Disasters happen. How many unexpected “crises” or “interruptions” did you encounter last year? This year? Were you prepared? Be honest. In our busy culture, lots can happen…in an instant:
Fire
Burglary
Death
Divorce
Moving
Liquidation
An appraisal of your fine art objects and personal property is a way to gather information before a disaster strikes or prepare for selling your objects. Do-It-Yourself appraisals will help get you started but if you possess more than an armful of fine art possessions (paintings,photographs, prints, sculptures, antiques, collectibles, memorabilia) you need a professional appraisal to know and document the value of your possessions based on the Uniform Standards of Professional Appraisal Practice (USPAP), valuation theory, and expertise and understanding of the art market.
Appraisals can be required for a variety of purposes including donation, insurance, estate liquidation, and equitable distribution. A professional appraiser will know from which valuation approach to apply in your circumstance. Legal requirements may be applicable.
You must know what you own and the value of what you own.
Do You Know What You Own?
Do you know how to identify your fine art objects? Is your object an antique? vintage? rare collectible? There are several questions one must ask of a fine art object: What is it? How old is it? Where did it come from? How much is it worth?
Look at the prices of furniture, cars, books, and china. The price of many of these items has skyrocketed over the last 10-15 years. Market values of these items fluctuate due to inflation. A current market value appraisal establishes worth of your object and provides a professional assessment for your insurance claim.
Take the room test. Blindfold yourself and describe (from memory) the contents of a small bedroom. How many objects can you identify and describe, accurately? If you can’t describe it, how can you put a value on it when a disaster happens?
If you’ve done your own personal inventory you may not have included all the pertinent information needed to prove ownership. An appraiser provides a description, condition, and current value of your object(s) based on circumstances in which you require an appraisal.
Don’t risk losing thousands of dollars. Call Afua Trading Fine Art and Educational Services. We offer fine art consulting services for art appraisal, collection management, sales and purchases:
908-317-5547.
