Being aware of the values of your collection of art, antiques, jewelry and collectibles is important in order to protect your collection. You need to know, for example, how much your art is worth in the case of an insurance claim or when you are donating or gifting artworks. Here are four points to consider when looking for an appraiser.
First, it is important that the appraiser specializes in the area(s) represented by your collection. Second, ask for a referral from a trusted source - such as your art advisor, wealth planner or trust officer. Third, make sure that the appraiser is compliant with the Uniform Standards of Professional Appraisal Practice (USPAP) and fourth, that the appraiser follows the requirements set by the IRS for donation, estate and gift appraisals.
Linda Selvin, Executive Director, Appraisers Assocation of America