AFAA prepares professional appraisal reports that document the current Retail Replacement Value for each item. Insurance appraisals are intended to represent the value it would take to replace the whole collection quickly in the event of a major loss. In the event of loss or damage, your insurance company will require proof that the item existed and the value of that item at the time of loss. Appraisal reports are a key component in documenting and protecting your fine art investment.
Most Insurance companies will require an appraisal for items valued over $5000.00, but some as low as $2000.00 and others more accustomed to fine art coverage, only require an appraisal on items over $50,000.00. Check with your insurance carrier. A competent report will catalogue and record all details of the artwork including its provenance and condition. The appraiser will also research the market value of the item and archive the comparable sales in the client file which will be retained by the appraiser for a minimum of five years.
Our standard practice is to inspect the property in person and then return to the office to conduct market research. In some cases, we are able to complete appraisals without an on-site inspection, from provided images, description and documentation.
