Reasons To Get An Art Appraisal
Art appraisals entail valuing a piece of art to determine its worth. During the appraisal, appraisers focus on the owner of the work, creation date, condition of the art piece, and ownership history. These factors help determine the artwork's value. If you have a valuable piece of art, you need to get an art appraisal, and here are the reasons why.
If you want to insure your valuable artwork, the insurer will want to know its value. Knowing the value determines the type of insurance policy you require and the premium costs. Generally, purchasing insurance for high-value artwork is more costly. Therefore, conduct an art appraisal to get the ideal insurance plan.
Additionally, if your art piece gets damaged or lost, you need an art appraisal for the insurer to pay for the damage or replacement cost. The assessment determines the art's value, which helps in estimating the repair or replacement costs. Ideally, your insurance may request a current appraisal after the damage or loss to settle your claim.
Relatives or friends may have gifted you an art piece, but you don't know its worth. In such cases, you may get an art appraisal to fulfill your curiosity. Understanding the value of the artwork may make you feel valued by the person that gave you the gift. In return, you may become inspired to take care of the art and hand it down to other generations.
Also, you may be going through a divorce which may mean sharing jointly acquired property. If you bought the artwork together with your spouse, you need an art appraisal to know the piece's value. This will help you to split the proceeds you get after selling the work fairly.
You want to know the value of your artwork to sell it at the correct price, especially if you're selling the art through a third party, such as at an auction. The appraisers will tell you the current value of your art and how much you can sell it for. This helps you avoid losses and maximize profits. Also, you avoid overpricing, which can turn off buyers.
When you give artwork to a charity, you'll probably get a tax reduction. If you want to determine the tax reduction value, an art appraisal is necessary to establish the artwork's value. If you don't determine the value, the charity organization may set the tax deduction based on their estimates, which may not be accurate.
Insurance, charity, personal reasons, and sale value are reasons for getting an art appraisal. Consider hiring art appraisal services for these reasons.