Anthony's Appraisal Blog

Replacement Value Appraisals for Fine Art


The elements encompassing a replacement value insurance appraisal are far less complex than most other fine art appraisals i.e. damage, estate, charitable contribution equatable distribution, market value for sale, actual cash value, liquidation, bankruptcy, court ordered valuations or tax liability etc. The objective and assigned use of the "retail replacement" appraisal is simply to make the owner of the art work "whole" in the event of loss or damage.

Upon reasonable evidence that the artwork exists and is in good condition, the appraiser is not required to personally examine it and may make a value determination from good photographers especially when the appraiser is familiar with the work of the artist or s valuing multiple images from editions created by tan artist. n these instances the appraiser gives an informed judgement of defined value and may assume the property is authentic ( the appraiser in this regard is not an authenticator). Also, in practically every case the appraiser has not personally or photographically viewed the subject property out of the frame.

Replacement insurance appraisals are not governed by he requirement of the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP does govern appraisals for State and Federal regulatory agencies and the rules and/or laws which they may promalgate. It should also be noted that under certain circumstances, USPAP allows appraisers to rely on photographic evidence in Federal tax liability cases.


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