Splitting up marital property during a divorce is one of the more complex aspects of splitting up. After all, it may be difficult to assign value to all of your items. For instance, if you have a valuable art collection, how can you designate the value?
While sentimental value can matter when it comes to a divorce, you often want to know the monetary value of your collection. According to Artwork Archive, valuation and appraisal are two different ways to determine a collection’s value.
How do you determine valuation or appraisal?
Valuation is the estimated value of your artwork. To determine the valuation, you look to multiple sources in the art world. For example, you may seek the opinion of curators, auctions, dealers and gallerists. An appraisal, on the other hand, involves an appraiser. He or she looks at your artwork and uses a certificate to prove your artwork’s value.
How can you choose an appraiser?
If you need an appraiser to help you determine the value of your collection, talk to other collectors who may have recommendations for appraisers. When looking for a professional to analyze your collection, seek someone who has experience in the type of artwork you own. You should seek those who have an educational background in your specific art.
When it comes to art, keep in mind that the value of your art may be down to what it means to you or your spouse. You may have to work together to determine the value of the work compared to the rest of your assets.