The appraisal process.

Initial enquiry and scope

The process begins by defining the exact parameters of the assignment before any value analysis starts. An appraisal is not a universal price; it is developed for a specific purpose. We first identify the client and any intended users, the artwork to be appraised, and the intended use of the report (such as insurance coverage or estate succession).

This dictates the appropriate value definition, such as fair market value or replacement value, and the effective date. The effective date can be current, retrospective (such as a past date of death for probate), or, rarely, prospective. Turnaround times, required research, and fees are agreed upon after this scope is defined. Fees are determined by the time and complexity of the assignment, never as a percentage of the artwork's potential value or contingent on a specific outcome.

If the available access, evidence, or market data cannot support a credible result for the requested purpose, the scope must be modified or the assignment will be declined. We do not provide guaranteed transaction outcomes or legal, tax, or investment advice.

Inspection and evidence gathering

The inspection method is assignment-specific and agreed upon in the initial scope. An in-person physical inspection allows for condition noting, measurement, and examination of mediums, marks, and signatures. However, a photograph-based or desk review may be appropriate when the artwork can be definitively identified and its relevant condition supported by secondary evidence. Any limitations regarding the inspection method are explicitly disclosed in the final report.

Client-supplied facts remain representations unless independently verified by the appraiser. A fine-art appraisal is distinct from authentication: the report states the source and status of the attribution and discloses any material assumption used in the analysis. Artpraisal does not authenticate artworks, issue certificates of authenticity or provide formal condition reports.

Market research and analysis

Once the artwork is identified and its condition noted, we analyze the relevant market to determine the appropriate valuation approach. The sales comparison approach is the most common methodology used for fine art. It involves finding sales of comparable artworks by the same or similar artists in the appropriate market and adjusting the data for differences in condition, rarity, quality, provenance, and time of sale.

For some assignments, the cost approach (the cost to reproduce) or the income approach (based on income-generating potential) may be applied or considered. If an approach is deemed inapplicable, the reasoning is documented in the workfile.

The appraiser does not invent market data or imply that inaccessible private-sale records are routinely available. The value opinion is derived directly from verifiable data from relevant auction houses, retail galleries, dealers, or recognized databases.

What the report records

The formal deliverable is a written Appraisal Report (or, when appropriate, a Restricted Appraisal Report with limited detail, provided the supporting rationale remains in the workfile). The report serves as a formal, comprehensive document that records the entire assignment's parameters and findings.

Every report concludes with a signed certification statement. The human appraiser takes full responsibility for the opinion, confirming their independence, lack of bias, and adherence to professional obligations. Software is utilized for report formatting and data management, but the human appraiser applies professional judgment and makes the final value decision.