Why art appraisal matters

# Why art appraisal matters

With wildfires encroaching near Park City, people started rechecking what their homeowners and renters insurance actually covers. Appraisals convert a collection of sentimental or valuable objects into documented assets insurers and heirs can use.

Why you need an appraisal

Standard policies place low limits on collectibles and art — commonly in the $1,000 to $2,500 range. To insure higher-value pieces you typically buy a scheduled personal property endorsement (called a rider or floater). That endorsement will reference an appraisal to set coverage and address loss scenarios such as accidental damage, mysterious disappearance, or wildfire destruction.

Melissa Soltesz, a Park City fine art appraiser and private advisor, says many owners only think about appraisals during a crisis. Once they go through the process, they often wish they had done it sooner because it clarifies coverage and reduces stress.

What an appraisal includes

An appraisal is not a one-line price. Accredited appraisers produce multi-page reports that document each item, the value assigned, and the research behind that value. Reports typically include comparable works, market analysis, provenance, and the methodology used so a reader can follow how the appraiser arrived at the number.

Who should appraise your collection

There is no state or federal licensing regime for personal property appraisers comparable to real estate agents. Choose an appraiser accredited by one of three national organizations: the American Society of Appraisers, the International Society of Appraisers, or the Appraisers Association of America. Membership requires education, testing on uniform standards of professional appraisal practice, and periodic updates.

Soltesz points out that membership ensures familiarity with the appraisal standards and produces reports that follow a consistent framework so insurers, attorneys, and heirs can rely on them.

How often to update appraisals

Art markets change. Appraisals are a snapshot, and an artist's market position can shift over years. Standard advice is to update appraisals at least every 10 years, sometimes every five years, or more frequently if the market shows marked changes.

Cost and complexity

Appraisers charge by the hour or by project. Cases vary in difficulty: when an artist has limited market activity or representation, research can become time-consuming. Experience in galleries and connections with other appraisers, gallery owners, and institutions help resolve tricky valuations.

Soltesz draws on decades in galleries and as an appraiser to assemble the necessary comparables and market context.

Practical steps for owners

• Check your current policy limits and whether you have a scheduled endorsement for valuables.
• Hire an accredited appraiser (ASA, ISA, or AAA membership).
• Request a full multi-page report that documents comparables and valuation method.
• Update appraisals every 5–10 years or after significant market shifts or acquisitions.

How appraisals help beyond insurance

For estate planning and inheritance, appraisals provide a record of purchase history, values at different points in time, and a clear path to distributing or liquidating works. That reduces stress and confusion during difficult times.

Melissa Soltesz, pictured among artworks at Julie Nester Gallery in Park City, recommends viewing appraisal work as an investment in clarity and protection rather than an optional luxury.