Appraisal Services

Christine Griffiths is a qualified personal property appraiser and is professionally trained in appraisal theory, principles, procedures, ethics and law.  All reports comply with the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation and the Appraisal Report Writing Standards of the International Society of Appraisers (ISA).

 

SOME EXAMPLES FOR APPRAISAL PURPOSES:

  • Insurance Coverage   

  • Charitable Donation  

  • Donation of Certified Cultural Property

  • Resale Value 

  • Disposition and Division of Assets

  • Estate planning and Tax Reporting

  • Acquisition - Purchase or Sales advice

  • Art Collection Management

 

Understanding Value

The value of an artwork is rarely what you paid for it when you bought it. The work may have appreciated or depreciated. Estimating Fair Market Value or Replacement Value for works of art is difficult and complex. That’s why you hire a qualified appraiser.One artwork can hold three different monetary values dependent upon the purpose for the appraisal.  There is Replacement Value which is used for insurance purposes; Fair Market Value which is used for donations; and, Market Cash Value for the resale of items. The definitions are as follow:

Fair Market Value is defined as the price at which a property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.

Replacement Value is the price in terms of cash or other terms that would be required to replace a property with another of similar age, quality, origin, appearance and condition within a reasonable length of time in an appropriate and relevant market.

Marketable Cash Value represents the anticipated net proceeds that would be yielded from the orderly sale of a property once all costs of sale were subtracted.

 

Appraisal Process

The scope of work includes the examination of the artwork(s); the art market, value research, analysis; market data research for comparables; and, writing the Appraisal Report.

To provide you with a valuation I will typically arrange an inspection of your items.  The inspection will include taking photographs of the items being appraised, and gathering information such as: physical condition, characteristics, size, medium, artist, date, signature and provenance. 

Documentation such as receipts, other appraisals, transfer of owners and galleries associated with the artwork will provide me more of a context as to which market should be researched and where comparable items have been sold.  Providing this information will limit your cost for the appraisal.

I am a specialist in fine art and have an extensive network of colleagues with varied expertise in fine art.  This ensures that each personal property being appraised is accurately identified and researched.

Art valuation involves comparing data from multiple sources such as art auction houses, galleries and corporate collectors, art dealers, sales by artist and other specialized market analysis.  I will examine the most relative markets, frequency of sales and sales levels.  I analyze that data and provide you with a written appraisal report. 

If the Authenticity of an artwork is in question I will consult with a recognized expert to make a determination as to its authenticity.  This would typically require a physical examination and may also require scientific testing.  

Clients can rely on confidentiality and objective research and development of appraisal values.

Preliminary Research

If I am unable to come to site and do a physical inspection of the artwork I will ask you to provide me with the following information.

1. Photograph: (Front and Back of Artwork; Signature and any labels or markings.)

2. Artist Name:

3. Artwork Title:

4. Dimensions: (Height x Width, not including frame.)

5. Medium: (Oil on canvas; Etching on Paper; Watercolour etc.)

6. Provenance: (Where did it come from? Is there an invoice for the artwork? When was it acquired?)

7. Condition: Please take a photograph of any area that is damaged (scratches, dents, grime etc.)

 

Appraisal FeE

The fee is based on the amount of time I will spend on your project, and how much research is needed to form an opinion of value and write the Appraisal Report. Once we have completed an inspection of your works we will provide you with a quote. The fee for an inspection is typically $150.  

Charges for an appraisal whether it is for fair market or replacement cost are based on time and incurred expenses but never on the value of the artwork.