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FREQUENTLY ASKED QUESTIONS
RATES FOR APPRAISAL SERVICES
What is the cost of obtaining an appraisal document?
$350.00 per hour ( 3 hour minimum )
**Rates will increase to $400 per hour on January 1, 2023
Michael Maloney Fine Art appraisals are conducted in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) and IRS guidelines. Michael has an outstanding 100% acceptance record with the IRS and is known for his professional standards throughout the art community.
Our appraisals are unique to the industry, with each work of art represented by a photograph and all pertinent information relating to the item; artist name, title, medium, size and notations of signature locations, as well as provenance (the history of ownership), any exhibition history and a current fair market value, one item per page. In the end, the appraisal functions very much like a catalogue of your art collection.
Rates are $350 per hour with a 3 hour minimum.
For collections of artwork, you can estimate that the cost of an appraisal document, after on-site inspection, photography, cataloging, comparative data research and document preparation will be between $200 - $250 per item, depending on the complexity of research required. Ironically, lesser-known artists require more due diligence than well-known and well-documented artists.
For an appraisal of one artwork, the 3 hour minimum will apply.
**All appraisal services are strictly confidential.
What is the process for obtaining an appraisal?
Once you have approved the construction of an appraisal document the appraiser will visit your home, office or storage to view the property to be appraised. If you will provide a short tour of your home to indicate which objects are to be appraised, the appraiser will then go from one corner of the house to the other, photographing and cataloguing the items designated. The appraiser or his cataloguer can usually photograph and catalogue about 8-10 items per hour.
*All stored artworks must be unwrapped or unpacked for easy viewing.
*We are not responsible for re-wrapping artwork.
The appraiser will return to the office, where he will edit the photographs of your artwork, transfer cataloguing data to a document and begin the process of comparative data research, utilizing a broad range of tools.
The appraisal is based on comparative data research for all items listed, which includes research of auction results, within the past five years, for comparable works of art, coupled with retail market research through the network of commercial galleries which regularly trade in each artist’s work.
A variety of databases are utilized for the purposes of researching the fair market value for each work of art, including Artnet, Artfact, AskArt, MutualArt, ArtPrice.com, Invaluable.com, artInfo.com the international auction houses and, most importantly, the network of commercial galleries which represent each artist.
Once your appraisal document is completed, you will receive two hard copies and one pdf: one hard copy for your insurance carrier or accountant, one hard copy and a digital pdf copy for your personal files. Your invoice will be submitted along with the completed documents.
*in some cases, when a collection exceeds 30 items, a 50% retainer may be requested
DONATION APPRAISAL COST CHART
I must provide the IRS with 3 examples of retail sales in the past 5 years for each item donated. As a result, these documents are particularly time consuming. In an effort to make the gift cost effective for the donor, I have established flat rates, based on the number of objects and institutions involved.
Michael Maloney is USPAP (Uniform Standards of Professional Appraisal Practice) compliant through 2022.
1-3 Items donated to one institution (at one time):
4-6 Items donated to one institution (at one time):
7-12 Items donated to one institution (at one time):
13-20 Items donated to one institution (at one time):
20+ Contact us.
DAMAGED ART CLAIMS
What is the process for obtaining an appraisal for damaged artwork?
Appraisals for Diminution of Value (Loss of Value) due to damage are conducted in tandem with a licensed art conservator. Typically, if there is a damaged artwork to consider, the art conservator will inspect the property and make a report with the scope of work to be conducted.
Our appraisal document is subject to the extent of damage reported by the art conservator.
Our report will follow the conservator's recommendations.
DO YOU AUTHENTICATE WORKS OF ART?
Art Appraisers are not qualified to authenticate an artist's work.
We will gladly refer you to the recognized authority on any given artist's work, when possible.
EXPERT WITNESS TESTIMONY:
Michael Maloney has served as expert witness in trials related to equitable distribution of property and insurance claims.
Full day rates apply, plus travel expenses.
Rates are $500. per hour, plus travel expenses outside the metropolitan Los Angeles area.
Full day rate (minimum of 8 hours: $4,000) apply for depositions and court time. A retainer is expected for travel expenses outside Los Angeles and for appraisals, depositions or court time in cases that are expected to require more than one day of service.
**All appraisals are constructed in accordance with IRS guidelines and the Uniform Standards of Professional Appraisal Practice (USPAP).
**Michael Maloney is USPAP compliant through May 10, 2024
**All appraisals are strictly confidential.
Please call or email with any questions
or to schedule a convenient time to begin your appraisal.
**No walk-ins will be accepted**
MALONEY FINE ART
BY APPOINTMENT ONLY