How is artwork appraised?

Artwork appraisals are used to determine the monetary value of artwork for a variety of purposes. In Alabama, art law states that appraisal of artwork must follow the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP sets forth a code of ethics and standards for appraisal services. A qualified appraiser evaluates an artwork and provides an opinion of value based on its condition, provenance, and the artwork’s history. The appraiser also examines the artwork for signs of deterioration, necessary restoration, and/or repair that could affect the work’s value. Appraisers use a variety of methods to arrive at their opinion, including research of similar artworks and the market for the specific artist, type, and style of the artwork. Additionally, they consider the artwork’s retail value, including both replacement costs and estimated insurance value. Because of the complexities of the appraisal process, appraisals should be done only by individuals who meet the educational and experience requirements set forth in the USPAP. In Alabama, all appraisals for federal tax and estate purposes must be performed by professionals who have achieved an accredited designation such as “Certified Appraiser of Personal Property.” This ensures that the appraisal is accurate and the opinion of value is reliable.

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