Fine Art Appraisals

Artwork donations exceeding a fair market value (FMV) of $5,000 in value to qualified non-profit organizations require an appraisal report before submission to the IRS for a tax deduction. SG Art Services can provide USPAP compliant appraisal reports with thoroughly researched comparables for submission with Form 8283.

Insurance appraisals often require the use of the retail replacement approach in determining artwork value. This approach determines the amount necessary to make the owner whole if the artwork required complete replacement, such as following a total loss event. SG Art Services’ contact network of art handlers, gallery representatives, and other associated industries helps provide a more accurate estimate of additional costs that would be incurred as part of the replacement.

The appraisal of public art and site-specific artworks involves more than analysis of the fair market value of the piece. Due to site specificity, size, community impact, etc., additional methods of valuation are necessary to develop a more informed artwork value. These appraisals can be used for collection insurance coverage and determining artwork priorities within a collection.