Art Appraisal Almost every estate has some art to be appraised – whether original oil paintings, multiples, such as limited edition lithographs and bronze sculptures, or prints of famous works by well known artists. Many people buy artwork because they enjoy its visual appeal and some purchase art as an investment. A great deal money and time can be spent in searching for and acquiring fine art pieces. There are many reasons to have a fine art appraiser examine and evaluate works of art. Know What It's Worth An art appraisal is beneficial for estate planning and before selling items so that the actual fair market value can be determined. Unlike precious metals in which values fluctuate with economic conditions but always maintain an intrinsic value, art works and artists can rise and fall in and out of popularity in a seemingly frenetic way. One sure way to know what your art is worth is to get an appraisal. Of course, some people are simply curious and want to find out if discovered deals or acquired treasures are actually valuable and for this reason, an appraisal by a qualified art appraiser is a great investment. Protect Your Art Investment One common reason for hiring an art appraiser is for satisfying insurance requirements. Insurance companies require that items over specific values be professionally examined and documented by an appraiser in order to be added to a policy. An art appraiser not only identifies what the item is, but also the age, quality and condition and provides replacement cost on the examined work. This appraisal report provided by the appraiser is a valuable document of the item’s condition and existence in event of loss or damage. Settle an Estate or Charitable Donation The appraised value of art works is often required for estate probate settlement or IRS filing for large estates. It is also suggested for reaching equitable estate division in situations of inheritance, divorce or partnership dissolution. Occasionally art patrons wish to donate works or entire collections to charitable organizations, such as the Tucson Museum of Art. A fine art appraisal must be conducted prior to the donation so that fair market value can be determined and appropriate documentation provided for the IRS tax filing.
An estate art appraiser ensures that correct values can be determined for all art in an estate. When you need your art works evaluated by a professional appraiser, call on Lynn RobertsAppraisals.
Lynn Roberts Appraisals PO Box 32518 Tucson, AZ 85751