Putting a dollar figure on a work of art is not the same as placing a price tag on a used car. It requires the skill of an appraiser, a connoisseur and expert, who considers, among other things, aesthetics, artist, medium, condition, and market of the art work. Every piece of art has a story that is part of its allure - an appraisal report is a tool used to discover the value the object's allure.
Why do you need an appraisal, and why should you seek a professional art appraiser to provide a valuation for your work of art or entire collection? An appraisal is important for a few common reasons:
- You wish to donate an artwork to your favorite museum,
- There is an inheritance to be divided among heirs,
- Equitable distribution of assets is necessary (ie., in bankruptcy or divorce), or
- You experience loss or damage to personal property.
Only a professional personal property appraiser, knowledgeable in your work of art, antique, or wine, can prepare an appraisal report acceptable by the IRS, many insurance companies, and reputable attorneys.
See the New Yorker's 2006 story, "The $40 Million Elbow" at http://www.newyorker.com/magazine/2006/10/23/the-40-million-elbow