Intro:
Before you begin
Step 1:
Do your research
Step 2:
Ask some questions
Step 3:
Understand what's being appraised
Step 4:
Deliver the painting

2torial #0840:
Learn2 Check the Value of a Painting

That old painting in the attic could pay the college tuition

Have you ever wondered if that abstract painting your parents bought at a tag sale 20 years ago could actually be worth something? Even if you're not interested in selling, you might be curious about its monetary value. For insurance reasons, you may be required to determine what this possible treasure is worth. We'll explain just how easy it can be to have pieces of art appraised. Anybody with access to the yellow pages, a telephone, a post office, or the Internet can begin the appraisal process, a process that can prove to be fun, educational, and rewarding. We'll also explore some of the issues involved when appraising a piece of art.

Although appraisers generally research a painting's history, you can help by compiling your own information. Perhaps an older relative might remember where it was purchased or some other personal detail that might provide a clue into the life of the piece. Perhaps you still have the original receipt of purchase, or any other paperwork relative to the life of the painting.

You can also prepare yourself by determining the painting's measurements and by photographing it. Size could affect the value, and some appraisers might ask questions involving height and width. Certain appraisers may initially ask you to send a photo, including notes about any nicks, tears, or dents the piece may have.

Do your research

Just as you probably wouldn't choose a financial advisor or a doctor without putting some amount of research into that specialist's qualifications and reputation, locating the right appraiser for your painting also takes some consideration. With so many appraisers and auction houses listed in the yellow pages, how do you know who to trust? Obtaining a referral to an appraiser from a reputable source is a prudent way to start. You have several options when pursuing a referral.

National appraisal accreditation organizations. Just as other professionals are often registered with umbrella organizations, there are national appraisal organizations that set standards and accredit fine art appraisers. With a quick phone call to your local fine art gallery, you can learn the name of an appraisal accreditation organization. Call the appraisal organization and ask for an appraiser in your geographic area. Some of these organizations may have their own websites that list accredited appraisers.

Fine art museums. Although your local fine art museum might not handle appraisals, it's a good place to ask for a referral. You can even double-check its referral with a national appraisal organization.

Art galleries and antique shops. Many galleries and antique shops have their own appraisers on the premises, and some offer free, quick verbal appraisals. If the gallery or antique shop doesn't work with your painting's particular artist, style, or period, they can often refer you to an appraiser or gallery that does.

Auction houses. Auction houses often have free appraisal clinics once or twice a week at designated times. You can find out when these clinics take place by calling the auction houses. Check in the yellow pages to see if there's one near you.

The Internet. In most search engines, you can type in "art appraisal" and end up with quite a few listings for online appraisal services.

Ask some questions

Now that you've done your initial research and obtained a half dozen or so referrals, it's time to start contacting these appraisers. Being prepared with certain fundamental questions will help you narrow down the list further, and find two or three options specifically tailored to your needs.

In what period of art does the appraiser specialize? Is the appraiser an expert on any particular artists?

Is them fee based on an hourly rate or a percentage of the value of the painting? Most appraisers charge an hourly rate. Ask for a preliminary estimate of what the appraisal will cost.

Can the appraiser give you a preliminary estimate on how long the appraisal will take? Some paintings might only take an hour or two to appraise. Others might require detailed research and therefore take as long as a week or more.

If the painting has to be authenticated, how much extra will that cost?

What is the appraiser's availability? If you hire them, will they be available immediately? If not, how long will you have to wait?

Even though you've reached the appraisers through referrals, you can still ask for references. That way you can contact some of their other customers and determine if they were satisfied.

Understand what's being appraised

Knowing what the appraiser will look for is key to understanding the pricing process. Here are some factors that are universal in the art world.

Subject matter. If the painter is principally known for painting abstracts, for example, and your painting is of tigers, the value of the work may be affected.

Age. How old a painting is could affect its market value. Sometimes work from a certain period is considered more valuable than work from other periods.

Rarity. Uniqueness could make the painting more valuable. It could also have the opposite effect, though, if the appraiser determines there is no market because of its rarity.

Size. A painting could be considered too large. It might have been painted to fit in a castle or a museum, not an apartment or house. This could affect the market value.

Condition. Marks, tears, chips, or any other damage could change the market value.

History. What's the story behind the work? How far has the painting traveled? Who were the previous owners?

Fashionability. Some years, one style, color, or artist, may be in vogue. This changes constantly, and is taken into consideration.

Artist's markings. If your painting is signed and dated by the painter, this may influence its value. Any distinguishing marks on the reverse side could also affect the appraisal.

Deliver the painting

Now that you've chosen an appraiser or two, there are various ways to actually get the painting to them.

Take it there yourself. If you live near an auction house or gallery, and the painting is small enough to transport yourself, then you can simply deliver it by hand. But what if you live far away or are unable to travel?

Send a photo and information. Some appraisers may ask you to send a close-up, color photograph, along with the painting's specific dimensions. Certain appraisers might ask you to include any other information you may know about the painting, such as where you acquired it and the condition of the work.

Send the painting itself. Mailing a painting, either through the post office or another specialty carrier, is a standard practice. Most appraisers can arrange to send you a special mailing box that serves to protect the work from damage. You can ask your local post office about rates for postal damage insurance. You can also ask your appraiser about arranging to ship the painting overnight to speed up this process.

Send an e-mail. If you're employing an online appraiser, then sending a photograph and description via e-mail is standard practice.

Have the appraiser come to you. Certain appraisers, often for an extra fee, will actually travel to you if need be. You can arrange this with individual appraisers if necessary.

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