See below for answers to frequently asked questions.
After a work is examined, the appraiser researches comparable item sales in the appropriate market, and using judgment and expertise, concludes a value based on that research. Values are not arrived at during the examination, and are not spontaneous estimates, they take time and research to arrive at.
Typically, appraisals are delivered within six weeks from the date of inspection. However, work may be concluded sooner or later depending on the size of the project, timing with relation to major art events, or the workload of the appraiser.
Independent appraisers have no financial interest in the property they are appraising because they do not buy or sell the subject property. Auction houses and dealers/galleries also offer appraisals; however, because their main business is buying and/or selling, they are not an impartial appraiser, and therefore do not meet appraisal standards.
Appraisals are billed on an hourly rate – for specialist time on-site and research, travel time (if applicable), and document production time. After an initial consult, we will provide a free estimate for the project. An appraisal should never based on the value of the artwork being appraised.
Following the first appraisal, we recommend to update your appraisal every 3 – 5 years for insurance. For works of art by artists in high demand with volatile markets, some items may need to be updated sooner.
The IRS, in order to encourage a higher standard of appraisal practice, has issued a series of qualifications and requirements for the provision of reports for charitable donations. This means that donors should be using highly qualified appraisers who follow USPAP guidelines in order to pass the rigorous government review process. Reports feature much more detail and in-depth analysis, research and commentary than other types of reports, and so they tend to require more time and effort to produce.
Advisory services are typically billed on a commission structure. However, in some cases, it is appropriate to work from billable hours.
An art advisor is an art market specialist who provides advice to inform clients’ decisions when buying and selling art. At BMS Art, we focus on the sales side, maximizing client’s returns by researching the most appropriate market and negotiating the best terms on a client’s behalf.