Choose the right appraisal type for your art by clicking on the title
Fair Market Value Appraisals are most often used in estate settlements and with charitable donations. They state the price a piece of art would sell for on the open market with a willing buyer and a willing seller, with neither being required to act and both parties having full knowledge of the facts relating to the sale. Commissions and fees are not deducted from this value.
Market Value Appraisals reflect the value realized, after accounting for all expenses, commissions and fees, by a willing seller disposing of property in a competitive and open market to a willing buyer, both being reasonably knowledgeable of all relevant facts, and neither being under any constraint to buy or sell. This type of appraisal gives an owner an idea of their net return on the sale of their asset.
Replacement Value Appraisals are used primarily for insurance purposes. It assumes that the artwork would have to be replaced in a short amount of time and that the replacement would be of comparable appearance, quality and condition. Replacement values typically offer the highest valuation on an appraisal. Since replacing a piece of artwork to specific requirements in a short amount of time is difficult, having a recent appraisal is the best way to ensure an accurate assessment of value.