What are the different types of art appraisals?
When seeking insurance coverage, insurance companies generally require documentation of the replacement value of the client’s collection. Apprasials are also often performed for Estate Tax purposes, to ensure equitable distribution of assets and for damage/loss estimates. You can learn more about different types of appraisals here.
Should you go to an auction house for a free appraisal?
“Free appraisals” from auction houses are quick approximations of what the auction house estimates your art will sell for in their auction. This “appraisal” does not reflect how the art might sell at someone else’s auction or what the fair market value might be. This “appraisal” is not useful for insurance purposes, is not a method to understand what your item is worth, and it is not an unbiased opinion of value. An auction house appraisal is not accepted by the IRS for tax purposes.
How often do you need an appraisal?
Appraisal reports should be reviewed every 3 years to keep up with changes in valuation as a result of the fluctuating art market.
What should you expect from an appraisal report?
All MKG appraisal reports are prepared in accordance with the Uniform Standards of Professional Appraisal Practice and Advisory Opinions (USPAP). We follow the ethical guidelines established by the Appraisal Foundation in Washington, D.C. (a board appointed by Congress as the source for appraisal and appraiser qualifications). MKG appraisals include color photographs, fully researched and fact based values, itemized cataloguing, as well as a statement of our methodology and basis for valuations.
Are MKG Appraisers qualified to perform a valuation of your work of art?
MKG Fine Art Appraisers possess extensive knowledge and experience in the fine art market and have completed formal education in appraisal theory, principles of valuation, procedures, ethics and law. MKG Appraisers are affiliated with the International Society of Appraisers (ISA) and the Appraiser’s Association of America (AAA). Continuing education in appraisal practice and report writing, as well as ongoing peer review of reports and practices, helps assure that MKG Appraisers maintain the highest standards of professionalism and confidentiality. MKG Appraisers are qualified in expert witness testimony, and can meet your specific legal requirements.
Why do you need an appraisal?
There are many reasons why an art appraisal may be necessary. Typical requirements are for insurance scheduling, estate tax, donation/charitable contribution, equitable distribution, damage/loss, asset management, estate planning, potential sale, and acquisition.
What is a fine art appraisal?
The International Society of Appraisers (ISA) defines an appraisal in two ways: An opinion of value, cost, or present worth of a work of art. A written report documenting the same. An appraisal is a complex document or statement that gives an educated opinion of value of a particular item, at a specific time with a defined purpose and function.