Why Record an Appraisal?
Appraisals are incredibly useful and can be essential for insurance purposes. Whether you are recording a formal insurance appraisal, a fair market value appraisal for estate or donation purposes, or an informal valuation, the process is the same.
By adding and updating Appraisal records for your Pieces, you're tracking how a Piece's value changes over time. Recorded Appraisals also inform the data collected by your Insights Feature.
Each Appraisal you add is saved to the Piece's Appraisal History, so you can build a record of how its value has been assessed over time.
Who can record appraisals in Artwork Archive?
Appraisal Tracking is only available on
Collector and Organization level plans
How to Record an Appraisal
Navigate to Pieces in the left-side menu
Click on the Piece for which you'd like to include an Appraisal record
Navigate to Appraisal History on the right and click Add Appraisal
Fill in the Appraisal details and upload the Appraisal Document. If the appraiser is not already in your Contacts, click "Create a new appraiser" and fill in the details
Check the boxes for any values you want this Appraisal to update
Your options are the Piece's price, its fair market value, and its insurance value. Leave a box unchecked and that field stays as it is.
Click the blue Save button
Where do appraisals appear after I save them?
Every Appraisal is saved to the Piece's Appraisal History. If you checked any of the update boxes, the appraisal value also appears in that Piece's price, fair market value, or insurance value field. Appraisal data feeds into Insights, so you can see how the value of your entire collection changes over time.
How to View an Appraisal
Every appraisal you record is saved to the Piece's Appraisal History, so you can see how a work has been valued over time. The list shows the appraiser, the appraised value, and the date, with the most recent appraisal at the top.
In the left-side menu, navigate to Artwork > Pieces
Select the Piece you want to review
Scroll to Appraisal History in the right-side column
Select View next to the appraisal you want to open
The appraisal opens on its own page showing the appraiser, date, and appraisal value. Click Back To Piece to return to the Piece record.
How to Edit an Appraisal
Open the Appraisal you want to change using the steps above
Click Edit Appraisal
Change any of the details, including the appraiser, appraisal value, appraisal date, or attached appraisal document
Click Save
Note:
The update checkboxes always appear unchecked when you open an Appraisal, even if you used them when you first recorded it. Check a box only if you want to apply the appraisal value to that field again.
How to Delete an Appraisal
Open the Appraisal you want to change using the steps above
Click Edit Appraisal
Select the red Delete button at the bottom of the page
Important Note:
This is a permanent action and cannot be undone.
Deleting an Appraisal removes it from the Piece's Appraisal History, but it does not undo any value that Appraisal applied to the Piece. If it updated the Piece's price, fair market value, or insurance value, you will need to change those fields manually on the Piece record.
Feature Overview Video of Art Appraisals