetary opinion such as a value, cost, or present worth. The purpose may also be a non-monetary opinion such as a report of authenticity. The purpose of the appraisal is determined by the appraiser in consultation with the client. Examples of appraisal purposes include:
- Determining fair market value
- Estimating replacement cost
- Estimating repair cost
- Calculating the present worth of future income
- Giving an opinion as to the origin of the property
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