The art market can rise and fall rapidly, which is a why a current fine art appraisal is so important. If you have put a collection of art together over the course of many years, it is wise to get it properly appraised more regularly then you might think. When the market took a downturn in 2007-08, the contemporary art market value took a hit, but now it’s booming and other sectors have fallen. Sometimes it’s simply a matter of changing tastes that can affect art prices. Unless you are diligent about staying on top of all the changes in art market activity, accurate appraisals are part of being a smart collector. If your collection includes works from a variety of genera and art movements, you may be surprised of its current value if you have not had a proper art appraisal in the last five to eight years.
Top Reasons to get regular fine art appraisals.
- It’s the best way to ensure your collection has the correct insurance coverage.
- Creates a more accurate view of your net worth for estate planning or inheritance.
- When time to sell, you will have better prepared and have more realistic expectations.
Ackerman’s Fine Art speaks with many people who inherit collections and get stuck on the value placed from an outdated appraisal. Assumptions are made that all art increases in value, but that is not always the case. Perceptions about a work of art’s value can also be skewed by Google searches of recent sales. An appraisal will be a valuation of your individual artworks as well as compare past sales of works from the same artist.
If you have a large collection, don’t be deterred by thinking an updated appraisal needs to be on the entire collection at one time. It’s perfectly fine to tackle the task gradually. Prioritize which pieces to have appraised based on either what you believe to be the most valuable within the collection or based on trends you see in the market that may affect certain works more than others. Keeping the collections valuation up-to-date with appraisals every five years or so should be often enough to provide you with the correct insurance protection and a good sense of how your collection fits within the current market for art.
Always use an appraiser that specializes in fine art and has experience with artists or art movements you have collected. It is also very important to obtain your appraisals from a source it is completely objective and provides you with a written report. You can find an independent certified appraiser through these organizations.
- Appraisers Association of America
- American Society of Appraisers
- Art Dealers Association of American
Lastly, once you have a proper fine art appraisal completed, be sure to keep your records in a safe place where both you and your family can access them. We encourage you to evaluate your art collection and consider the benefits of an updated appraisal.