How is artwork appraised?

An artwork appraisal is the process of determining the monetary value of an artwork. In Wisconsin, artwork appraisals must be conducted by a qualified appraiser or art dealer who must meet the standards of the Uniform Standards of Professional Appraisal Practice in order to properly assess the piece. The appraisal process typically begins with a visual inspection to assess the artwork’s condition; if any damage, repairs, or enhancements were previously made. This is followed by research into the artist, their life, work, and historical context of their work. Depending on the piece, other factors such as provenance or exhibition history may be taken into consideration. Once the appraiser has a thorough understanding of the artwork, they must compare the piece to those of similar quality which have recently sold or are currently for sale in the market. Once the comparison has been made, the appraisal is made based on the result of the analysis and comparison. The appraiser must then prepare a formal appraisal report for the piece which includes all relevant information about the artwork and the appraisal process. This report should be kept on record and presented to anyone who wishes to purchase the artwork. It is important to include this report since it serves as a guarantee of the quality and value of the artwork.

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