Fine art appraisers are specialists who offer trustworthy evaluations of artworks that determine the monetary value of these works to art institutions and collectors. They play a crucial role in the ecosystem by establishing the worth of works created by up-and-coming artists as well as masters in the context of modern and contemporary African art.
If you have a small or large collection, the advisable industry standard is to have it appraised every 3 to 5 years and a condition report done every 7 to 10 years.
Why you need a Fine Art Appraiser
If you are contemplating whether or not you need to engage a fine art appraiser, here are five (5) reasons that may convince you:
1. To establish value
Collecting art is not a job, it is a hobby. It is a hobby collectors engage in because it is fun. In order to maintain a strong collection, you will need to work with a fine art appraiser who can help you establish the true value of your collection or art piece. This is the foundational answer to why you need a fine art appraiser.
2. To preserve art investments
Art collectors are reputed to invest fortunes over time as they build enviable collections. As they amass enviable collections, art collectors are rumored to invest enormous sums of money over time. These expensive treasures are therefore investments deserving of complete security. When required by a collector, fine art appraisers will determine the precise market worth of individual artworks in the collection or of the complete collection which will aid in safeguarding these assets.
Fine art appraisers bring their industry expertise to analyze the quality, condition, rarity, and historical significance of any artwork. During this process, an appraiser will identify potential issues that certain art pieces will likely face and advise you on preventive measures in storage and displays and how to address these issues when they arise so that the asset's value is preserved overtime.
3. Estate Planning
As an artist or collector, if you do not want default inheritance to apply to your art collections, you need an estate plan. Every artist and collector needs an estate plan irrespective of how small or large your estate is. This is because you have family members and other relationships that matter for better or worse.
If you do not have one, now is the right time to set up a will that stipulates how your art assets–among other valuable assets you own–will be distributed. You will need a fine art appraiser now to carry out thorough evaluation of your art assets to determine the value of your collection. This exercise is critical to determining how tax and inheritance measures will be applied.
If you have just received an inheritance of which fine art is part of the assets willed to you, you will need fine art appraisals conducted to determine an accurate valuation of your collection which may advise your decision to sell immediately or keep at bay.
4. Research & Authentication
Fine art appraisers are well respected individuals in the industry, having extensive networks and solid relationships with artists, museums, galleries, art dealers, critics, and other art institutions. This explains why fine art appraisers are experts in research and authentication. They can help identify the artist, date, and other important information about a piece of art that a mere collector would not be able to determine by self. They are able to determine whether an artwork is authentic or a forgery.
5. Buying and selling art
When purchasing or selling art, it is vital to engage the services of an appraiser. They help to determine an ideal price and advise on the best approach for selling or buying to avoid the common pitfalls some have faced in the art market.
Why now
Now more than ever, there’s a growing number of art being created and collected. The opportunities that abound today makes this generation to be considered as the best time in history for anyone to take up art as a career path or to be a collector.
Contemporary African art in particular is experiencing a renaissance. Artists from across the continent and in the diaspora explore new themes and push the boundaries of what was once known as traditional African art. Similarly, the African collecting community is experiencing an astonishing growth as there’s a growing middle-class of Africans on the continent and in the diaspora that have their taste buds attuned with the importance and benefits of African art collecting. As such, the significance and value of African art continue to rise which calls for a greater need for fine art appraisers to exist in the ecosystem.
In summary;
Appraisals begin even before a purchase is done.
Small or large, have your collection appraised every 3 to 5 years.
Get a condition report done every 7 to 10 years.
Find an expert appraiser to handle these exercises for you.
If you struggle with where to start, the team at Patrons Modern and Contemporary African Art offers art appraisal services to its clients. Send an email to art@patronsmcaa.com to get started. You will be in good company.
Until next time,
be very intentional about preserving the value of your collection.