When you have valuable artwork, antiques or jewelry, it’s important to understand the value of your items and how you can best sell them. Choosing between auction and consignment is a decision that should be made after you’ve had your pieces professionally appraised by an accredited appraiser. The type of valuation service you require depends on your future plans for the item(s) – resale, estate tax, insurance, non-cash charitable donation or documentation.
The value of an art piece is based on the relationship between buyers and sellers and changes over time. Unlike other types of property, the value of fine art is not set by any mathematical formula and varies based on supply and demand. A qualified fine art appraiser will be able to determine the current market value of an art work through their research and expertise in a specific artist or genre.
Appraisal and consignment services does not include an authentication, which is a separate process conducted by the expert in the field to determine whether or not the work is authentic. The majority of appraisers will not authenticate art, and many will be cautious about doing so due to the increasing sophistication of forgers and the high legal stakes of the process.
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An appraisal is a written document that gives an opinion of an item’s value at a certain point in time. An appraisal should be USPAP compliant, substantiated and unbiased. An appraisal should be done by an accredited appraiser with a formal education in appraisal theory, methodology, principles and ethics.
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