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Art
Appraising is a specialized field of appraising. It is impossible to be
an expert in all fields. If you are having an antique appraised, you
seek an appraiser who specializes in antiques. If you want art
appraised, you seek an appraiser who specializes in art.
ArtAppraising.com is a source of art professionals who provide
art appraisals.
Art is appraised for many reasons. The
primary purpose is to update the value of their art for insurance
purposes. Secondly, appraisals are undertaken for potential sales
purposes or for estate settlement. Thirdly, when significant art is
donated, the appraisal is necessary to determine value, and of course to
satisfy Internal Revenue requirements. The purpose of the appraisal will
determine the kind of appraisal required.
Selecting an Appraiser
Selecting a appraiser depends on
many factors. Since the work should be visually inspected by the
appraiser, it is best to find an appraiser near you. Since you are
seeking the most accurate appraisal possible, it is important to find
the most qualified appraiser for your kind of art. An appraiser
specializing in art with a specialty in the particular type of art is
your best choice. Since the appraisal fee depends on both the rate and
the hours expended, and expert may be able to complete an appraisal in a
few hours whereby it may take a general appraiser a week to complete the
appraisal.
The cost of an
appraisal ranges from as low as $25 an hour to over $300 an hour. So
selecting the right appraiser is not only a matter of the accuracy of
the appraisal, but also the cost of the appraisal. It makes no sense to
spend $600 appraising a $500 painting. In fact, in many cases, gallery
appraisers will offer price evaluations at a rate less than a formal
appraisal. Price evaluations may be sufficient for insurance purposes,
whereas estate settlements and charitable donations always require a
formal appraisal. Note also, since the cost of an appraisal depends on
the time required, it is always wise to find an appraiser that
specializes in the particular art to be appraised. An expert in antique
Chinese brush painting may be able to perform an appraisal in an hour,
whereas a general appraiser may require days.
Choosing an appraiser for charitable donation purposes deserves
special attention since the Internal Revenue guidelines outline
appraiser requirements, especially if the value of the donation is over
$5000. The IRS requires what they call a "qualified" appraisal, and the
appraiser must be qualified. Although many requirements and restrictions
are outlined, the most significant is that the appraiser must be
certified by a recognized appraisal organization. Thus, if you
anticipate an appraisal of over $5000, a certified appraiser is
necessary.
Before an appraisal is initiated the appraiser should provide you
with their hourly rate, plus some estimate of the time required. If the
appraiser cannot furnish you with such an estimate, it is suggests the
appraiser does not have experience in this particular area of art. Some
appraisers require a deposit with signed approval to pursue the
appraisal, whereas others the process can be more informal.
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