An owner of an artwork can get an appraisal to determine its value.
An art appraisal is a professional opinion that documents the quality and value of a work of art. The appraisal can be written for a variety of purposes, such as for tax purposes or to determine the replacement cost. The Uniform Standards of Professional Appraisal Practice (USPAP) provides standards for writing appraisals.
Instructions
1. Type the name of the appraisal company at the top of the document. Complete a section that lists the name of the owner of the artwork and a description of the item being appraised. Describe what type of art it is, and its title, if any. For example, "A contemporary painting called 'Blue Swirls'."
2. Describe the purpose or type of appraisal that was done. This includes any type of problem that is being answered. For example, the item was appraised for its replacement value.
3. List any information submitted with the artwork by the owner, such as a bill of sale, historical inventories or photographs. Attach them in an appendix.
4. Write a conclusion stating the value of the artwork in your opinion, and what the value is based on. This includes any comparisons made to similar works of art, and any other results of the research. Attach an appendix or addendum pages, if necessary.
5. Explain your definition of the appraisal problem that was answered. For example, the appraisal determined the replacement costs of finding another similar artwork. List any limiting conditions and assumptions about the type of appraisal completed, and what costs it did not include.
6. State that the the appraisal is an opinion and no guarantee is made by it.
7. Write a compensation paragraph that states any limiting conditions regarding the compensation received for the appraisal. Use a copyright notice that explains that the appraisal is the property of the company and may not be reproduced without permission.
8. Complete your certification statement at the end of the document stating that the appraiser and appraisal company do not have a present or future interest in the item. Sign and date the certification.
