No. 08 — Journal

Notes on fine art appraisal

Short explainers on how professional appraisal works: USPAP reports, insurance replacement value, IRS charitable donations, and estate valuations.

These notes describe the field. They are not a substitute for a scoped assignment.

01Appraisal vs authentication in fine artAn appraisal is an opinion of value for a stated purpose. Authentication is a separate opinion about authorship.02Why fine art appraisers charge hourly, not a percentageA credible appraisal fee cannot depend on the number written in the report.03Retail replacement value vs fair market valueInsurance uses retail replacement value. Estates and donations use fair market value.04How often to update a fine art insurance appraisalFor Modern and Contemporary art, IMUA recommends every two to five years.05Getty Object ID and fine art insurance catalogingA value without a stable description fails after a theft, a move, or a claim.06IRS qualified appraisals for donated art (Form 8283)A qualified appraisal, fair market value, dated in the window the Code requires.07Art donations and the 501(c)(3) requirementA gift to the wrong entity is not the assignment Form 8283 is built for.08Estate planning appraisal vs estate tax appraisalSame fair market value. Different date, different reader.09Equitable distribution appraisals for artImpartial values for heirs or divorce. Not probate administration.10What a USPAP fine art appraisal report includesA letter with a number is not a report.11Can a fine art appraisal be done from photographs?Photos can start the conversation. They cannot finish a certified report.12How to prepare for a fine art appraisalPapers help. Gaps are normal. Name the purpose first.13How large art collections are appraisedOne engagement, one date.14How prints and works on paper are appraisedAn editioned print is valued in its edition market.15How bronze and wood sculpture is appraisedFoundry marks, edition, and outdoor condition before the market.16Expert witness work in art valuationThe same impartial opinion, explained.17Appraising Latin American artValued in the markets that actually trade those artists.18Staff inspection vs the signing appraiserInspection is required. The signer does not always stand in the doorway.

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