A Guide to Valuing Art:

What kinds of appraisals does AAI provide?

AAI provides appraisals of fine art for the purposes of insurance replacement, estate planning, equitable distribution and donation.

Who uses AAI’s services?

AAI’s clients include private individuals, tax attorneys, insurance
adjusters, estate planners, executors, corporations, retail galleries
and public museums. Please contact AAI to ask how we can serve
your appraisal needs.

How is an appraisal done?

An AAI appraiser will make an appointment at your convenience to view
the artwork to be appraised at your home, office or other site. The appraiser will examine the artwork, photograph it and note its condition  on the AAI Object ID Fact Sheet.

The client provides the appraiser with provenance and documentation relating to the appraisal object, including purchase receipts, catalogs or checklists pertaining to the object’s sale and exhibition history.

After the on-site work, AAI will research the artwork, and identify comparable sales from appropriate markets, i.e., both public auction and private sales. As required, AAI will consult with specialists at galleries, museums and research libraries. When research is complete,
AAI will produce an appraisal document  that conforms to industry standards and IRS requirements.

What does an appraisal report include?

An appraisal report includes the type of value (Market, Fair Market, Replacement, etc.) used to assess the artwork, as well as a detailed description of the artwork with photographic documentation and an

opinion of value supported by a narrative explaining how AAI arrived
at the valuation.

How long does this process take?

It typically takes three to four weeks to complete an appraisal of a
single artwork or small collection. Larger collections require more time.
If you have a particular time frame, just let us know when you call.

How much does an appraisal cost?

Appraisal fees are bid on a per-project basis, depending on the number
of artworks and scope of work. Please request a fee schedule.

How long is an appraisal current?

Insurance companies suggest an appraisal update after three years.
For gifts and donation, an appraisal  must be completed no earlier than
60 days before the date of gift according to the IRS.

Can an artwork be appraised from a photograph?

Sometimes an on-site visit is not possible, and an evaluation may be made based on high quality digital images, provenance and documentation.

Please contact us to discuss your request.

Value Realization Service:

Value Realization Service (VRS)

Value Realization Service is dedicated to maximizing the net amount of money from the sale of personal property. VRS principals are accredited appraisers and professional art advisors.

What does VRS do?

VRS will inventory and describe the property to meet a client’s need for estate or insurance. VRS will appraise the property, review an existing appraisal and recommend the best market and time frame, as well as review of contracts and terms for VRS clients.

Who uses VRS?

-Executors of wills who wish to minimize the conflict and market questions often experienced by an estate’s heirs.

-Attorneys who wish to safeguard the interests of their estate or family law clients.

-Bank Trust Officers and Estate Planners who want to preserve values in estates without handling personal property or real property issues.

-Heirs with valuable artworks, antiques, jewelry, furniture and other personal property who wish to assure the proper marketing and appreciation of their holdings.

How is VRS compensated for its services?

VRS charges are based upon a minimum two-hour fee plus out-of-pocket costs for work to be performed. Compensation is specified in advance for each individual case after properties are examined and described. In cases involving the sale of major assets, an incentive arrangement is included.

Credentials:

Principal Appraiser

Sharon Smith Theobald,

President of Appraisal Associates International, (AAI)

Theobald is a Senior Member of the American Society of Appraisers (ASA) with designations in appraisal designation in Modern Paintings and Drawings, Latin American Art, American Art and Ethnographic Art including American Indian and Western Art.

She is a former ASA faculty member at Northwestern University and the Rhode Island School of Design and past faculty member of the Smithsonian Summer Institute at the George Washington University Graduate Center in Washington, D.C.  Theobald also holds membership in the Appraisers Association of America (AAA).

As the Executive Director of the Greater Lafayette Museum of Art (1978-1992), Theobald initiated a modern painting collection and art pottery collection and co-curated over 500 exhibitions of modern paintings, photography, Latin American Art, English and American ceramics and silver as well as American Indian and Western Art. She currently serves as president of the museum’s Foundation Board of Directors.

Theobald received a B. A. from the State University of New Jersey and
a Master's degree in Education from Hofstra University, from which she later received the Distinguished Alumni Award. She completed post-graduate courses in art history with Rosalind Bengelsdorf Browne at
the New University, formerly The New School for Social Research in
New York City. Theobald has also completed post-graduate courses in
art history,  communication and business management at Purdue University in West Lafayette, Indiana and museum studies at the British Council in London, England.

Southeast Associate

Ellen E. Fischer

Fischer received an M.F.A. From the School of the Art Institute of Chicago and a B.F.A. from Herron School of Art, Indiana University. She is a past curator of the Vero Beach Museum of Art, Florida, and Lafayette Museum of Art, Indiana with experience in curating American art exhibitions. She was the director of The Littleton Collection, a fine art gallery specializing in prints, studio art glass and antique fine art glass. She has written freelance articles about artists and art exhibitions for Vero Beach Magazine and for the weekly news publication Vero Beach 32963.

Chicago, New York, Northwest and Northeast Associates follows