For this type of appraisal, I want to be as detailed as possible to ensure that you are properly covered in case your valuable personal property is damaged or destroyed.
I find the retail replacement value of your items so that your insurance company can get you a replacement in relatively short amount of time. These appraisal values tend to represent the highest value for any work of art. Sometimes, if required or desired, I also will include tax and shipping costs so that everything is covered.
Sometimes I will use market comparables from the retail market to determine the retail replacement value. Other times, I will use the “cost approach,” which identifies the cost of recreating the same or a very similar work of art. For example, I have asked artists how much they would charge to recreate (repaint, recast, resculpt) a particular item.
For a more detailed discussion of the retail replacement value, click here.