FAQ's
Q: How long does it take to receive a completed
appraisal report?
A: Expect to receive your completed appraisal report within three
weeks from the date you submitted a request for appraisal. A 50%
deposit must accompany all appraisal requests.
Q: How often do you recommend having appraisal updates
for insurance purposes?
A: We recommend that appraisal updates be conducted every three
to five years to properly protect your art assets.
Q: What is the difference between Replacement Value
and Fair Market Value?
A: While Replacement Value is mostly used for insurance appraisals,
Fair Market Value is needed when conducting appraisals for charitable
contributions, estate tax valuations, divorce settlements, etc.
Q: What exactly is provenance?
A: Provenance refers to the history of ownership, as well as museums
and galleries in which the work has been exhibited.
Q: What is USPAP?
A: Uniform Standards of Professional Appraisal Practice (USPAP)
consists of a set of generally accepted and recognized standards
of appraisal practice in the United States. It was developed in
1986-87. USPAP is published annually by the Appraisal Foundation,
Washington DC.
Q: Can appraisers authenticate a work of art?
A: Appraisers are not authenticators. Authenticating a work of art
can be a rather costly and time consuming pursuit. In determining
authorship, the appraiser may need to consult with leading scholars
specializing in the work of that particular artist. Occasionally,
tests may be performed using infra red or ultraviolet light.
Q: Can you recommend a conservator?
A: Yes, we can recommend conservators who specialize in restoring
and preserving works of art.
Q: Can I obtain a single appraisal report for insurance
and estate tax purposes?
A: No. Each report is written for a specific purpose. The purpose
determines the type of valuation to be used (i.e. Replacement Value
for insurance purposes vs. Fair Market Value for estate tax valuations).
Q: Are previous appraisal reports, insurance schedules,
sales receipts, invoices, Certificates of Authenticity, etc. useful
when preparing new appraisals?
A: While rarely used to estimate current value, old documentation
is important in determining provenance and, more often than not,
helps reduce the appraiser's research time.
Q: Can art be considered an investment?
A: Although art in general is known to having appreciated over time,
future monetary values cannot be predicted based solely on past
sales. Trends also come and go. We strongly advise our clients to
buy art that they love.
Q: What does a professional appraisal process consist
of?
A: The appraisal process involves having the item in question carefully
examined, correctly identified (i.e. artist, period, medium, condition),
properly placed in the appropriate marketplace and skillfully compared
with similar works that sold in the recent past. The appraiser is
expected to exercise due diligence throughout the appraisal process.
Q: When are appraisals for charitable donations necessary?
A: Charitable donation appraisals are required by the IRS when the
value of one or more items exceeds $5,000.
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