To the untrained eye, trying to gauge the actual value of artwork can feel like a fool’s errand. Art is subjective by nature, and ascertaining which pieces are valuable, and which only hold sentimental value can be a slippery slope.
A misevaluation of a particular piece could lead to unfavorable financial ramifications. There are countless stories of someone selling a valuable piece at a bargain basement price because they were clueless to the item’s actual worth. This often happens after a change of possession in an estate, or when the piece was given as a gift years ago.
The best way to avoid a misevaluation of an art piece is to have a professional appraise its actual worth. Appraisers take a variety of things into account in their assessment, including the artist, the year the work was rendered, the condition the piece is in and of course, the state of the current marketplace.
The appraiser can then determine how much your asking price should be, or what you should set the minimum at if you choose to sell the work at an art auction.
Knowing the correct price point will surely prevent you from making a regrettable mistake, such as not capitalizing on a formidable asset. The last thing you want to hear about in a few months or years is that your buyer sold the piece at a sizable profit.
An art appraisal is a prudent investment, and one that can save you a ton of money in the long run. If you would like to learn more about the value of an appraisal, please contact B&F Estate Sales today.