What to Know About Auction Appraisals

Finding out what your art piece is worth and how much it is valued for on the market is one of the most important and critical steps in successfully selling art and growing your own high-end art collection. As you spend more and more time in the industry, you will become familiar with the process and what it means to have auction appraisals in Palm Beach in advance of your sale. If you are just getting started though, here’s what you need to know:

Choose Carefully

Remember that the person who is evaluating the art and indicating the appropriate price for you is offering you what may end up being the amount you sell your art piece for. This can have incredible repercussions, and therefore, if your art is valued at the wrong price – especially if it is valued too low – you will be left dealing with that for some time to come. This is why it is incredibly important, in the appraising process, to make sure you are selecting the appropriate person:

  • Make sure they have the credentials to back up the work they are doing.
  • Look for someone who has experience in the industry and has done a lot of evaluating.
  • If possible, find a niche professional, who specializes in art from the era or of the type that you are looking to have evaluated.
  • Don’t be afraid to get a second opinion, or disregard evaluations if you think they are unreasonable.

Go in Educated

While it is, of course, the job of the evaluator to research your piece, or know about it already, and use this in helping them make their decision and offer you a price range, as the owner, you also need to educate yourself. Do some research on the art piece and artist, look into its history and lineage, and understand the meaning and origin behind the art. Speak to an art historian or visit a museum or gallery that has staff with knowledge on your piece, and find out everything you can. Doing this means you will have an educated guess as to how much it is worth, and when the evaluator makes it far lower, you can decline the suggestion.

Decide on Selling

While knowing what your piece is worth is important, it’s only the first step. Indeed, next is find an interested buyer or decide how you are going to sell it. Many people take the appraised price and head to an auction with it. Others first take it to a gallery, especially if it could fit into an existing or upcoming exhibit or show.

Remember that art deserves a lot of respect and to be treated with care. When you find the right person to prepare your art for you, you’ll know exactly what it takes to look after art well, and how great it feels to make a well-deserved sale.