WHY APPRAISE YOUR FINE ART COLLECTION?
How many of us have actually ever read our own insurance policies in detail so we know what we are REALLY covered for in the event of a loss?
The purpose of insurance is to put things back the way they were before the loss, and most policies have a limitation as to the amount that will be paid in the event of a loss on fine art and collectibles.
Industry experts recommend a supplementary insurance rider that specifically lists fine art items. These riders provide that an item is appropriately insured without paying too much for the insurance. In order to properly insure your special items, you need to have an appraisal prepared by a qualified appraiser.
Another reason for an appraisal is that unlike an automobile, each fine art work or collectible item is a one-of-a-kind piece. This fact makes it especially important to have an independent appraisal based on market research and accepted principles of valuation. A professional appraisal will also document ownership of the appraised items, necessary for estate planning, insurance claims and other legal documents.
Serious art collectors should work with an appraiser who specializes in fine art and collectibles as the art market is in constant fluctuation. An appraiser with certification indicating the appraiser has had significant education and regular continuing education is the appropriate choice.
You can start by making a list of what you want appraised and collecting any paperwork associated with how you acquired the item. Then contact an appraiser who has passed the certifying U.S.P.A.P. exam. This exam, the Uniform Standards of Professional Appraisal Practice, provides documentation that your appraiser will be ethical, professional, and competent to perform an appraisal for you.
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