Art appraisal is the process of determining the value of a piece of art. This can be important for several reasons, including insurance, tax assessment, estate planning, or sale purposes. The following are some of the fundamentals aspects of art appraisal:
Research: Art appraisers start by researching the artist, the work, and its history. This includes learning about the artist's life and career, examining the style and techniques used in the work, and researching its provenance (the history of ownership and exhibition).
Condition: The condition of a work of art can greatly impact its value. An appraiser will carefully examine the work for any damage, restoration, or other issues that could affect its value.
Market data: Art appraisers use market data to determine current trends in the art market and to make comparisons to similar works of art. This includes looking at auction records, private sales, and expert opinions.
Expertise: An art appraiser should have a strong understanding of art history and be knowledgeable about the particular styles, movements, and mediums in which the work of art was created.
Comparable sales: Appraisers will often look at recent sales of similar works of art to determine the current market value. This requires an understanding of the broader art market and the current demand for specific artists, styles, and genres.
Written appraisal: The final step in the appraisal process is to create a written document that summarizes the appraiser's findings and conclusions. This document will typically include a description of the work, its condition, its history and provenance, and an estimated value.
