Art Appraising – FAQs

   
   
   
   
 

What is an art appraisal?

   
  An art appraisal is an objective assessment or determining of value, often
  being an important criterion in the process of acquisition, sale,
  distribution of property etc.
   
   
   
  In what cases and for what purposes is it important to appraise art works and objects?
   
 

• investment

  • insurance coverage
  • property distribution – estate/ inheritance, or divorce
  • Damage or theft claims
  • Consultation before acquiring or selling (whether at auctions
     or in a gallery or other markets)
  • Liquidation – in emergencies such as bankruptcy
  • Tax deduction (in cases of charity)
  • And even sheer curiosity…
   
   
   
 

Who should use professional art appraising?

   
  • Collectors, or anyone who owns valuables
  • Insurance Agents – for clients who own art works and
    objects, for correct and suitable insurance coverage
  • Insurance Companies – for the reasons mentioned
    above, and in cases of claims
  • Lawyers – while representing clients in cases of
    damage or theft claims, divorce, estate managing etc.
  • Art galleries
  • Commercial companies who own art collections
   
   
   
 

What's it worth – for what purpose?

   
 

Each item has at least three types of value:

   
  1. Retail replacement value (the highest) – mostly used for insurance purposes.
  2. Fair Market Value – price agreed between a willing buyer and a willing seller,
       neither being under any compulsion to buy or sell, and both know all relevant facts.
  3. Liquidation Value (the lowest) – used in cases when fast cash is necessary.
   
   
   
 

How is a value determined?

   
  There are three approaches to determine the value of an object. The
  appraiser may sometimes choose to combine between them.
   
  1. The Comparison Approach – based on comparing values of
       identical or similar objects in the relevant market for the relevant
       purpose (auctions, retailers, markets, galleries…)
  2. The Income Approach – based on the future income an object may
       bring to determine profitability in cases of investment in art an antiques.
  3. The Cost Approach – based on the costs required to restore, replace
     or reproduce an item which was stolen/ damaged/ totally lost.
   
   
   
 

What would you get?

   
    A client who orders an appraisal with me receives an official
    documentation, in which includes:
  * Full and detailed descriptions for the evaluated pieces
  * Photographs and estimated values for all appraised items
   
  This document is bound, signed and stamped with a wax stamp to prevent
  alternations. It is accepted by any official institute, law firms, courts and
 

insurance companies.

  Furthermore, I provide a full appraiser-client confidentiality concerning
  all details of the appraised items, their owner and their location.

ADI GISHES
M.A. Arts & Curating
Certified Art Appraiser
Since 1996