What It’s Worth: Everything You Need to Know About Collecting Art

It’s a pleasure to write the inaugural column on What It’s Worth, where your will find insights from industry leaders who will share with you all things related to buying, selling and maintaining your art and collectibles. Whether you frequent art fairs, make the gallery rounds, bid at auction or have recently caught the collecting bug, this column will provide you with invaluable information, expert tips, and practical advice on navigating the art market and the services you need to care for your collections.

We will convey the nuances of buying from different sources, refine your expectations of art advisors, and shed light on your conservation, restoration and insurance needs. We will delve into the essentials of what you need to know to make informed decisions and provide you with the confidence to navigate the dynamic art and collectible markets. But, most importantly, we will help you retain and build the value of your collection.

In each issue we will decode the mysteries of valuation, explore the trends shaping the market and learn from the experiences of industry leaders. Whether you’re passionate about contemporary art, collectibles or antiques, our column aims to empower you with the knowledge and confidence to navigate this dynamic world with finesse.

I’m the executive director of the Appraisers Association of America, the premier association of personal property appraisers who focus on fine and decorative arts and collectables. So, let’s get started with knowing the value of what you have.

If it’s art you own for enjoyment or part of an investment portfolio, you need to know its value. Values are determined by obtaining an appraisal by a person who is knowledgeable about the specific art that you own and who follows the best practices and principals in the field.

This is a good time to mention what an appraiser is not. They are not an authenticator, conservator, art dealer, attorney, tax advisor or an insurance representative — at the time they are doing an appraisal. Of course, some appraisers do also act in those other capacities, but not at the time they are acting as an appraiser. You want to be sure you are receiving an appraisal that is objective and without bias.

Appraisals are used for multiple purposes, such as estate planning, portfolio diversity and insurance coverage. The most common use of an appraisal is for insurance purposes. An insurance appraisal provides you with a retail replacement value. This value provides you with what it would cost if your works were lost or damaged due to fire, theft or other. It’s the highest value that includes all taxes, fees and other expenses that you would be required to pay to replace or “make you whole” after a loss.

Be thoughtful when choosing an appraiser. In an industry often fraught with ambiguity and subjectivity, the services of a credentialed art appraiser provide much-needed clarity and assurance. Their meticulous research, rigorous methodologies and unwavering adherence to ethical standards ensures that you will receive accurate and reliable valuation of your objects.

One last note on appraisals: They are not done for free, and the fee should be based on an hourly, day or project basis. Never engage an appraiser who wants to charge you based on the value of the object they are appraising. Clearly a conflict of interest!

We look forward to sharing more insights in the coming issues.

The Appraisers Association of America, established in 1949, is the premier association of personal property appraisers who focus on fine and decorative arts and collectables. With a membership of over 900 independent appraisers and affiliated professionals in 100 different areas of specialization, the Appraisers Association’s roster of well-established professionals has the widest range of experience and expertise in their respective fields. At the core of this association’s ethos is a rigorous credentialing process. Prospective members undergo comprehensive training and must demonstrate their expertise by submitting sample appraisal reports that undergo meticulous peer review. All of our members are required to be certified according to the highest professional standards, known in the field as USPAP (Uniform Standards of Professional Appraisal Practice) and serve public and private collectors alike to deliver independent, ethical and objective valuations for insurance, estate tax, charitable donation, equitable distribution, and liquidation purposes. For more information, visit appraisersassociation.org.

Linda Selvin is the executive director of the Appraisers Association of America. Selvin brings over 25 years of experience in the visual arts and association management. She began her career as the gallery manager of the Newhouse Center for Contemporary Art, and went on to become the program officer at the Pollock-Krasner Foundation, distributing funds internationally to artists of both merit and need. For 10 years, she served as the executive director of the New York Branch of the International Dyslexia Association. Selvin holds a Bachelor of Science from Wagner College and a master’s in Public Administration from Baruch College, CUNY. She has been a guest lecturer both nationally and internationally, and since 2019 has been an adjunct instructor in the graduate program of Visual Arts Administration Program at NYU’s Steinhardt School of Culture, Education and Human Development. She is currently the chair of The Appraisal Foundation’s Advisory Council (TAFAC) based in Washington D.C. and a member of their Personal Property Issues Committee. Selvin is also a member of ArtTable and Professional Advisors to the International Art Market, (PAIAM.) From 2011-2013, she was the chairman of the board of directors for the Robert Louis Stevenson School and from 2009-2011, she was the president of the Executive Women’s Golf Association, New York City Chapter.