Art appraisers determine the market value of artwork.
Art appraisers estimate the value of artwork. Their professional opinions are used when art is sold, auctioned, insured or donated to a gallery or museum in anticipation of a tax credit. Art appraisals are also used to calculate estate taxes. Many appraisers are accredited by professional organizations and are required to follow ethical standards. Pieces must be authenticated, all evidence and opinions must be objective, client confidentiality must be respected, and appraisers are not allowed to have a personal interest in pieces they evaluate.
Determining Authenticity
Art appraisers are responsible for providing proof that a piece of artwork is genuine. They rely on experts to compare features such as brush strokes, color tones and tool marks of the piece in question to those of authentic artworks. They also use results from forensic tests such as carbon-14 dating, white lead dating and the chemical analysis of paint to establish the authenticity of artwork.
Provenance
Appraisers also use provenance, or a history of ownership, to establish the authenticity of artwork. Provenance is a paper trail that traces the owners of a piece back to the artist who created it. Sales agreements, auction records and wills that show a transfer of ownership are the backbone of provenance, but other documents such as exhibit catalogs, reviews of art shows, letters and personal papers of artists and collectors that refer to a piece of art can also be used.
Condition
Art appraisers must evaluate the condition of a piece of art to estimate its value. Chips and cracks, water or smoke damage and other types of wear and tear can significantly lower the value of artwork. Prior repairs and restoration also decrease the value of a piece.
The Art Market
Appraisers consider a variety of market factors to estimate the value of artwork. They review recent sales of comparable pieces, the current demand and relevant trends such as an interest in a particular artist, style, time period, location or subject. Appraisers must also consider the state of the economy, tax laws, international sales laws and the exchange rate of different currencies to determine how those factors affect the value of a piece of art.
