Within a family's assets, works of art are often the only component without a documented value. At the time of generational transfer, this gap creates practical and management difficulties: without an independent valuation it becomes hard to determine the heirs' shares, update insurance policies, plan any sales or put together lots, with the risk that each heir attributes a purely subjective value to the works in the collection.

The role of the art appraiser

In an inheritance, the art appraiser's work develops in three fundamental stages:

  1. Drawing up the analytical inventory: each work is identified, photographed, measured and described in detail (artist, technique, support, inscriptions, condition). The data collected are cross-checked against the available documentation (purchase invoices, period photographs, catalogues, previous appraisals, correspondence with archives and insurance policies). A rigorous inventory is the indispensable basis for the estate, for the subsequent care of the collection and for its insurance cover.
  2. Determining fair market value: the appraiser determines the fair market value of each work as at the date indicated by the notary. The valuation is supported by an analysis of comparable market data and documentary sources. Where the attribution is uncertain or a qualified opinion on the artist is lacking, it is advisable to resolve the doubt before the valuation, through research into provenance, bibliography and catalogues and through contact with the artist's archive or scholars: an appraisal built on an unverified attribution risks not standing up before third parties. If the doubt remains, the appraiser states it openly in the appraisal, among the assumptions and limits on which the valuation rests, and indicates which opinion is needed to resolve the question. It is a point that weighs on the result: if the work is not recognised as authentic, its value normally becomes minimal.
  3. Delivering the appraisal report: a formal signed appraisal is prepared, stating its declared purpose, the reference date, the methodology adopted and the photographs. The report is prepared in a form that the notary can attach to the deeds and is structured to be defensible in the event of disputes between the parties. It also makes it possible to put together lots of works of equivalent value if the heirs divide the works in kind.

Coordination with the notary and tax adviser

The declaration of succession, the calculation of taxes, the legal definition of the shares and the drafting of deeds of division are exclusively the responsibility of the notary and the tax adviser. The appraiser works closely with the firm handling the estate, providing the inventory and the necessary valuations.

  • Agreement or disagreement between the heirs: if the parties are in full agreement, the appraisal can be commissioned jointly from a single neutral expert, normally with shorter timescales and lower costs. Where there are disputes, each party retains the right to appoint an appraiser of its own choosing.
  • A sole heir: even without a division of the estate, the inventory and the appraisal remain indispensable for transferring or updating insurance policies and for knowing the actual value of the assets before taking any decision to sell.