Appraisals are all based on market data and research. For instance, an item like does not just get its value randomly. It has gone through expert analysis to ensure that it will be given a fair market value.

Intricate Process of Appraisal 

Appraisals are a lot more common in the art world. This is wherein the appraisal process requires consultation of the following:

• Auction Records
• Private Sales Records
• Artworks that are presently on sale

The abovementioned are just a few of what is performed. Of course, one may expect more comparable pieces to get a more accurate appraised value.

History of Ownership

The history of ownership or provenance, as well as exhibitions, could contribute as well to the artwork’s value. There have been various studies that put emphasis on different kinds of appraisals. The appraisal includes detailing of factual elements of the said piece that’s being appraised, descriptive portion and opinion of the monetary value of the artwork.

Typically, the appraised value is good for at least a decade. Though different users might want them updated more often based on its purpose and of course, market condition for the given artist.

Why an Appraisal is Required?

Most of the time, insurance firms are requiring appraisals in insuring valuable items. Getting an unbiased opinion puts great weight when claims of loss or damage are made. When donating art pieces, appraisals are vital for the objective of having accurate tax deductions and also, evidence in case of an audit.

There are lots of nonprofit organizations that are accepting art donations that need appraisal too for their personal records. You might also have to get an appraisal in order to know how much you can expect to receive in the event of resale of the said piece.

The Price of Art Pieces

If there’s something that people need to know about artworks is that, its price will keep changing. So you can frequently hear someone giving their estimates on the price of the artwork, which is fine. But if you want to get close to the more accurate value, have it appraised by a professional.