Skip to content
Home » Top 7 Myths About Qualified Art Appraisal

Top 7 Myths About Qualified Art Appraisal

When it comes to assessing the true value of an artwork, jewelry item, or collection, it is important to turn to a professional appraiser who can accurately determine its true worth. The specialized art of qualified appraisal requires the expertise of an experienced individual who has knowledge about the item and is able to provide an accurate estimation of its monetary value.

Qualified appraisers are specialists who have the knowledge and expertise to accurately assess the current market value of an item or collection. They are experts in the field of appraising and have a thorough understanding of the laws and regulations concerning the appraisal of items. Appraisers also possess a keen eye for detail, which allows them to make precise estimates. To get a qualified appraisal of your item or collection you can get in touch with experts at Appraisily.

When it comes to qualified art appraisals, there are a number of myths and misconceptions that many collectors, sellers, and buyers have about the entire process. It is important to understand the reality of qualified art appraisals in order to make informed decisions about the value of your artwork. Here are the top seven myths about qualified art appraisals and the truth behind them.

Myth #1 – Appraisals aren’t necessary for insurance purposes.

Truth: This myth couldn’t be further than the truth. Appraisals are absolutely essential for insurance purposes. An appraisal provides an unbiased, third-party opinion of an artwork’s value, which can be used to determine the amount of coverage you need for an artwork.

Myth #2 – Qualified appraisers are not needed.

Truth: IRS does not accept informal appraisals and that is why qualified appraisers are essential to the process. Appraisers carefully inspect the entire piece, including its condition, its history, and its authenticity. They may also conduct research on the item to determine its exact value. This research includes verifying the item’s age, origin, and any special features that may affect its worth.

Art appraisers are not only trained and experienced in the art market, but also have the expertise to accurately assess an artwork’s value and provide an independent opinion.

qualified appraisal
Appraisals are absolutely essential for insurance purposes.

Myth #3 – Appraisals are expensive and time-consuming.

Truth: Yes, appraisals can be expensive, but they are also a necessary part of protecting your investment. An appraisal can help you determine the fair market value of your artwork. It can also provide you with the information you need to make informed decisions about art purchases.

Myth #4 – Appraisals are only for valuable works of art.

Truth: Even if an artwork is not particularly valuable, an appraisal can be beneficial in determining its value. This is important from the point of view of insurance and estate planning purposes.

Myth #5 – Appraisals are not necessary for works of art purchased recently.

Truth: Even if you’ve recently purchased some works of art it is essential to have them appraised. This is because their value can fluctuate with market conditions and trends. A qualified appraisal will provide an accurate assessment of the current value of the artwork.

Myth #6 – Appraisals are only for determining the value of an artwork.

Truth: Along with knowing an art’s worth, an appraisal can provide a great deal of information about the artwork, such as its provenance, condition, and authenticity. This information can be invaluable when making decisions about the sale or purchase of an artwork.

Truth: Appraisals can be conducted for artwork located anywhere, including a private residence. The appraiser will assess the artwork, take photos, and document the condition of the artwork. Qualified art appraisals are a valuable and necessary tool for determining the value of your artwork.

Understanding the myths and misconceptions about qualified art appraisals can help you make informed decisions about the value of your artwork as well as protect your investment. For professional art appraisers you can reach out to Appraisily.

Cited Sources

https://themarshallgallery.com/post/5991-art-appraisal-101-all-the-basics-you-need-to-know-in-2022

https://www.nytimes.com/2011/10/19/business/choosing-experts-to-appraise-collectibles-and-valuables.html

https://www.thebalancemoney.com/what-is-a-qualified-appraisal-5221098

Leave a Reply

Your email address will not be published. Required fields are marked *