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How to determine the value of your artwork

Posted by Tom Binder on

ART APPRAISAL INFO

How to determine the value of your artwork

Copyright 2018 by Art-Collecting.com  All Rights Reserved

Art appraisals can be an important part of tax and estate planning, as well as a means of protecting one's art investment. Art-Collecting.com has compiled a list of several professional organizations that specialize in art appraisals; they are membership organizations with high professional standards and qualifications for membership. Please find them, below. 

Major appraisal organizations require their members to adhere to a code of ethics, as well as to updated standards contained in a set of professional standards: the "Uniform Standards of Professional Appraisal Practice." As we live in an uncertain world - and art values can change quickly - maintaining current appraisals of one's art collection will help to fully protect it in the event of loss or damage.

Current art appraisals are also useful for potential insurance claims, sales of art, or for equitable distribution (of estate or trust assets, for instance). Depending on the purpose for which the appraisal is sought, art appraisals can evaluate artworks at current fair market value (FMV), retail replacement value (RRV), and Liquidation Value (LV). The Internal Revenue Service requires an appraisal for donations of property over a given amount.

American Society of Appraisers (ASA)
The American Society of Appraisers is an organization of appraisal professionals and others interested in the appraisal profession. International in structure, it is self-supporting and independent. The oldest and only major appraisal organization representing all of the disciplines of appraisal specialists, the society originated in 1936 and incorporated in 1952. Headquarters is in the Washington, D.C. area.

Appraisers Association of America (AAA)
The oldest Non-Profit professional association of personal property appraisers. Recognized authority for setting appraisal standards, legal issues and regulation of the appraisal profession. Certified members provide appraisals for fine and decorative arts, jewelry, and household contents.

Appraisal Foundation (AF)
The Appraisal Foundation, a not-for-profit educational organization dedicated to the advancement of professional valuation, was established by the appraisal profession in the United States in 1987.
Since its inception, the Foundation has worked to foster professionalism in appraising.

Art Dealers Association of America Art Appraisals (ADAA)

For more than 45 years, the ADAA Appraisal Service has appraised works of art for tax purposes. The service has been used by collectors and museums to determine the value of important works of art from old master paintings to contemporary art installations. ADAA appraisals have an outstanding acceptance record with the IRS and are known for their professional quality.

The International Society of Appraisers (ISA)
Not-for-profit, member-driven association, formed to support our member needs and serve the public by producing highly qualified and ethical appraisers who are recognized authorities in professional personal property appraising. Our members include many of the country's most respected independent appraisers, consultants, estate liquidators, auctioneers, gallery owners, and dealers.

Private Art Dealers Association (PADA)
Is an organization of sixty established and respected dealers whose various fields of expertise range from Old Masters to Contemporary Art. PADA has instituted its appraisal service to provide appraisals exclusively for accepted donations to charitable organizations and for estate tax purposes. Individual attention is given to each work of art. Fees are very affordable and appraisal costs are fully tax-deductible.


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