What are Evaluations and Appraisals?
You might think that art evaluations and art appraisals are one in the same. Alas, you are mistaken – there is a big difference. Let’s learn!
An art evaluation is subjective, while an art appraisal is objective. What this means is that, for an evaluation somebody conducts research to determine the significance, worth, or condition of a piece of art.
You can evaluate a variety of art such as ceramic, crystal, silver, paintings, jewelry, and even furniture. Currently, we have a velvet painting of a Playboy centerfold. Supposedly, there are only 50-100 pieces of the series created by an artist during the 1970s of several Playboy models at the time. We are currently undergoing an evaluation of this piece to see if it is worth appraising. Get it yet? Let me tell you more…
When we complete an evaluation the most important things we look for are:
- Where should this art be hung or positioned?
- Does it need to be restored?
- How is the framing quality?
- How is the lighting on the art?
On the flip side appraising artwork is objective because there is a fixed and finite decision made on an item for legal purposes and insurance reasons. An experienced appraiser will supply the owner with a professional estimate of the value of the piece of property. In many cases, this estimate is necessary before the artwork, jewelry, or home can be insured.
We provide both evaluations and appraisals for individuals and companies alike. In the United States, the Appraisal Foundation’s Appraiser Qualifications Board has certain qualifications that must be met in order for someone to give their appraisal.
At Broadway Galleries, Barry Broadway is well-trained to complete the evaluations and works with a preferred professional for you to get any thing appraised. Currently, Barry was asked to evaluate a local D.C. law firm’s corporate art collection. Barry suggested going in to evaluate the art first and then if the art is in good condition and is a popular-enough piece then the collection should be appraised. The reason for this is that the cost of appraising a collection worth $10,000 or more can be quite an investment.
You should get your collection evaluated and/or appraised because it is important to know their value. You might have a hidden treasure! If you have several pieces of art or property that is given to you or belongs to a family member and it is appraised with a high monetary value, then it should be insured. This is important to do before handing down a piece of high-end art, because you can be taxed on the art. We recommend appraisals because they are a legal document and would stand up in court for purchases, sales, and refinancing. They can also be included in property evaluation reports for estate, divorce, foreclosure, insurance, tax appeal, and more.
If you have anything you think may have value, or you are unsure about a family heirloom please contact us. We would be happy to help you determine its value and discuss the options available.