American Art: 5 Key Factors to Determine Value of Art
Whether collecting coins, antique pieces, fine wines, or abstract paintings, art is an asset with each piece being one of its kind and so, is valuable. A great deal of time and money goes into defining each piece from the very first drop of skill. Then, a compilation of your collection costs you a lot of dedication and investment. It makes sense to keep tabs on the investment you make with each of your addition, even when you do it out of personal passion.
It is important to know what you own and then, know the value of what you own. Whether an appraisal is being done for an insurance policy, tax purposes, or to dividing property in a divorce, it is crucial to find reliable and professional American art collectors.
The right first few steps:
⮚ Start from finding someone with broad and deep knowledge about the kind of American paintings you collect. You can, of course, go ahead by asking for referrals from your lawyers or wealth management advisers. But, check for the appraiser’s qualifications. Reputable professionals are affiliated with at least one of the three major appraisal organizations.
⮚ The appraisers often, not always examine collection or item to determine the condition. This is done to determine a value and conduct research of previous sales of similar works allowing to assess the painting thoroughly. But, at times appraisal can be done from photographs and other documentation that needs to be disclosed on the appraisal report.
⮚ Truly understand the value of your collection as depending on the type of appraisal you need, the opinion varies. Work with an appraiser who understands the difference between an appraisal for estate plans and market value while considering your goals. Your ticket to maintain an intelligent collection comes from working with experts and then, becoming an expert yourself. For this, you need to have keen eyes and having the experts to work on your side.
⮚ Have a regular appraisal and a condition report every 7to 10 years. This condition report is an update on the state of cleanliness of your collection. Just because your Paul Sample paintings look like a winter evening scene, doesn’t mean it was intended to be one. Open doors to better understand the history and confirming its creator by having the painting cleaned. It is good to have a new insight into the style of the work.
⮚ American art collectors can help you in maintaining and defining a collection. If you have an Antonio Jacobsen Ship painting in mind, you can send them an email full of photos and they will give you their best guess. Working with appraisers when you want to upgrade your collection with distinct pieces gives a current state of a piece with authenticity. For instance, you can have American art appraisers assess the condition when you want the seller to clean the work before and commit to buying it. Appraisers are a resource to further define your collection with ideas on what to focus on with upcoming purchases.
Most of all, go with equally enthusiastic collectors. There is a distinct glow in the eyes when you see a charming piece of work and so, have interested American art collectors while helping you expand, reduce or evaluate your collection.