How To Get Art Appraised For Insurance

Items may be appraised differently according to the intended purpose of the appraisal.

How to get art appraised for insurance.

This involves getting your art appraised on a fairly regular basis from once a year to every few years depending on the nature of the work because the value of art can appreciate over time. Next they factor in the condition of the artwork to determine a fair market value this is a minimum and maximum figure in usd that the artwork is likely to fetch at auction. Ensure the appraiser knows that the appraisal is for insurance purposes. Searching to find an appraiser that is a match in terms of your item s category is time well spent usually resulting in the most accurate appraisal for your art antique or collectible item.

The appraisal should contain contact information for the appraiser a conflict of interest disclaimer and also a statement of how the appraised value was determined. The appraiser should have experience appraising art be qualified to appraise art and have no conflicts of interest regarding the particular work of art that s been appraised. You should be able to readily find this information on an appraiser s website. For example insurance value is the retail value or what would it cost today to buy a similar item.

The first step to insuring your art collection is putting together provenance or all the necessary documentation to prove that the work of art is yours and what it s currently worth. These documents include proof of ownership bill of sale provenance a replacement estimate photographs and the most recent appraisal.