Process & Fees
Get to know our qualified, and comprehensive, 4-Step appraisal process from start to finish. Know what to expect and anticipate the costs of your specific fine art appraisal needs. We welcome you to reach out to us for further assistance in determining your requirements and to receive a custom quote.
The Process: What to Expect?
step 01 — The consultation
To initiate the art appraisal process, Loren will meet with you to determine the report’s intended use. The intended use could be for insurance purposes, either for coverage or to report a loss; for IRS purposes, such as seeking an income tax deduction for a charitable donation or filing an estate tax return; or for seeking equitable distribution in the case of inheritance, divorce, or business dissolution. Learn more about the different types of appraisals that we offer.
Next, Loren will identify the objective. This designates what type of appraisal she needs to conduct so that the report’s data and format are relevant to the client’s intended use. For this stage she will consider, for example, whether to determine the fair market value of an object, which the IRS requires, or estimate its replacement cost, which is necessary for insurance purposes.
Once the intended use and objective are determined, Loren and the client will arrive at a contractual agreement to define the responsibilities and expectations of both parties, including the fee structure and the timing of the work. Loren will determine the scope of work. This includes the steps necessary for the identification and authentication of objects, appropriate market and value research and analysis, and the type of appraisal report needed for the assignment.
step 02 — The Assessment
When Loren conducts an assessment of your works, she will photograph each object, record measurements, examine and evaluate each object’s condition via raking light, magnification, and a UV (ultraviolet) light inspection if needed. This information will be included in the formal written description for each work.
step 03 — Collecting Data
Now the research begins. Loren will identify the works in question, describe them in a format that applies to the report’s intended use, and exercise due diligence in authenticating the property by employing connoisseurship methodology, signature comparison, examination of provenance, and other relevant analysis.
After the works are properly identified, Loren will conduct market and value research and analysis, searching for data related to comparable works and/or sales within the most appropriate market and evaluating market conditions.
step 04 — The final report
By analyzing pertinent data, Loren will ascertain an estimate or value conclusion that she will relate to the client formally in a written report that includes the amount of detail appropriate to the intended use.
Our qualified appraisal reports are prepared in accordance with the principles and the procedures for the evaluation and valuation of personal property as prescribed by the current version of the ISA Code of Ethics and Appraisal Report Writing Standard (ISA ARWS) and The Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice (USPAP, 2020–2021).
Estimate Your Appraisal Costs
Fees are based upon an hourly rate plus expenses for travel, research, photographs and outside consultations.
At the time of inspection, a cash or check payment will be due to cover the fee, by hourly rate, for the initial, on-site assessment. The remainder of the fee—for research, collecting data, and writing the report—will be due upon delivery of the completed report. Additional costs may include printing, materials, art handling for larger works, and a minimal fee for database use.
The client will receive two hard copies of the report and one in digital format. Loren will retain a third copy for her records.
All definitions and approaches to methodologies described are according to the International Society of Appraisers (ISA).