What’s It Worth?
Photo by Amelia Kunhardt/Quincy Patriot Ledger
Fine art appraising is a niche in the art world, and a very important one. If you collect artwork or memorabilia, begged for your great grandmother’s silver or antique collection of dinner bells, it’s because you love it. Having your precious items insured is the best way to protect yourself from loss, in case of fire, theft, or some crazy natural disaster. On the other hand, if you are ready to part with a piece, you also want to make sure you’re getting the best return for your prized possession.
But how do you know how much it’s worth? What is ‘fair market value’ versus auction price? A certified art appraiser can answer all your questions and many, many more.
Getting a collection appraised by a professional is the best way to be certain you won’t regret selling a painting too low at auction, know how much to claim for a donation on your taxes, or make sure an estate is split fairly between your heirs.
Insurance companies will often accept the purchase price for insuring precious goods, but as artwork typically appreciates over time, you’ll need to update those numbers. According to Bart Mullin, of Read and Mullin Appraisals, many insurance companies require a new proof of value every five years. The only way to do that is with a certified appraisal.
In order to determine the value of a piece of art, appraisers have to know the current status of the market, says Carla Young of Carla Young Fine Art Appraisals. According to Young, appraisals are based on the sales of comparable paintings at a particular date, which are accessed through an intricate appraiser’s database.
Art appraisers study the ups and downs of the art world, extensively research and understand the historical significance of particular time periods. So if you think you have something that should be insured, get their help to make sure the future of your estate is safe.
words: Callie Smith
An ivory altarpiece of the Indian goddess Durga Mahishasuramardini dating back to 1836. After appraisal from Read and Mullin, this piece sold at auction for $300,000
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