What is an appraisal?
An appraisal is the act or process of determining value, estimating cost, or determining present worth earnings. Appraisals are opinions of value based on informed judgment, supported by facts, and using specific methodologies. The same item may have many different appraised values depending upon how the client intends to use the appraisal. Qualified and educated appraisers consider the many different types of values, assigned uses, and market levels for each appraisal.
A variety of personal and business transactions require different determinations of value and professional, written appraisals. Government offices require professional appraisals for establishing a basis for income tax deductions for charitable donations or for large estates’ tax liability. Insurance premiums for personal property, collectibles, and fine art are often determined by estimate of cost replacement of property. Divorce cases often require couples to establish value of shared property in order to achieve equitable distribution of property. Whether the motivation is curiosity about the worth of a collection or the need of an appraisal used for insurance or for a legal matter, a written appraisal report from Aestim Art Appraisals Inc. can provide you with a recognized professional document.
What is involved in the appraisal?
Consultation with the client confirms the need for the appraisal and the scope of the work required. Client objectives and intended uses of the appraisal immediately determine the best direction for the project. Once a quote has been accepted and a contract signed the appraisal begins. A formal inspection of the works to be appraised in situ ensures closer accuracy of the final evaluations.
Inspections take place wherever the collection is stored or displayed, safeguarding the art works. Inspection includes direct visual assessment, like measurement, condition, raking and UV light scans as well as photographs. Frames, mats, all sides of the object, signatures, and markings of the works are all important elements. Accompanying documentation is examined and included for art work evaluation.
Appraisers do not authenticate; appraisers assign value. Information shared about the authenticity of a work greatly helps the appraisal process. If a work needs to be authenticated in order to obtain the most accurate value, specialists like gallery and museum personnel are consulted. Additional expenses to authenticate are paid by the client.
After inspection, the appraiser conducts extensive research. Consulting an extensive base of references, like colleagues, auctions and galleries, specialty catalogues, and other reference libraries and databases, the appraiser compiles a comparable foundation of information to establish the art object’s worth.
What happens after the appraisal report is completed?
A formal written appraisal report is compiled after research is completed. The written appraisal conforms to the standards of the International Society of Appraisers and the Uniform Standards of Professional Appraisal Practice. Aestim Art Appraisals Inc. clients are provided with printed and digital reports.
Aestim Art does not purchase or sell art works. Clients interested in buying or selling works are referred to art dealers and art auctions in their community. The inital quote (and any subsequent adjustments for extended scope of work) is calculated considering hourly costs for inspection, research and report preparation plus travel. Authentication expenses, court presentations, and post-project report production are additional charges.
For further information about the appraisal process and to get a quote for an appraisal, please contact Aestim Art Appraisals Inc.