A Creative Sketch Of The Online Art Appraisal Process
Appraisal of any valuable item is always tricky. There are “blue book” values for automobiles and endless sites promising to show you every price every comparable vehicle has ever sold for anywhere before you buy. Even then, the actual selling price of any specific car or truck can vary widely and sometimes without obvious reasons. Homes are the biggest investment most of us will ever make in our lives, and yet the best most realtors have been able to do until very recently is to print out “comparables” and mix them up with their own experience and educated guesswork.
And that’s the stuff we can mostly agree on.
What is art?
Yeah, exactly. It’s nearly impossible to pin down. Merriam-Webster defines “art” as:
- As skill acquired by experience, study, or observation
- A branch of learning, particularly in the humanities, literature, history, or other “liberal arts” or
- The conscious use of skill and creative imagination especially in the production of aesthetic objects
Think that’s complicated? The entry in the Stanford Encyclopedia of Philosophy is about 17 printed pages long.
It’s probably no surprise, then, that anyone can call themselves an artist, or an art dealer, or an art expert, or an art appraiser. If it’s impossible to define what something is to begin with, how can you make laws determining who’s an expert and who’s not? More than any other high-end commodity, art is worth whatever the last person paid for it. That doesn’t mean there aren’t true experts – there are. It doesn’t they don’t have accepted, legitimate ways to determine legitimate price ranges for specific pieces – they do. It means that you have to be very clear about what you are and aren’t getting when talking about online art appraisal.
Here are a few general guidelines to keep in mind as you begin:
#1 Legitimate Appraisers are Not Potential Buyers and Potential Buyers are Not Reliable Appraisers
This should be self-evident. If the person you’re relying on to tell you what something is worth is also a potential customer, they have substantial motivation to mislead you as to the item’s true value. Legitimate appraisers may buy art themselves, but never from the people paying them to do the appraisal. It would be like a therapist dating a patient – it’s just not cool.
#2 You Get What You Pay For – or Don’t
Free online art appraisal or easy-to-use reference guides can be fun. They may even stimulate enough interest or give you enough information to let you know when it’s worth pursuing a more complete and professional appraisal. But they’re not reliable methods of determining real value. Insurance companies won’t accept these as valid sources, and neither will the courts. If you need real numbers, these aren’t the answer.
Think of those personality tests you and your coworkers did to find out if you’re ISFJ or “sanguine” or whatever. Are they exploitative and wrong? No, they can be great conversation starters and often push us to think about things we might not otherwise. But do they substitute for, say, professional counseling every week for two years? Probably not.
#3 Proper Appraisal Takes Time
Popular TV programs like the Antiques Roadshow are wonderful entertainment and we might even learn a bit from watching them. Like those home renovation shows or anything with “CSI” in the title, however, their priority is fast-moving entertainment – not absolute realism. As a result, they’ve spawned what Arcadia Art Consultancy in Charlotte, North Carolina, calls the “Myth of the Omniscient Appraiser”:
The popular and very entertaining television program, Antiques Roadshow, has spawned the myth of the omniscient appraiser who can and will rattle off impressive, esoteric facts about any work of art and the artists themselves. These seemingly all-knowing Roadshow experts frequently opine about the authenticity of the object and confidently announce a valuation figure for the piece within a three-minute TV “bit”. This phenomenon has created unreasonable expectations among people who hire personal property appraisers.
A professional appraiser will need to spend time with the piece, and do research – maybe even contact other experts in specific fields. You wouldn’t want your doctor to come in, have you say “ahhh,” then announce his diagnosis and write the prescription, even though you know your name, age, who created you, and how you feel. An object of uncertain origins which can’t talk takes a little time to properly analyze.
#4 The Type of Appraisal You Need Depends on the Type of Appraisal You Need
If you’re soliciting an appraisal for insurance purposes, or as part of a divorce or inheritance, you need something the insuring company or courts will recognize. They’ll usually specify which organizations or certifications they look for in such matters. On the other hand, if you’re simply wanting to know what something is worth to satisfy your own curiosity, or to decide whether to buy it, or sell it, you may not need the same level of documentation. After all, at some point it matters whether or not you like it and want it in your house, doesn’t it?
You’ll often hear terms like “fair market value” and “replacement value” when talking about either in-person or online art appraisal. Sometimes you’ll also encounter “liquidation value,” “actual cash value,” or “marketable cash value.” The easiest way to know which you need is to ask.
#5 Don’t Make Assumptions
Picasso: Guernica
Some valuations have placed the painting around $200mn
Just because you’ve been assured the work in your den is a Picasso, that doesn’t mean it’s a Picasso – or that it’s worth whatever “Guernica” sold for last time even if it is. Conversely, the fact that you may not like a particular piece of art, or hate it because it reminds you of your ex, doesn’t mean it’s not potentially valuable.
You can love and treasure a $20 painting you found at the thrift store with absolutely no shame whatsoever – that’s how art is. You have the right as an American and a human being to think Pollock or Warhol are completely overrated, no matter what they fetch at auction. But keep in mind that while you may hate those framed black & white photos of the girl with the frog on her face that your crazy boyfriend swore were worth pawning your engagement rings, you should have them appraised before burning them or throwing them out. Just because he was a jerk doesn’t mean he was always wrong about everything – I mean, he was into you, right? And clearly, you’re a catch.
Honestly, the best time to find out something has cash value is when you (a) don’t like it, and (b) don’t like the person you got it from. That way, there’s no guilt selling it and moving on. Stop by the thrift store on your way home and grab that $20 painting from the local high school art fair you liked so much.
#6 Values Change Over Time
Like stocks and bonds, different types of art increase or decrease in value based on a range of factors. Some are easily traced and others remain a bit harder to pinpoint. Artists come into vogue and fall out of popularity. A collection of sculptures from a particular era or geographic region sell at auction for far more than anticipated. A comedienne makes an issue of a specific artist’s racism or sexual proclivities and it gains traction in popular culture. Sometimes it’s all about the quality of the works involved. Other times, well… that’s just how art is.
#7 Don’t Risk More Than You Can’t Afford to Lose
This applies to any investment for any purpose. Yes, it’s important to plan for the future. Yes, it often takes money to make money. And yes, the risk is inherent if you’re wanting to grow your money quickly. None of that makes it a good idea to “play your hunches” with next month’s rent or to hold off paying down your credit card debt in order to get in on a “sure thing” your buddy – or the “expert” down at the starving artists’ gallery – insists can’t miss.
Profitable risks are usually calculated risks. Unless you’re already an expert, it’s worth investing a reasonable appraisal cost before making a major investment. And personally, I don’t want the person telling me what a great opportunity something is to be the same person I hire to appraise my stuff.
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The Value of Knowing The Value
Sometimes it does matter, though. Sometimes you’re counting on the resale value of Great Grandfather’s coin collection or Cousin Benny’s comic’s and “action figures” (he got so made when you called them “dolls”) to help you pay off medical bills, cover some school loans, or help you get out of debt. How do I find someone to properly appraise my stuff? And what does an accurate appraisal cost?
Let’s look briefly at some general guidelines for online appraisals of almost anything. Then we’ll zoom in on one of the most misunderstood and potentially misused phenomena of the 21st century – online art appraisal.
First, however, we should pause for a bit of a reality check. Many of us aren’t going to want to hear this one, but it’s important that we understand it before going further.
For most valuables – antiques, collectibles, toys, jewelry, and especially art – a truly legitimate appraisal requires an in-person examination and time for the appraiser to do some research and investigation unique to that item. That doesn’t mean that all online appraisers are frauds or trying to cheat you. It means there are limits to long-distance appraising for most things. You should be immediately skeptical of any service that tries to convince you otherwise. The best one’s are quite upfront about what they can and can’t guarantee.
That said, online art appraisal or other evaluations of your items can still be informative and perhaps even entertaining. Like touring a home on Zillow or flirting on social media, however, take it for what it is – a fun approximation of something when you’re not ready or able to have the real thing.
Things Which Can Not Be Properly Appraise
What about those items you really can’t compare with any accuracy? Grandmother’s jewelry that’s been passed down to you. Those war medals and other military paraphernalia from that uncle you barely remember. That antique furniture you suspect dates back before the Civil War. The Persian Rug your stepfather always insisted was handwoven during the Safavid Dynasty, back when you were pretty sure he’d made that word up (he didn’t). Those 70’s rock’n’roll movies on Betamax – Sgt. Pepper’s, Roadie, and Pat Benatar in Concert…
OK, maybe not the Betamax movies. Those aren’t worth anything, except to you and serious Bee Gees and Meat Loaf fans.
That other stuff, though, can be nearly impossible to properly appraise. Even if you set aside the sentimental or historical value, much of it is simply too unique and the stories surrounding it too specific, even if you could document every last detail. What might be worth tens of thousands to one person is barely worth lunch money to another. One man’s trash is another man’s museum donation and tax write-off.
Or maybe it’s not really about the dollars and cents. Maybe you’re just looking to insure family heirlooms or use something rare as collateral for a loan. Other times it’s better not to know. No one wants to find out decades later that grandma’s jewelry was made in China, or that the Persian Rug you’d always hoped might pay for college actually came from Wal-Mart.
Exceptional Online Appraisal – Website Domains
There’s at least one obvious exception to the general rule that “in person” appraisals are more legit. Website domains have an inherent value which can fluctuate wildly over time and with changing circumstances. In the early days of the internet explosion (when the average American was still using AOL and hearing “You’ve Got Mail!” every time they booted up), quick-thinking entrepreneurs registered domains like carinsurance.com, pets.com, or shoes.com, which later sold for millions.
They learned to anticipate upcoming political races and grab up every variation they could think of on the names they predicted would run – BobDole.com, BobDole1996.com, Dole4Prez.com, etc. If they were right, and moved quickly enough, they could turn around and sell those domains to major political campaigns at a huge profit. If they were wrong, well… you can poke around and still find someone trying to unload Lugar4Life.com or RossPerot.org.
WhiteHouseDotCom
Perhaps the most famous example was the notorious WhiteHouse.com, which people often came across while looking for the ACTUAL site WhiteHouse.gov. The dotcom site contained political satire, and later added “adult content” to help drive traffic. Students or little old ladies who wanted to find out the President’s foreign policy or schedule a visit while in D.C. discovered a site with familiar political names and faces on it, but also a shocking amount of sex and scandal.
That wasn’t entirely unexpected during the Clinton years, but the rest of the time it could be quite upsetting!
It’s a little tougher to catch major corporations or political candidates off guard these days, but buying and selling website domains is still very much a thing. Or, if you’re not looking to speculate so much as simply find out what a site you actually own – but maybe aren’t using to its fullest potential – may be worth, it’s not hard to do. And in this case,online appraisals of website domains are absolutely the way to go!
Online Appraisals of Almost Anything
For tangible goods, you may have to do some exploring to find reputable online appraisal options. It doesn’t hurt to try the obvious things “comic book values online” or “model train appraisal online,” but don’t assume the first result that comes up has the final word.
If you’re looking for basic information about old books, maps, or other historical collectibles, the Getty Research Institute has a list of promising starting places (along with similar disclaimers about the limits of online appraisal).
ValueMyStuff was create by a former director at Sotheby’s of London and has established itself as one of the more reputable and customer-friendly appraisal sites out there. It harnesses the expertise of dozens of renowned experts while keeping its website easy to understand and navigate, so that even first-time users feel comfortable.
At first glance, WhatSellsBest.com may not look like a serious appraisal resource. It’s been around since 2008, however, and has been cited as a resource for Huffington Post, The Guardian, Fox Business, and CBS News among others. They have familiar categories like Art and Antiques as well as more esoteric branches like Clothing, Musical Instruments, and Showbiz Memorabilia.
Take your time, read the disclaimers, and ask questions. Then again, that’s good advice for most things, don’t you think?
Conclusion
Take your time. Do a little homework. There’s nothing wrong with enjoying some free or low-costs online art appraisal if you’re curious. Just recognize it for what it is. And don’t be afraid to play it safe, or invest only in art you genuinely like and can afford.
Buy pieces that make you feel good, or think differently, or appeal to you in some other way whether you can put it into words or not. In the end, that’s really what art is all about anyway. In the end, it’s truest value is what it does for you.