Playing It Safe With Appraisals

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IRS building on Constitution Avenue in Washing...Image via WikipediaAppraising an artwork is one important step especially
if you are building a collection. Thus, you should
take every precaution there is to appraise your art
correctly. If you are new to this kind of trade, it
can be really hard on your part. The good thing is,
there are resources and appraisal organizations that
can help you comprehend appraisal needs that you have.
Importance Of Appraisal
Not only is having an appraisal important, but also
updating it is crucial, so that your insurance
coverage on specific artworks or collections can be
updated. You are usually obliged to have a current art
appraisal, if your art has insurance claims,
charitable donations, estate tax, is for equitable
distribution or for sale.
There are various kinds of art appraisals, such as
replacement value and current value. However, you
should make sure that you know each and their
differences in order to get appraisals that would fit
your needs. Here are some of the most established
appraisal associations that can help you out with your
artwork appraisal needs.
American Society Of Appraisers (ASA)
This is an organization for appraisal professionals
and other people who may be interested in the
profession of appraising. They have an international
status, and are very independent and self-supportive.
They’re also the oldest among appraisal orgs and the
only major organization that represents all different
disciplines of the appraising industry. They started
back in 1936 and became incorporated in 1952. You can
find ASA’s headquarters in Washington, D.C.
Appraisal Foundation (AF)
This foundation is a not-for-profit educational group
that is dedicated for the development of professional
valuation. It was established back in 1987. Since the
foundation started, they have worked hard to promote
professionalism in field.
Appraisers Association Of America (AAA)
For the field of personal property appraisal, this is
considered to be the oldest non-profit professional
organization. They’re a recognized authority for
determining appraisal standards, setting legal issues
and regulating the profession. Their certified members
can provide you appraisals for your decorative and
fine arts, jewellery, and other household contents.
Art Dealers Association Of America Art Appraisals
This association has been existing for more than
fort-five years already. Their service has been
appraising different artworks for tax purposes. A lot
of collectors and museums have asked their help in
determining the value of many important artworks,
ranging from contemporary art installations to old
master paintings. Their appraisals have exceptional
acceptance records with the IRS. They’re also
well-known because of their professional quality.
Chicago Appraisers Association (CAA)
Don’t be fooled by their association’s name. They’re
not just one appraiser with a limited knowledge in a
single area, specifically Chicago; instead, they’re
one whole team of certified experts that are ready to
help you with your appraising needs. If you checkout
their website, you can find some helpful articles on
appraising and some of the frequently asked questions
in the field, answered.
The International Society of Appraisers (ISA)
This member-driven and non-profit association was
formed to help its member’s needs and provide public
service by making ethical, highly qualified,
recognized appraisers for the field of personal
property appraisals. They have a lot of prestigious
members who are independent and respected appraisers,
estate liquidators, auctioneers, consultants, dealers
and gallery owners.
So, if you want to make sure that you’re getting the
right appraisal for your artwork at hand, then try
asking for help from such credited institutions!

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