How Much Does Art or Antique Appraisal Cost?

Art or Antique Appraisal Average Cost

When you hire an appraiser, you pay for their time and expertise. Appraisers usually use one of three methods to set their rate:

• Hourly rate: the most common method that appraisers use to charge for their services, ranging from $25 an hour to over $300 an hour

• Per piece: usually applies when there are several pieces to appraise but not a complete collection, typically $200 to $300 per piece

• Flat fee: often used for an extensive collection of items or artworks, where the price is dependent on the extent of the collection

Types of Art or Antique Appraisals

According to the American Society of Appraisers, there are four types of art and antique appraisals.

Fair Market Value

A fair market value appraisal is the price the piece of art or antique would sell for on the open market. Appraisers usually use this valuation method when looking at estates or charitable donations.

Market Value

The difference between fair market value and market value is that fair market value is a hypothetical number that an item would sell for under normal conditions. Market value is what the item will sell for at the present moment with market conditions the way they are.

The values of these two appraisals are usually close, but the economic environment can impact a market value appraisal. Market value considers anything happening in the real world, such as more demand for a particular object or piece of artwork.

Replacement Value

Replacement value is the amount it would cost to replace an item with something similar or with similar specs. Insurance companies often ask for or require these types of appraisals.

Liquidation Value

Liquidation value refers to how much an item would be worth if immediately liquidated without room for negotiation. There are usually time constraints or conditions that apply, such as a divorce or bankruptcy.

Art or Antique Appraisal Cost Factors

A few factors can impact how much an art or antique appraisal costs, including:

• The amount of research the appraiser requires to determine the value of an item

• The time the appraiser needs to do the research and write the report

• The mileage for appraiser to drive to the home and view the item

• The type of appraisal

Cost to Appraise Art or Antiques Yourself

Some websites charge between $10 and $30 per item to research an item’s value. These websites usually require you to upload a photo of the item and provide a description; they then return a valuation.

Price guides are another way to check the value of an item. Many guidebooks are specific to items such as coins, stamps, and other antiques and collectibles that list the approximate value of an item.

While checking these websites and guidebooks can give you an idea of what an item is worth, a valuation by one of them is not an authentication. A certified appraiser needs to do a complete evaluation of a piece of art or antique to provide authentication, which you need if you try to sell the item to auction houses or collectibles dealers.

DIY vs. Hire a Pro

An online appraiser is a good option if you’re looking for a simple valuation and not planning to sell the item. But if you want the item specifically evaluated, researched and authenticated, you will need to hire an in-person appraiser.

Authentication is important to determine an item’s true value. When looking at an antique or artwork, documentation and photographs are important to establish provenance and determine that the item is real and not a duplication.

FAQs

Do appraisers need a license?

Although personal property appraisers do not have to be licensed, some earn certifications by taking classes, while others gain knowledge and expertise from working in the field. However, the Uniform Standards of Professional Appraisal Practice remains the cornerstone of appraisal standards, as adopted by Congress in 1989.

To find a reputable, qualified appraiser, you can ask your insurance agent or accountant for referrals or check websites for the Appraisers Society of America or the International Society of Appraisers. You can search by location and specialty on both sites to find a qualified appraiser for your needs.

Why do I need to have an item appraised?

There are a few reasons why people have items appraised. The first is to determine the value for insurance purposes. Other common reasons include tax purposes when donating an item–the IRS requires a formal written appraisal for anything valued over $5,000–or divorce, when settlements require an item’s value.

What are the contents of a qualified professional appraisal report?

A professional appraisal should contain the following items and certifications:

• Detailed description including the condition of items, measurements, if applicable, and photographs

• Statement of reason for the report

• Statement of any contingencies or limiting conditions of the report

• Description/explanation of appraisal method

• Summary of the history of the item’s ownership (provenance)

• Certification and qualifications of appraiser and statement of the code of ethics under which they operate

• Signature of appraiser