When and why you need an Art Appraisal (and when you don’t!)

WHEN AND WHY YOU WOULD NEED AN ART APPRAISAL

An appraisal is required for insurance purposes (obtaining coverage or making a claim), donating artwork to charities, or gaining a complete picture of a work’s resale value.

There are lots of different types of appraisals! A good appraiser will always need to know the purpose of the appraisal report.

Types of appraisals and when you would need one:

Charitable donations
Determining resale value
Insurance coverage or loss claims
Equitable distribution: divorce or partnership dissolution
Estate planning

An appraisal report is a formal, written document - so if you need to submit paperwork (to CRA re charitable receipt or to an insurance company, for instance), this is the option required.

WHEN AND WHY YOU WOULD NOT NEED AN ART APPRAISAL

If you are however simply curious about the worth of a work of art, and are not yet certain if you plan to sell, donate, or insure it, a valuation is a more cost-effective solution and an alternative first step in the process of understanding your collection.

Appraisers give valuations verbally - there is not a formal report like an appraisal, so a valuation is not sufficient for CRA, for instance - but if you are at the wondering/curiosity stage, this is a good option.

Caleb Jones Art Appraisals & Consulting offers careful and exacting appraisal services, conducted by professionals who are trained in appraisal theory, principles, procedures, and ethics. All appraisal reports comply with the Uniform Standards of Professional Appraisal Practice (USPAP) of The Appraisal Foundation and the Appraisal Report Writing Standard and Code of Ethics of the International Society of Appraisers. Donation appraisals also conform to the requirements of the Canada Revenue Agency and the Canadian Cultural Property Export Review Board.

Caleb Jones Art Appraisals & Consulting is a new affiliate agency of Jones Gallery. Learn more about our work here.