“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.
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