APPRAISING ART - APPRAISAL FORMAT P. 1 Introduction to the Appraisal of Fine Art Appraisal Studies Program New York University SPRING 2005 Instructor: Gayle M. Skluzacek, AAA I. Types of appraisals A. Liquidation B. Resale C. Insurance / Replacement D. Equitable Distribution E. Estate - spouse/no spouse F. Charitable contribution G. Gift tax H. Damage I. Loss J. Courtroom testimony K. Verbal - NO! APPRAISING ART II. Appraisal Societies A. Certification/testing/experience B. Organizations 1. Appraisers Association of America 386 Park Avenue New York, NY 10016 212-889-5404 2. American Society of Appraisers Dulles International Airport P.O. Box 17265 Washington D.C. 20041 703-478-2228 3. International Society of Appraisers 724 West Washington Chicago, Illinois 60600 312-885-2480 4. New England Appraisers Association 5 Gill Terrace Ludlow, Vermont 05149 802-228-7444 C. Art and Antique dealers/auction houses D. Often most knowledgeable, particularly if specialists E. Conflict of interest F. May only know one market
APPRAISING ART - APPRAISAL FORMAT P. 2 III. What to include in an appraisal of fine art - Standard Info A. Name and address of client B. Date of examination, date of valuation, date of issue, date of death C. Appraiser's signature D. Appraiser's Tax ID number - required for IRS appraisals IV. Numbered pages (1 of 10; 2 of 10...); number of photos V. Stated purpose of appraisal - insurance, estate, divorce, etc. 1. On each page 2. a. Stated valuation - fair market, replacement, marketable cash value VI. Stated approach to valuation - cost, income, market comps VII. Method used in valuations - physical inspection, photo, no view VIII. Stated appraisers disinterest in values IX. Unethical for appraiser to buy A. Stated appraisers method of payment (hourly, set fee per article) B. Unethical/illegal for appraiser to charge a percentage of value C. Disclaimers 1. Appraiser's opinion 2. Not authentication X. Consulting sources - clear distinction A. Any outside appraiser should sign (include qualifications for all appraisers) XI. Explanations of terms (authorship - ascribed, attributed, in the school of, follower of, after, etc.) XII. Precise value (no estimates) XIII. Bibliography - IRS appraisal A. Comparables and related analysis 1. Required for: (1)Charitable Contribution a. Damage/Loss 2. On File for: a. Insurance XIV. Appraiser s experience (qualifications) - IRS appraisal (must) A. Statement that appraiser has not been disqualified by IRS (IRS requirement) B. IRS Form 8283 with instructions - IRS appraisal XV. Market Analysis XVI. Sources XVII. What to include in an appraisal of fine art - Factual description of work A. Country/region of origin 1. French 2. New Hampshire 3. London XVIII.. Medium 1. Oil on Canvas 2. Oil on Board 3. Watercolor on paper
APPRAISING ART - APPRAISAL FORMAT P. 3 4. Carved Marble 5. Patinated Bronze A. Cast Bronze 1. Handcolored lithograph printed on Arches wove paper 2. Etching printed in black on Japon paper 3. Mixed media: Oil on canvas, collage: nails, pasted paper, gum wrappers, broken glass XIX. Brief identification A. Title 1. Portrait 2. Still Life with grapes 3. Mountain landscape* 4. Luxembourg Gardens at Twilight B. Reference number (Kennedy 211I, Way 125, Bloch 1002), if available 1. Detailed artistic description (use judgement, depending on value) a. Style - geometric, impressionistic, realistic, painterly, linear, abstract b. Subject - scene, genre, portrait, still life, man, woman, number of children, interior c. Color - executed in reds and greens, against a blue ground, pink dress, grey clouds C. Artist or school 1. John Singleton Copley D. School of Titian 1. French, 19th century E. In the manner of Jacques Louis David F. After Thomas Cole G. Attributed to Gianlorenzo Bernini H. Artist's info I. Nationality and dates 1. Winslow Homer (American, 1836-1910) 2. Albert Bierstadt (German-born American, 1830-1902) 3. Brief biography of artist a. IRS appraisals b. Damage/loss appraisals c. Special circumstances 4. Reference to biographical records of artist a. Falk, Who was Who in American Art, Sound View Press, 1985, page 212 b. Zellman, 300 Years of American Art, Wellfleet Press, 1987, page 567 J. Date 1. Execution of work a. May 15, 1889 b. 1792 c. Early 17th century d. Circa 1650 e. 20th century f. First quarter 19th century 2. Date published (multiples) K. Signature and markings 1. Exactly how signed, dated, numbered, annotated, dedicated
APPRAISING ART - APPRAISAL FORMAT P. 4 2. Where 3. Chop marks (prints) 4. Watermarked paper L. Dimensions M. 2 dimensional - Height x width (height always first) 1. Works on canvas a. Canvas size: 12 x 15 inches (stretcher is measured) b. Canvas size (sight): 12 x 15 inches (measured from front inside frame) 2. Works on masonite, board, wood panel a. Work size: 12 x 15 inches (measured from back or edge to edge) b. Work size (sight): 12 x 15 inches (measured from front inside frame) 3. Works on paper a. Work size: 12 x 15 inches (if measured from edge to edge) b. Work size (sight): 12 x 15 inches (measured from front inside frame, edges not seen) Prints on paper c. Image size: 12 x 15 inches (plus margins) (wide margins, trimmed margins, cut margins) d. Work size (sight): 12 x 15 inches (measured from front inside frame, no plate marks seen) 4. 2 dimensional (measure the furthest most points) a. Height: 12 inches b. Width: 15 inches c. Gross height: 17 inches N. Frame size O. Frame description 1. Date 2. Material 3. Carved, painted P. Matte (French, marbleized) 1. Glass plate, plexiglass plate 2. Floated Q. Provenance 1. Past collections a. Name and city (if known) (1) Grandparent's (name, if unknown use maternal grandmother) b. Indicate if relative (ie Charles Golden, New York (Uncle of Mrs. Green) 2. Date received 3. Gallery where purchased - traced if necessary a. Sale date b. Invoice number c. Stock number
APPRAISING ART - APPRAISAL FORMAT P. 5 R. Auction where purchased - traced if necessary a. Sale date (name of sale if significant) b. Gould sale, Andy Warhol, Greta Garbo c. Sale number d. Lot number S. Gift from whom and date (special occasion?) T. Purchased directly from the artist a. Date U. Exhibitions: 1. Galleries, museums a. Location of museum, gallery V. Title of exhibition a. Dates of exhibition b. Number in exhibition c. Included in catalogue d. Illustrated (1) Black and white 2. Color (1) Frontispiece 3. Poster a) Auction W. Location - Sotheby's, New York or Phillip's, London X. Title of Sale (if significant) 1. Contemporary Art including works from the Estate of Andy Warhol a. Date of Sale (Exhibition dates, if known) b. Lot number c. Illustrated (1) Black and white d. Color (1) Cover 2. Newsletter Y. Literature: 1. Standard bibliographic format a. Illustrated (1) Black and white 2. Color (1) Frontispiece 3. Poster Z. Condition 1. Very specific for Damage Appraisals 2. Very specific for IRS Appraisals - required 3. Less technical, however specific, for insurance appraisals XX. Notes 1. Anything unusual a. Authenticity (Accompanying letter from artist's wife, photo of artist in studio with painting) 2. Pendant piece (en suite) a. Receipt indicates artist to be Robert Feke, but appraiser valued piece as in the manner of
APPRAISING ART - APPRAISAL FORMAT P. 6 Robert Feke due to uncertainty of authorship b. Restorations - what, where, when if known 3. Condition - where damaged, lined canvas, cradled canvas, broken stretcher (if not listed separately) 4. Recommendations - requires stretching (not necessary, but nice) 5. Appraiser unable to thoroughly examine work because of location 6. Separate value for frame if important 7. Include info to qualify price - First documented painting in Whistler's Venetian period a. Info on back or reverse - Reverse with note stating "made with horse hair from the Queen Victoria's favorite horse" B. Photographs 1. Required for: 2. Charitable contribution (if over $20,000) a. Damage/loss C. Helpful for: 1. Resale (Bring photos to galleries, not actual piece) 2. Insurance (Theft - police search, IFAR, ID) 3. Equitable Distribution (court battles) 4. Estate (family records, particularly if over $600,000 in total) 5. Charitable contribution (IRS audit) 6. Appraiser's research How to arrive at values D. Identify the piece - most important E. Find a comparable 1. Prints and photographs - same image 2. Be aware of later states and editions 3. Multiple sculptures - same cast 4. Be aware of later reproductions 5. Paintings - auction catalogues, annual sales book, retail galleries F. Make adjustments 1. Authentication 2. Size 3. Date 4. Quality 5. Workmanship 6. Authorship, signed 7. Importance of work a. In history of art b. In artist's career 8. Rarity a. Prolificacy of artist b. Edition number c. State 9. Condition a. Past and required restoration b. Past and required conservation 10. Provenance
APPRAISING ART - APPRAISAL FORMAT P. 7 11. Historical significance 12. Documentation 13. Changes in market - decorator influence, inflation 14. Unusual market circumstances a. Two buyers bidding against each other 15. Type of appraisal - liquidation, insurance G. General factors that contribute to a dealer's markup 1. Reputation of the dealer 2. Location of the dealer H. Specialization of the dealer 1. Conservation or restoration required before sale 2. Framing costs 3. Insurance costs 4. Research and authentication costs 5. Outside experts consultation 6. General overhead I. General rule: The lower the price, the higher the markup