Estimating Damage for Art

Legal Q&ACategory: Bankruptcy & Debt CollectionEstimating Damage for Art
Jane41 asked 2 years ago

I have a piece of valuable sculpture that was damaged by movers. I bought this sculpture from the previous owner in a unique circumstance where I paid cash. Now, I would like to make some type of claim with the moving company’s insurance but I don’t have a receipt. The actual value of the item cannot be determined based upon the transaction anyway. I’ve been told that an appraisal would probably not be considered as it could not hold up in court. How do I best establish the value of this item?

1 Answers
Dave Alden answered 2 years ago

I’m not sure why someone would say that an appraisal wouldn’t hold up in court. I’m a former bankruptcy attorney who has relied on appraisals for decades – real estate, cars, jewelry, businesses – you name it.
here’s a hint: If you can’t find an appraiser, find a well-respected auction house. They should be able to help. The person performing the valuation will be required to sign an affidavit – a sworn statement as to their opinion of value. But that’s just it – it’s an opinion.
Hope this helps,  — Dave