You've probably heard of that story of the average, middle class homeowner, who bought an old painting she thought was a cute piece of junk at a flea market, only to later find out that it was worth tens of thousands of dollars on the art market. On the other hand, you've probably also heard of stories of people getting unusual vases from their relatives as hand-me-downs or as part of wills, which they would later find out to cost a small fortune.
While such tales may sound fantastical, they are far from impossible. You could very well have something old and dusty in your home that could be worth a substantial amount of money. If you have art pieces lying around at home whose origins you're not quite sure of, don't discard them or give them away just yet. Don't even make any attempts to fix them if they're in a state of disrepair. Instead, have a professional art appraisal done on your piece for a small fee to see if it's worth anything.
Here are some reasons to get an art appraisal for your art pieces.
To Satisfy your Curiosity
With the examples stated above, you probably now have an urge to see if the odd everyday items in your possession are worth anything. If you bought an art piece, whether a vase, brooch, or painting at a flea market, there's a 50-50 chance that you bought something not necessarily very valuable, but worth a few hundred dollars. If you're truly lucky, you may come across something priceless and discarded because the previous owner, or owners, didn't know it's true value. Having a professional art appraisal can help you avoid making the same mistake.
To Determine Resale Value
In the world of art investment, many pieces bought today can increase in value in as little as 5 years. This is usually the case if the artist becomes famous in the art world or passes away, in which his, or her, works instantly increase in value. If you're an art investor, a professional appraisal can give you an idea on how much your piece or collection of works are worth on the market.
For Insurance Purposes
If you have a collection of art pieces, getting an art appraisal will help in determining their value, which you will need if you want them insured in the event of a fire, flood, or theft. This keeps your investments intact when any untoward incidents happen.
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