Introduction

Whether you’re insuring a new acquisition, planning your estate, or considering a charitable donation, a fine art appraisal is the foundation for managing your collection responsibly. But for many collectors, the process feels opaque: Where do I start? How long does it take? Who can I trust?

At Mercer Contemporary, we provide appraisals that are USPAP-compliant and backed by accreditation from the Appraisers Association of America. With over a decade of experience, we guide collectors through the process with clarity, discretion, and expertise.

Here’s a step-by-step look at how to get your art appraised.

Step 1: Define the Purpose of the Appraisal

The first step is to clarify why you need an appraisal. The purpose determines the type of valuation used:

  • Insurance Appraisals – replacement value to ensure coverage if a work is lost or damaged.
  • Estate Planning Appraisals – fair market value for tax reporting and asset distribution.
  • Donation Appraisals – IRS-compliant valuations for charitable gifts to museums or institutions.
  • Sale or Acquisition Appraisals – establishing market value when buying or selling.

Related: Fine Art Appraisals: Everything Collectors Need to Know

Step 2: Contact a Certified Appraiser

It is essential to work with a USPAP-certified appraiser accredited by the Appraisers Association of America. This ensures that the appraisal will be recognized by insurers, attorneys, and the IRS.

At Mercer Contemporary, we handle both large-scale cross-category appraisals and single-work appraisals, depending on your needs.

Related: Our Fine Art Appraisal Services

Step 3: Provide Documentation

Collectors are asked to share any available information about the artwork, including:

  • Provenance records (history of ownership).
  • Purchase invoices.
  • Exhibition or publication history.
  • Conservation reports or condition notes.
  • Previous appraisals (if available).

The more complete the documentation, the stronger and more credible the appraisal.

Step 4: Examination of the Artwork

Whenever possible, the appraiser will view the work in person to assess:

  • Medium, materials, and dimensions.
  • Signature, edition, or identifying marks.
  • Condition and conservation needs.
  • Authenticity indicators.

For large collections or works in multiple locations, advisors may coordinate with conservators, lawyers, or local specialists to complete the examination.

Step 5: Market Research & Analysis

The appraiser conducts in-depth market research, which includes:

  • Reviewing recent auction results for comparable works.
  • Evaluating gallery pricing and private sales.
  • Considering the artist’s career stage, market momentum, and demand.
  • Factoring in quality – how the work compares to others within the artist’s series or body of work.

Crucially, this process often involves discussions with subject matter experts – such as curators, scholars, dealers, or other specialists in a given artist or movement. These consultations help ensure that every valuation is grounded not only in market data but also in the most current scholarship and expertise.

This stage also includes data-driven analytics of resale trends and future market outlook, ensuring that valuations are not only credible but also strategically informed.

Step 6: Apply the Correct Valuation Standard

The appraiser then applies the appropriate valuation based on the purpose of the appraisal:

  • Fair Market Value – typical for estate and donation appraisals.
  • Replacement Value – required for insurance.
  • Marketable Cash Value – for sales scenarios, representing likely net proceeds after fees.

Related: Legacy Planning with Art

Step 7: Drafting the Report

The appraiser compiles findings into a written report that includes:

  • A detailed description of each artwork.
  • Images of the works.
  • Provenance, exhibition, and publication history.
  • Market comparables and analysis.
  • The final opinion of value, signed and dated by the appraiser.

All reports prepared by Mercer Contemporary meet USPAP standards and are accepted by insurers, attorneys, and the IRS.

Step 8: Delivery & Follow-Up

The final report is delivered to the collector, typically within a few weeks depending on the scope of work. At this stage, we also:

  • Provide guidance on next steps (insurance adjustments, estate filings, donations).
  • Recommend trusted partners for conservation, storage, or legal matters.
  • Discuss long-term strategy for updating appraisals (every 3–5 years, or sooner if market conditions change).

Conclusion

Getting your art appraised doesn’t have to be daunting. By working with a USPAP-certified, AAA-accredited appraiser, you ensure your collection is documented with the highest level of credibility, discretion, and expertise.

Whether you’re appraising a single work or an entire estate, Mercer Contemporary provides valuations that are well-researched, credible, and globally recognized.

Mercer Contemporary offers fine art appraisal, art advisory, and legacy planning services for collectors across the U.S. and internationally. To arrange an appraisal consultation, please contact us.