July 14, 2024

Fryer And Brown

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Art Appraisal – Are You Sitting on a Fortune?

Art Appraisal – Are You Sitting on a Fortune?

You could be sitting on a fortune and not even know it — that old painting bought at a flea market, the unusual vase willed to you by Aunt Sally, the antique ring found in a dusty jewelry store. Every day, ordinary people find antique, unusual, obscure or even plain old items that could be worth a fortune – if only they knew it. A simple art appraisal can change the course of your life.

Before you discard, repair or give away an item, having a professional art appraisal done can literally be worth its weight in gold. Following are some reasons to seek an art appraisal.

4 Reasons to Seek an Art Appraisal

Curiosity: As alluded to above, everyday items can be worth thousands of dollars. Just because you found it in an attic, at a flea market or a dusty old country store doesn’t mean that it doesn’t have value.

In fact, the items found in these types of places can be priceless simply because those who discarded them didn’t know their true value. A professional art appraisal can keep you from making the same mistake.

If you’re in any way curious about an item in your possession, a simple call to a professional art appraisal can give you the answers you need.

Insurance: One of the best reasons to have an art appraisal done is for insurance purposes. Insurance will give you the value of your item in case it is lost or destroyed in a fire, a flood or if it is stolen, for example.

It is common for the art appraiser to assign a value at least the price you paid for it.

Resale Value: In some cases, you can get beyond what you paid for a piece. For example, if the artist suddenly becomes well-known. In cases like this, it’s best to have your collection/item re-appraised every few years.

Remember to use a professional, certified art appraiser to do this. This way, you can be sure to get the best market value for your art.

Tax Purposes: If you’re donating a piece of art to a museum, for example, to receive the full tax write-off for this charitable deduction, you are going to have to have the paperwork to support your contention.

In short, you are going to need an appraisal from a reputable art appraiser. Otherwise, you run the risk of being penalized if you claim a deduction that can’t be justified.

Whether it’s for a tax write-off, or simple curiosity, having a professional art appraisal done is an eye-opening experience. Having art appraisals done makes art collecting art not only fun, but lucrative as well.