The Art of Appraising Art, with Betty Krulik, President of the Appraisers Association of America
WHETHER IT IS A WORK OF ART, A FINE WINE OR BEAUTIFUL PIECE OF ANTIQUE FURNITURE, FINE ART APPRAISALS ARE AN INTEGRAL ASPECT OF THE BUYING, SELLING AND OWNERSHIP OF PROPERTY OF VALUE. APPRAISALS ARE NECESSARY FOR INSURANCE PURPOSES OR AS REQUIRED BY FEDERAL INCOME, ESTATE AND GIFT TAX CASES TO SUPPORT THE FAIR MARKET VALUE CLAIMED FOR WORKS OF ART. AN APPRAISAL FROM A QUALIFIED AND EXPERIENCED EXPERT ALSO PROVIDES CRUCIAL INFORMATION TO BANKS, LAW FIRMS, TRUST AND ESTATE PROFESSIONALS, HEIRS, AND, OF COURSE, COLLECTORS.
WHETHER COLLECTING IS A PERSONAL OBSESSION OR VIEWED MORE IN INVESTMENT TERMS, IT IS ALWAYS PRUDENT TO KEEP TRACK OF THE VALUE OF YOUR COLLECTION. FINDING AN EXPERT WHO IS KNOWLEDGEABLE AND QUALIFIED IN THE AREA OF SPECIALIZATION OF A COLLECTION IS ESSENTIAL WHEN ESTABLISHING CORRECT AND ACCEPTED EVALUATIONS. TODAY, THE LRFA BLOG IS PRIVILEGED TO HAVE BETTY KRULIK, A HIGHLY RESPECTED EXPERT IN AMERICAN ART AND THE PRESIDENT OF THE APPRAISERS ASSOCIATION OF AMERICA, TO SPEAK ON THE SPECIALIZED ART OF APPRAISAL. http://www.appraisersassociation.org/
BETTY, THANK YOU SO MUCH FOR YOUR NEW CONTRIBUTION TO THE LRFA BLOG. LET’S START WITH THE BASICS.
Thank you, Leslie, for having me back. I so much enjoy reading your blog, you address so many interesting aspects of the art world, and it is an honor for me to participate.
WHAT IS AN APPRAISER?
An appraiser is a qualified professional, that adheres to a high standard of methodology and code of ethics, the appraiser produces a thoroughly researched document that values an object based on the objective of the client (that is insurance, donation, equitable distribution, or estate). The Appraiser MUST be an unbiased and independent, that is in no way related to the transaction.
As one of only three organizations that offer certified appraisal services, who and what are the entities that require formal appraisals?
Appraisals are required by Insurance companies to list the inventory of a high valued collections, they provide a baseline, in the cases of a loss or damage (diminution of value or total loss). Attorneys need appraisals for IRS Estate Tax Filing, transfers to Trusts, Equitable distribution to heirs or in matrimonial disputes. Donors and Museums need appraisals for Non Cash Charitable Deductions for Income Tax Filing. And often collectors will ask for appraisals just so they have a sense of the current value of an object.
WHAT ARE THE CATEGORIES OF SPECIALIZATION AND WHAT ARE THE DOMINANT AREAS OF EXPERTISE OF THE AAA MEMBERS?
The Appraisers Association is so fortunate to have some of the best experts in the industry! Many of our members had been long-standing specialists at the major Auction houses. American Art, American Furniture and Decorative Arts, Impressionist and Modern Art, Post War and Contemporary; American and European furniture, Wine; Stamps; Numismatics; Tapestries; Musical Instruments; Porcelain; Silver…. We have appraisers that specialize in almost every type of personal property. Virtually any type of personal property except business valuation, Real Estate, or machinery, and livestock… there are highly credentialed appraisers in those areas, but not with our Association.
ON WEDNESDAY, APRIL 15th, THE APPRAISERS ASSOCIATION OF AMERICA WILL HOST ITS ANNUAL LUNCHEON. THIS YEAR, THE ASSOCIATION HONORS CONTEMPORARY ARTISTS ILYA AND EMILIA KABAKOV. THE KEYNOTE SPEAKER IS THE CELEBRATED SCHOLAR, ROBERT STORR, FORMER CURATOR OF THE MUSEUM OF MODERN ART AND PROFESSOR AT NYU’S INSTITUTE OF ART, CURRENTLY DEAN OF THE YALE UNIVERSITY SCHOOL OF ART.
HERE IS ALL THE INFO YOU’LL NEED IF YOU WOULD LIKE TO ATTEND:
IN THE NEXT LRFA BLOG, BETTY KRULIK WILL DOCUMENT THE HISTORY OF THE APPRAISERS ASSOCIATION OF AMERICA, THE OLDEST NONPROFIT ASSOCIATION FOR THE APPRAISAL OF PERSONAL PROPERTY AND SOME OF THE HIGHLIGHTS OF ITS ACTIVITIES. PLEASE JOIN US THEN!