Speaker(s): Jeremy Stone
Art Appraisals: Why, When and How?
There are many times and circumstances that require accurate and recent art appraisal: estate tax, charitable donation, gifting, sales advice, and insurance coverage.
Art appraisals are conducted in order to estimate the worth of artworks for a variety of reasons. The most common reason for conducting an art appraisal is to find an artwork's replacement value for insurance coverage, but appraisals are also used to calculate estate taxes, settle divorces, and determine fair market value.
Art appraisers use a number of factors to arrive at an estimate, including the artwork's condition, provenance, and current market trends. Art condition and provenance are two of the most important factors in appraising art. Artworks that are in good condition and have a strong provenance fetch higher prices than those that do not. Provenance refers to the history of an artwork, and can include information about prior ownership, exhibition history, and any repairs or restoration work that has been done.
Jeremy Stone explains that in order to get an accurate appraisal, it is important to consult with a qualified art appraiser who has experience assessing the type of artwork you own. Art appraisers typically hold degrees in art history or a related field, and many also have professional certification from organizations Appraisers Association of America. When selecting an art appraiser, it is important to choose someone who is objective and independent.
Once you have selected an appraiser, you will need to prepare for the appraisal by gathering all relevant documentation, such as bills of sale, exhibition catalogues, and repair records. The appraisal process can take several weeks or longer to complete, so be sure to allow enough time before you need the results. Appraisals can be complex and expensive, but they are often essential in order to obtain adequate insurance coverage or accurately settle estates. When conducted by a qualified professional, an appraisal can give you a good sense of your artwork's fair market value.
Come learn about the difference between Fair Market Value and Replacement Value and what research, analysis and sales comparables are used by accredited fine art appraisers to determine relevant markets and characteristics of value.
Jeremy Stone Shares Her Expertise
Jeremy Stone, a former dealer and gallery owner, independent curator, advisor and an accredited senior appraiser of fine art, will teach attendees about:
- The difference between a replacement value for insurance coverage and a fair market value appraisal.
- How to identify a qualified art appraiser, what circumstances require an objective independent appraisal report, and how to prepare for an appraisal.
- The importance of condition and provenance in appraising art.
With a substantial history of being immersed in the gallery world in New York, Boston and San Francisco, Jeremy’s knowledge of the art market is first hand and not theoretical. Stone’s foundation in art history, particularly modern and contemporary art derives from early work experience at a major New York gallery, and internships at the Institute of Contemporary Art, Boston and the...