HLAA: Appraisal fees are nominal costs compared to what you could save in the long run so it can rally pay to be prudent and be up to date on the value of your art. If you are like most collectors, you have insurance coverage for your art which must be based on an appraised value and the market price. Insurers suggest that you update the value of your art least every 3-5 years. This is not a bad idea because in the event of a significant change in the market you can avoid overpaying for insurance. Not only will you gain an accurate idea of your assets and you will gain more control of your financial wealth. Having your art appraised in advance can put you in a good position to act quickly if there is a dire need to sell your art or if there is a good opportunity to donate your art. Timing can be critical and being prepared can work in your favor. NOTE: Be sure the appraiser is either USPAP Certified or a member of the Appraisers Association of America.
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