If you own art that matters to you, documentation matters too. An appraisal can be part of that record, especially when insurance, estate planning, a charitable donation, or a future sale requires an independent value.
An appraisal is different from a receipt or a certificate of authenticity. It is a valuation prepared for a specific purpose and date.
When you may need an appraisal
Insurance is one common reason. Coverage rules vary by policy, so ask your insurer what documentation they require and whether the work needs to be scheduled separately.
Estate planning and charitable donations can also require formal valuations. Tax rules can change and depend on the transaction, so those questions belong with a qualified appraiser and tax professional rather than an artist or gallery.
Choosing an appraiser
Look for someone qualified to appraise the type of art you own and ask what standards they follow. In the United States, USPAP is widely used in professional appraisal practice.
A useful report should clearly identify the work, state the purpose and effective date of the valuation, explain the methodology, and identify the appraiser.
Keep the records together
When you acquire a work, keep the invoice, certificate of authenticity, photographs, artist information, exhibition history, and any later appraisal together. If the work changes hands, that record can travel with it.
Every work in Unapologetic Faces: The Cost of Being Seen is one of one. Milton Wes Art provides acquisition documentation and a certificate of authenticity with the work.
If you later need a formal appraisal, use an independent qualified appraiser. The acquisition price and documentation give them a starting record, but the appraiser determines the value for the purpose of the report.
Don't wait until the paperwork is urgent
You don't need to appraise every piece immediately. You do need to know where your records are and what your insurer or estate plan requires.
Keep the documentation from the day you acquire the work. If the value, ownership situation, insurance needs, or intended use changes, ask a qualified professional whether a new appraisal makes sense.
