One of the best things about summer is having the time off to read books.…
Art plays a huge role in society, and can actually lower stress levels, according to the National Arts Program. If you’re an art lover and own a few pieces, you should know the different types of fine art appraisals, especially if you’re interested in getting your art appraised at some point. Here are some of the most common types of fine art appraisals you may get.
Fair market value
The general price a piece of fine art may sell for to a willing buyer on the market is known as fair market value. Such an appraisal is used for donations and inheritance purposes when calculating tax. If you plan on donating a piece of fine art to a non-profit, fair market value is the type of appraisal carried out. The majority of non-profit organizations require you to have your art donations appraised before submitting them.
Have you ever wondered how much it would cost to replace a piece of fine art with an item of similar work of equitable condition? The condition is when the piece should be purchased in an appropriate market but within a limited amount of time. Replacement value is the highest value of any artwork and is used for insurance coverage.
At any given point, there are buyers looking for particular pieces of art. The value they’re willing to pay for a piece is known as market value. Please keep in mind that market value is the cost of art in the absence of an obligation to transact. Market value is one of the types of fine art appraisals, which analyzes the value attached to a piece in the open and competitive market.
There may be some instances where you need to sell art in a hurry. Liquidation value is the value of a piece of fine art if the owner is forced to sell it within limited conditions. For instance, if there are time constraints, the value of such a piece would be termed liquidation value.
These are some of the most common types of fine art appraisals. Are you interested in learning more about this subject? Get in touch with us today and we’ll help you out. We would love to work with you.