Speaker(s): Sharon Chrust
When Should You Consult an Art Appraiser?
When most people think of an appraiser, they think of the Antiques Road Show.
There are many reasons why you might need to get an appraisal for your art collection. Perhaps you need to insure your collection for its full value, or you need to divide your assets in the case of a divorce. Maybe you're considering donating some art to a museum, and you need to know its value for tax purposes. Whatever the reason, it's important to choose the right type of appraiser and to be prepared for the appraisal process.
A qualified art appraiser will have both the art market knowledge and the professional credentials to give you an accurate valuation of your collection. There are several different types of appraisals, including retail replacement, fair market, and marketable cash. The type of appraisal you need will depend on the purpose of the appraisal.
Before the appraiser arrives, it's important to gather all the relevant information about your art collection. This includes paperwork such as receipts, provenance records, and any expert opinions you may have. It's also helpful to take photos or videos of each piece in your collection. This will help the appraiser identify each piece and assess its condition. By taking the time to prepare for your art appraisal, you can ensure that you get the most accurate valuation possible.
This presentation will explore the various reasons a collector needs an appraisal; how the purpose of the appraisal determines the type of valuation used and the effective date of the appraisal.
- The purpose of an appraisal: Insurance, Damage and Loss, Estate Tax, Donation, Equitable Distribution, Collateral
- The types of valuation used: Retail Replacement, Fair Market, Marketable Cash
- How to prepare for an appraisal
- What does the term Qualified appraiser mean?
Sharon Chrust has been involved in the Contemporary Art market for over 25 years. In 2003, she started Sharon Chrust & Associates, which provides appraisal and art consulting services to private and corporate clients. Sharon is an executive board member of the Appraisers Association of America and an adjunct instructor at New York University. In addition, she has been a gallery director, a...