How much does an art appraisal cost?

How appraisers charge

Qualified appraisers charge either an hourly rate or a flat fee per item or per project. The fee should reflect time and expertise, never the value of your artwork. A fee calculated as a percentage of the appraised value is a warning sign.

What affects the price

• Number of items. Appraising a whole collection or estate costs more in total but usually less per item.
• Research needed. A work by an artist with a clear auction record takes less time than an unsigned painting that needs attribution research.
• Purpose of the report. Reports for tax, donation or legal purposes must meet stricter requirements and take more work than an informal valuation.
• Travel. On-site appraisals can add travel time.
• Speed. Rush jobs can cost extra.

What you should get for the fee

• A signed written report identifying the work, its condition and the type of value (for example fair market value or insurance replacement value).
• The purpose and effective date of the appraisal.
• The method and comparable sales used.
• The appraiser's qualifications. In the United States, look for an appraiser who follows USPAP and belongs to a recognized organization such as the American Society of Appraisers, the Appraisers Association of America or the International Society of Appraisers.

Save money: estimate first

Many people pay for appraisals of items that turn out to be decorative prints. A free estimate from a photo tells you in a minute whether a formal appraisal is worth it.

US tax rules for donated art

If you donate art valued at more than $5,000 in the United States, the IRS requires a qualified appraisal by a qualified appraiser, summarized on Form 8283. For art valued at $20,000 or more, a complete copy of the signed appraisal must be attached to the return (source: IRS Publication 561, Determining the Value of Donated Property).