Appraisal
DEFINITION
An evaluation of the fair market value, it often is used to refer to what artwork would bring if sold at auction or by other means on the secondary market. Quite often the purposes of an appraisal are for insurance of the item, tax deduction, and inheritance value. In order to be valid, the appraisal must be done by a certified appraiser who usually evaluates the work by using comparables---other items that have similar characteristics. Source: www.sothebys.com<br><br>A type of analysis and evaluation, especially in an official or professional capacity. In appraising works of art, for instance, an art appraiser studies their various qualities, and ultimately estimates their monetary worth, typically for insurance or taxation reasons, or in establishing a price.Resource concerning appraisal: Appraisers Association of America (AAA) 212-889-5404. American Society of Appraisers (ASA) 800 272-8258. International Society of Appraisers (ISA) 888-472-5461 FineArtAppraiser.Com is made by Dr. J. Darragh M. Elliott. For a helpful definition and discussion of what appraisal can and should be, see Dr. Elliott's page titled Appraisal 101. Also see art careers.