This is where art appraisals come into play. In fact this is one of the most important elements if you are a collector which will help you to protect your art investments. These are typically parties who value your art for you. They are third party and usually charge a fee for doing so. You can assume that art appraising is basically giving your art a value or the future potential returns, which is something you will do before buying a piece of property.
Apart from just keeping you informed of the value of the art you own, art appraisals are also very important (and necessary) as they will be used for taxation purposes. In countries like Malaysia, there are tax exemptions when you buy art and hence, it is important that you have your collection valued and declaring them. The appraisal will also be the legal document used in circumstances like insurance claims and such.
A professional fine art appraiser must be engaged if you intend to determine the value of your collection. Hence, the record of sales are very important. If you own a piece of art from a very famous artist (like Edward Hopper or even Picasso), then you will have receipt records of the past transactions. This will allow you to see the way the price had moved since it was first sold. One of the upside about buying from the galleries is that you will be given the invoice while if you have previously bought directly from the artist, that might not be too possible. Be careful of free appraisers as they are usually not as credible as the qualified ones. You will find that the professional appraisers are the ones who would have the experience and expertise to determine the value of your art and hence be able to assist you throughout the entire process.
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