Advice on Art Appraisals
May 20, 2022 5:48 PM Subscribe
My father recently passed away, leaving my mother with several fine art objects (bronzes, prints, etc.) she doesn't want, so I'm trying to get them appraised and, hopefully, sold on her behalf. Any mefites knowledgeable about the fine art world: help!
I have several questions about the appraisal and sale process, but first, let me tell you about the inventory.
So, the most valuable items are several bronzes and an elaborately carved dining table. I located appraisal papers for most of the bronzes, and they range in value from around $1k to $10k; however the appraisals were done 20-30 years ago, so I have no idea of the current value. I know he bought the table for about $15k approximately 25 years ago, however I have no appraisal paperwork or certificate of authenticity/provenance or whatever for it.
He also left several paintings/prints. Some of them are numbered & signed original prints (artists like Rance Hood and Charles Frace, if those names mean anything to you), but others I think are just nice pieces of art, but probably not by anyone famous. No appraisal or sale paperwork for any of them.
So my questions are:
1) There are several fine art appraisal services in town, but what do I look for in an appraiser? Are there professional certifications a good appraiser should have? Any warning signs to avoid scammers or incompetents?
2) What are reasonable rates for appraisal services? How do they charge? And how long does the process usually take?
3) Do I need to get the bronzes re-appraised? Will the old appraisal forms be of any use in determining their current value?
4) As far as selling the items, if we can't find any family friends interested in purchasing, I assume the next best option is to go through an auction house. Same questions as I had for appraisers: What are reasonable fees for an auction house, signs of reputable vs. disreputable, etc.?
5) By the way, all of this is in Houston, TX, so if anyone has specific recommendations for appraisers or auctioneers in town, or know of other/better avenues to sell them, let me know here or in a private message!
Any other advice about selling fine art or the art market is appreciated. Thanks peoples :)
I have several questions about the appraisal and sale process, but first, let me tell you about the inventory.
So, the most valuable items are several bronzes and an elaborately carved dining table. I located appraisal papers for most of the bronzes, and they range in value from around $1k to $10k; however the appraisals were done 20-30 years ago, so I have no idea of the current value. I know he bought the table for about $15k approximately 25 years ago, however I have no appraisal paperwork or certificate of authenticity/provenance or whatever for it.
He also left several paintings/prints. Some of them are numbered & signed original prints (artists like Rance Hood and Charles Frace, if those names mean anything to you), but others I think are just nice pieces of art, but probably not by anyone famous. No appraisal or sale paperwork for any of them.
So my questions are:
1) There are several fine art appraisal services in town, but what do I look for in an appraiser? Are there professional certifications a good appraiser should have? Any warning signs to avoid scammers or incompetents?
2) What are reasonable rates for appraisal services? How do they charge? And how long does the process usually take?
3) Do I need to get the bronzes re-appraised? Will the old appraisal forms be of any use in determining their current value?
4) As far as selling the items, if we can't find any family friends interested in purchasing, I assume the next best option is to go through an auction house. Same questions as I had for appraisers: What are reasonable fees for an auction house, signs of reputable vs. disreputable, etc.?
5) By the way, all of this is in Houston, TX, so if anyone has specific recommendations for appraisers or auctioneers in town, or know of other/better avenues to sell them, let me know here or in a private message!
Any other advice about selling fine art or the art market is appreciated. Thanks peoples :)
Best answer: I agree that if the goal is to sell these items that going directly to an auction house is probably best. They will do a free "pre-auction estimate" of what it will sell for if you are serious about selling with them. Many fine art auction houses that do a pre-auction estimate for clients do not deal with items that are worth less than $2,000, so it may not work for your lower-end pieces. When an auction house sells an item for you, they will take a cut of the sale price as a "premium." The premium will likely be 20-40% of the sale price.
If you want to appraise an item and have a formal report, what you need is a "personal property appraiser" that specializes in fine arts and antiques. In the large cities, expect to pay $200-$400+ per hour. In smaller cities, you may pay $50-$200+ per hour.
The experience of working with an appraiser is very different from going to a dealer, as appraisers are forbidden from making you a cash offer to buy the items. It is a conflict of interest. If you decide to work with a dealer, then they may make you a cash offer. Please be aware that dealers of art and antiques often offer to buy items for as little as 10% of retail value. It is their business model to buy low and sell high.
There are three reputable associations for personal property appraising in America:
The International Society of Appraisers (ISA) is the largest organization, and the members almost exclusively focus on art and antiques. As the largest organization, ISA considers itself to be the best. Many appraisers in Texas are likely to be ISA members. ISA traditionally trained people in Chicago, so they are particularly well established in Midwest and west. They also train Canadian appraisers, which is why they are "international." For higher-end items, they will likely justify their value conclusion with comparable sales.
The American Association of Appraisers (AAA) is based in New York and traditionally did its training in that city. New York is the hub of the American art world, so AAA considers itself to be the best organization. Most New York appraisers are AAA members, but they also have members elsewhere.
The American Society of Appraisers (ASA) has a personal property division, and they are also reputable. However, the bread-and-butter of ASA is real estate and business appraisal. A lot fewer personal property appraisers affiliate with them.
Appraisers can also give frank advice about where you could go to sell items. They usually know the regional market well. If you see that an appraiser offers "consultations," that might be a great fit for you. Basically, they may charge a fee to talk for a couple of hours with you about how to sell things regionally or nationally. For a couple of hundred bucks, you might be able to have a really useful conversation about how to sell your stuff regionally, getting the names of dealers and auction houses that they would work with, without the appraiser trying to tell you the specific values of anything.
One last thought: if you want bargain-basement appraisals, consider ValueMyStuff. For about $20 / item you can get an anonymous appraisal online. They will likely have a background in fine art auctions, although it is all a little vague who does it. That said, don't expect them to spend a lot of time on your item. As said above, appraisers consider $100-$400 / hour to be fair compensation. When you pay $20, expect a knee-jerk appraisal without any in-depth research. Do not expect comps to be provided. That said, for lower-value items like signed prints, you can get a pretty accurate appraisal this way.
posted by mortaddams at 5:45 AM on May 21, 2022 [4 favorites]
If you want to appraise an item and have a formal report, what you need is a "personal property appraiser" that specializes in fine arts and antiques. In the large cities, expect to pay $200-$400+ per hour. In smaller cities, you may pay $50-$200+ per hour.
The experience of working with an appraiser is very different from going to a dealer, as appraisers are forbidden from making you a cash offer to buy the items. It is a conflict of interest. If you decide to work with a dealer, then they may make you a cash offer. Please be aware that dealers of art and antiques often offer to buy items for as little as 10% of retail value. It is their business model to buy low and sell high.
There are three reputable associations for personal property appraising in America:
The International Society of Appraisers (ISA) is the largest organization, and the members almost exclusively focus on art and antiques. As the largest organization, ISA considers itself to be the best. Many appraisers in Texas are likely to be ISA members. ISA traditionally trained people in Chicago, so they are particularly well established in Midwest and west. They also train Canadian appraisers, which is why they are "international." For higher-end items, they will likely justify their value conclusion with comparable sales.
The American Association of Appraisers (AAA) is based in New York and traditionally did its training in that city. New York is the hub of the American art world, so AAA considers itself to be the best organization. Most New York appraisers are AAA members, but they also have members elsewhere.
The American Society of Appraisers (ASA) has a personal property division, and they are also reputable. However, the bread-and-butter of ASA is real estate and business appraisal. A lot fewer personal property appraisers affiliate with them.
Appraisers can also give frank advice about where you could go to sell items. They usually know the regional market well. If you see that an appraiser offers "consultations," that might be a great fit for you. Basically, they may charge a fee to talk for a couple of hours with you about how to sell things regionally or nationally. For a couple of hundred bucks, you might be able to have a really useful conversation about how to sell your stuff regionally, getting the names of dealers and auction houses that they would work with, without the appraiser trying to tell you the specific values of anything.
One last thought: if you want bargain-basement appraisals, consider ValueMyStuff. For about $20 / item you can get an anonymous appraisal online. They will likely have a background in fine art auctions, although it is all a little vague who does it. That said, don't expect them to spend a lot of time on your item. As said above, appraisers consider $100-$400 / hour to be fair compensation. When you pay $20, expect a knee-jerk appraisal without any in-depth research. Do not expect comps to be provided. That said, for lower-value items like signed prints, you can get a pretty accurate appraisal this way.
posted by mortaddams at 5:45 AM on May 21, 2022 [4 favorites]
Response by poster: Awesome advice! Thanks so much mortaddams & rabbitbookworm!! :D
posted by Saxon Kane at 5:17 PM on May 21, 2022
posted by Saxon Kane at 5:17 PM on May 21, 2022
I just finished this process and have mixed feelings about the value overall. I feel I could have obtained similar information doing my own research. I thought the cost was a bit over the top on the one hand, but on the other hand it is great to have a concise list of the items with suggestions on particular auction houses for particular items and the recommendation to smelt the silver rather than try and find a buyer.
I think it all gets back to how much time and effort you want to put into the process. I can second Heritage as a worthy auction house that is easy to deal with and IMHO does a great job. I sold my vintage photographs through Heritage and was very happy with the process a few years ago.
The appraiser we used was a friend of my sister from college, she had all the aforementioned credits and the prices. We have about 50-60 items with a total appraisal value of $22K and she charged us $1600.
As a comparison when I decided to get rid of my comic book collection I just did it all myself on eBay and am VERY happy with the results. I guess the point is, depending on what you have and how much time and interest, you may want to consider different avenues of getting rid of the loot.
posted by silsurf at 5:41 AM on May 23, 2022
I think it all gets back to how much time and effort you want to put into the process. I can second Heritage as a worthy auction house that is easy to deal with and IMHO does a great job. I sold my vintage photographs through Heritage and was very happy with the process a few years ago.
The appraiser we used was a friend of my sister from college, she had all the aforementioned credits and the prices. We have about 50-60 items with a total appraisal value of $22K and she charged us $1600.
As a comparison when I decided to get rid of my comic book collection I just did it all myself on eBay and am VERY happy with the results. I guess the point is, depending on what you have and how much time and interest, you may want to consider different avenues of getting rid of the loot.
posted by silsurf at 5:41 AM on May 23, 2022
This thread is closed to new comments.
In your position I would have a local auction house do the appraisal as part of the sale process. Heritage Auctions is reputable, they have a branch in Dallas and give gratis informal appraisals before you choose to sell will them or appraise more formally.
If you do want a formal appraiser, independent appraisers typically charge hourly, $200-$400/hr, number of hours to be determined by the extent of the project and amount of prior documentation. The prior appraisals will definitely help! They typically take about 4 weeks. They can often appraise remotely if you can provide photos and any prior documentation you have. This will give you some cost savings by avoiding a site visit. You’ll need to let them know the purpose of appraisal for them to give you the right kind of valuation.
A few good resources for finding appraisers are AAA and ISA databases. Qualified appraisers will adhere to Universal Standards of Professional Appraisal Practoce (USPAP).
Also just a heads up, the antique market is very soft so the dining table unfortunately may have depreciated since purchase. You might be able to do some research of your own somewhere like 1stdibs to get an idea of value.
posted by rabbitbookworm at 6:27 PM on May 20, 2022 [17 favorites]