Art valuation or art appraisal,is an art-specific subset of financial valuation, the process of estimating the market value of works of art. Art valuation involves comparing data from multiple sources such as art auction houses, private and corporate collectors, curators, art dealer activities and specialized market analysts to arrive at a value. Art valuation is accomplished not only for collection, investment, divestment, and financing purposes, but as part of estate valuations, for charitable contributions, for tax planning, insurance, and loan collateral purposes.
Art Appraiser Qualifications
Certified Membership represents the highest level of accomplishment for members of the Appraisers Association of America. Certified Appraisers have the most extensive level of expertise, qualifying education and a minimum of ten years of experience as an appraiser of personal property, specializing in the fine arts.
Most states, including California, do not require any formal testing or licensing of personal property appraisers. Many people who represent themselves as art appraisers have not completed any professional education or testing in appraisal development or methodology. The appraiser you select should supply professional credentials on request and be a member in good standing of a respected appraisal association that educates and tests its members regularly.
Beyond these professional requirements, the appraiser should have verified and specific expertise in the type of item you are seeking to value. In the art trade this is often referred to as connoisseurship.
"Art experts or connoisseurs evaluate works of art on the basis of experience of the style and technique of artists. Judgment informed by intuition is essential, but it must be grounded in a thorough understanding of the work itself. On the basis of empirical evidence, refinement of perception about technique and form, and a disciplined method of analysis, the responsibility of the connoisseur is to attribute authorship, validate authenticity and appraise quality."
Credit: Wikipedia Commons.