Art Appraisal Lawrence Kansas - Prairie Hills Art
Gallery, 2540 Iowa Street. Phone: 785-842-1554
|2201 W. 25th, Suite V
Lawrence, Kansas 66047
Hours: 10:30 - 3:30 Mon - Sat
other times: by appointment
for Insurance or Resale
Don't wait until the wrong time for your art appraisal
Have appraisals in the hands of your insurance company for security and proper
coverage in case of a mishap.
Trust the value of your art in the hands of professionals who have long history of
dealings, connections and knowledge of what you need appraised. Any detail can
potentially effect the value.
Don't settle for what you paid, it could be worth much more.
Contact us, and we promise to help you best possible
over 30 years of experience
Prairie Hills Art Gallery
Prairie Hills Art Gallery
Consequences of having the wrong appraisal or person appraising your art-
Most insurance companies prey on the insured for lack of knowledge and
documentation, paying the least amount and closing the deal as soon as possible.
Therefore, being properly prepared with the help of a deeply knowledgeable and
experienced person as your appraiser is crucial. Since all appraisals are just opinions with
no guarantees, they could easily be prepared by non qualified people without
consequences. A well formulated appraisal is based on as much information and variables
as possible. Some of such variables include, the in depth history and current factual data
about the artist and the artwork itself. Among all, perhaps the most important ones are the
sales history and the current market trends. Though some data may be available to all,
much of the data, such as most agent's and galleries sales records are private information
and are not normally shared. However, auction records (if any), could be obtained through
free or paid subscriptions. The best qualified appraiser is that who has access to extensive
related data, both private and public.
There are several types of appraisals. The most sought after are, Retail Replacement
Value (RRV) which is normally for insurance purposes; and Fair Market Value (FMV) when
it comes to auctions, donations and tax purposes. The value of the two could be
significantly different from each other.
Retail Replacement Value (RRV) - is defined as, the highest amount of US dollar
required to replace an item with a similar in as many aspects as possible, in a most
appropriate market, in a reasonable amount of time. Such values, generally reflect those of
retail markets such as galleries. Here the assumption is that the insured item needs to be
replaced in a timely manner. Waiting for a like item to come up for auction could be
unreasonable and impractical. So instead of a valuation based on the auction market, retail
replacement is the most appropriate valuation. This is the price that one would expect to
pay for the same or similar item in a retail setting at the present time. Oftentimes the
insurance value is even a bit higher than retail to accommodate for shipping and other
costs related to the purchase.
Fair Market Value (FMV) - is defined as the estimated amount for which Personal
Property would be sold on an open market, in a voluntary transaction between a buyer and
seller, neither of whom is under any obligation to buy or sell. Usually this means the auction
market (buyer’s premium included), because auction is the predominant market of open