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OUR APPROACH
The process of estimating the
Replacement Value or Cost -
often needed to comply with accounting, insurance and
audit
policies - could typically be conducted
in four steps:
- Defining the scope of the valuation (free of charge),
e.g.:
artwork types, purpose of valuation, information availability,
review of CD with artwork images >> Leading to a proposal.
- Discussion of the outcome of a preliminary review conducted
at Galerie Beaumont (e.g. priority items for further study).¹
- Additional research and on-site inspection of the artworks.²
- The art valuation report with price estimates and rationale.
If desired, follow-up could include the
preparation a special album of
the artworks
for the insurance policy, and development of corporate PR ideas and material. |
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REPLACEMENT VALUE / FAIR MARKET VALUE
For the purpose of estimating the Replacement Value or Cost, an artwork is presumed
to be authentic, unless the client raises the issue. The Replacement Value
may be similar to a gallery retail price and is therefore generally higher
than a Fair Market Value.
To form an opinion on the Fair Market Value of a modern or contemporary artwork,
a fine art
appraisal is needed to establish the authenticity of the artwork. It
could be made for a variety of purposes such as donation, foreclosure,
estate planning, pricing and anticipated sale, insurance claims, division of assets, and
bankruptcy.
Fine art appraisal is a more complex and time-consuming process than art
valuation, as it may include authenticity consultation with other experts
and research of provenance history.
The Fair Market Value of an artwork may be less than the purchase
price or a gallery retail price, but it could be similar to an auction or
dealer price.
Galerie Beaumont provides in good faith an opinion on the value of an
artwork. We can not be held responsible for the outcome of any use of
this opinion and the supporting information. |
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VALUATION / APPRAISAL FEE
For an art valuation or art appraisal, the proposed fee is not
related to the estimated value of the artwork. It is
determined by the degree of expertise required, the anticipated time of work, and the travel to the location of the artworks.
The proposed fee is dependent on the number of artworks and
artists,¹ the quality of the image jpg's and descriptive information provided by the client,
the on-site inspection of the
artworks, planned research of the artworks and artists, and the writing of
the art valuation or appraisal report.
¹ To minimize the client fee, the artworks could first be screened and only
those considered to exceed a certain value would be further researched and
appraised.
² On-site visit only if needed (e.g. value, authenticity). |
Jens A. Jorgensen