How often to update a fine art insurance appraisal

Fine art insurance appraisals should be updated when the replacement market, the collection, or the policy has moved enough that the last report is no longer current. For Modern and Contemporary art, the Inland Marine Underwriters Association recommends every two to five years.

Why schedules go stale

Artists retail markets are not fixed. A mismatch shows up at a loss, a move, or a renewal. An insurance appraisal is a record as of its effective date, not a permanent price tag.

What an update actually is

An update of a USPAP report already on file is not a first appraisal. The new work is what changed: acquisitions, deaccessions, condition, locations, and retail replacement value as of a new date. Another appraiser old report can start the list; it cannot be adopted as the new opinion.

When not to wait

Reopen the file sooner after a significant purchase, an inheritance added to the schedule, restoration or damage, or a documented jump in the artist retail market.