You hold your art collection dear to your heart. Since the first day you walked into an art gallery, you carefully acquired pieces you deemed worthy enough for a place in your vast collection. The factors in which you describe a piece’s worth may be reliant on which art movement it is from, the artist, the subject matter, or possibly the coloring. Every art collector carries their own definition of value when studying a creative piece they think will be a notable addition to their collection. The collector determines the artistic value of an artwork, but what of the financial value? While you may already determined the creative quality of the art in your collection, you struggle to comprehend its economic meaning. Art Appraisers are the ones to take that weight off your shoulders.
Who are They?
Art Appraisers are individuals who specialize in extensive research for establishing the authenticity and financial value of single artworks or entire collections. Their profession requires them to be knowledgeable in international art marketplace, art history, and fine art. Another side to their expertise includes bearing a thorough understanding to income and estate tax laws. Their focus is not directed on solely what is normally characterized as art. Their skills stretch to antiques, jewelry, and, of course, artworks.
Why Hire Them?
Due to how collectors value their art, they hire Art Appraisers for insurance purposes in the case of if any piece were to be damaged or stolen. If you receive some jewelry in an inheritance from a relative, you hire them to research and study the jewelry to conclude what its financial value is. Tax valuations are a common practice for them. The value of a collection or a single piece is critical in situations pertaining estate tax, gift tax, or charitable tax. They conduct careful assessments in these events for when people are thinking to donate to a charitable auction, give an artwork to a friend, or estate planning.
Where is Their Worth?
They decide the value of your collection, but where lies their worth? Only the best claim they are USPAP-compliant. This states they pledged to abide regulations outlined by the Uniform Standards of Professional Appraisal Practice. Those who cannot make this claim are not allowed to work in the US. The certification shows clients they will provide unbiased appraisals and will work to the satisfaction of their clientele. They value their customers above their own needs. When you hire an Art Appraiser to determine what the financial value of your collection is, you know they are worthy of the task based on the certification alone.